72-53 Automobile Parking System Revenue Bonds

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idlnan~e annual expenses of operation and maintenance of the System as defined in in Section 7 hereof and therein disclosing that such revenues after such expenses will, after completion of the facilities to be financed by such Additional Bonds, be at least equal to 130 of the maximum amount required to be paid into the Parking Debt Service Fund in axiy subsequent calendar year to pay the interest on and to retire at their respective maturities all Bonds to be outstanding after the issuance pf such Additional Bonds, provided, however, that in no event shall the estimated revenues for the facilities to be acquired and constructed from the Additional Bonds be included in such certificate on the basis of revenues per square foot of such new facilities in excess of the revenues per square foot then being received on existing off-street parking facilities acquired or constructed from the proceeds of the Bonds. {C) The ordinance authorizing such Additional Bonds shall contain such provisions as to F1ind deposits and other covenants as shall be consistent with the terms of this ordinance relating to all Bonds, and shall not permit redemption of such Additional Bonds earlier than the redemption dates of Bonds then outstanding, and that (D) Copies of the ordinance mentioned in paragraph (C~ certified. by the Clerk of Council, and statements setting forth in detail the revenue, expense and other data demonstrating compliance with paragraphs (A~ and (B} certified by the Director of Finanee, shall have been filed with the Indenture trustee< Section 6. The Bonds shall be designated "putomobile Parking System Revenue Bonds{, the Additional. Bonds to bear such added designation as may be necessary to distingui¢h them from the several series of Improvement Bonds or from other Adds- tional Bonds having different provisions; shall be payable in lawful money of the United States; shall be in coµpon Form but registrable as to principal only at the office of the Indenture trustee; shall be negotiable instruments; and shall express upon their face the purpose for which they are issued. The Bonds Shall. be signed by the Mayor and Director of Finance and sealed with the corporate seal of tha Gity, and the interest coupons thereto attached shall bear the facsimile signature of the Director of Finance. Any right of redemption of Bonds shall be exercised by notice, specifying by number the Bonds to be called, to be published by the Indenture trustee on behalf of the City once a week for two consecutive weeks in a daily newspaper published and of general circulation in the City of Cleveland, the first publi- cation to be not more than forty (1t0} nor less than thirty {30) days prior to the date of redemption, upon whieh date (unless default shall be made, upon present~- tion, in the payment of the redemption priced all interest upon the Bonds so ca7,led shall cease. The Bonds shall not constitute general obligations or indebtedness of the City but. shall be payable solely from the Pledged Revenues and shall be secured only, but equally and ratably without priority of one over another by reason of number or of date of bond, saleA execution or delivery, by the Indenture eon- stituting a lien upon and pledge of said Revenues, after provision only for the reasonable operation and maintenance expenses of the Parking System as defined in Section 7. Section 7. 50 long as any Bonds remain outstanding, all revenues from the operation of the Parking System Facilities, as now constituted or herea#'ter e;c- tended, shall be deposited as received into the !'Parking Meter mind" heretofore established. Out of said Fund the following payments only shall be made and in