72-53 Automobile Parking System Revenue Bonds

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~rdinoe standing after the issuance of such proposed additional installment or series thereof. Section 1t. The proceeds from all sales of the Improvement Bonds shall be allocated and are hereby appropriated to the following. funds of the Parking Sy$tem, hereby established: (a} the portion representing accrued interest, to the Parking Debt Service Fundg (b} the portion, if any, representing premium, to the Parking Reserve Fund; (c~ the entire balance of .such proceeds, to the Parking Construction Fund, except that out of such balance of proceeds of the Series A Improvement Bonds, the sum of ~35s000 shall be retained by the City and paid in to reimburse its other funds for the advance referred to in Section 1 hereof. Moneys in the Parking Construction Fund shall be maintained by the City in a deposit account fully secured by bonds or notes of the United States and shall be used as required to acquire the real estate necessary for construction of that portion of the Project being financed by such series of Improvement Bonds and for the purpose of paying the costs of constructing the Project and all things necessary and incidental thereto, including all costs incurred in connection with the issuance,. sale and delivery of the Improvement Bonds. Any moneys remaining in said Construction Ftirid after completion of the Project shall be transferred to the Parking Debt Service I+bpd• The City shall by issuance of the Improvement Bonds agree with the holders thereof that it will acquire marketable title to the real estate necessary for the construction of the portion of the project being financed by the particular series of Improvement Bonds, the proceeds of which are applied to acquisition of such real estate, that such marketable title will be free from liens or encumbrances which would interfere with the full use and enjoyment thereof by the City for an off- street parking facility, that the real estate so acquired shall be the real estate for the acquisition of which the particular series of Improvement Bonds have been issued and shall be in substantially the same location and substantially the same parking capacity as one of the lots 1, 2 and 3 described in the preambles hereto, and that with respect tq such real estate so acquired the City will furnish title insurance or title guarantee issued by a title company satisfactory to the Trustee insuring or guaranteeing the title to such real estate in the City subject only t0 such liens or encumbrances or exceptions as may be set forth in such title insurance policy or title guarantee. Section 5• The City shall have the right from time to time to issue Add- tional Bonds payable from the Parking Debt Service Fund and secured by lien upon the Pledged Revenues on a parity with the Improvement Bondsy for the purpose only of acquiring or constructing additional revenue producing off-street parking facilities, provided that when any such Additional Bonds are sold - (A) The City shall not be in default in the performance of any of its covenants provided in this ordinance or in the Indenture, and shall be current in all. payments theretofore required to be made by it, and that (B} Prior to delivery of such Additional Bonds, the City shall first have furnished to the Indenture Trustee a certified copy of the ordinance of Council authorizing such bonds, together with a statement signed by thg Direcs for of Finance setting forth his estimate of the prospective annual revenues of the parking system facilities based upon meter rates in effect on the date of such statement (which rates shall be the same as those in effect at the time of issuance of the Additional Bonds) and his estimate of the