72-53 Automobile Parking System Revenue Bonds

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Ordinance the Following grder, to wit: First. Payment of the cost of collection of meter receipts, all costs in- curved in maintenance qr replacement of meters used in the System and in maintenance and operatign of gffrstreet parking facilities, and rental charges, F any, which may be incurred in connection with acquisition by lease-purchase agreements of additional meters for on-street parking facilities, taxes, insurance' trustees Feea and all other reasonable and proper expenses of gperating and maintaining the then existing Parking System Facilities; but e~{clv,d- ing all costs of police enfgrcement qF parking reguiatigns. Second,. Quarterly op the 15th days of February, ~6ay, August and November, beginning February 15, 7-95~ts into. the Parking Dsbt Service Fund, one-half of the amount of interest dne on the next ensuing interest payment date and one quarter of the next ensuing principal maturity qF all Bonds qutsta~}ding, Third. Quarterly as aforesaid, intq the Parking Reserve Fund, a sum at least equal to 25~ of the amqunt payable qn such date into the Parking Debt Service end as required by paragraph Second, which sums shall ba paid in for so long, and resimed as often, as may, be ngcessary tci create and th=reafter ma}main a balance in said Fund at least equal, on each 13ecember 3lst, to the aggregate amount of payments required by the foregoipg paragrap{~ Second tq be mace into the Parking Debt 'Service Fend during the ensuing two calendar years with respect to all Honds then outstanding. Mgneys in the Parking P.eserve P1ind on any such Decemgsr 31st in excess of the foregoing requirements may be applied by the City to retire Bonds by call or by purchase for Cancellation at a pr~.ce net exceeding their fair market valuq nor on and after December 1, 1960, their then pier Jailing redemption price. Fourth.. Quarterly as aforesaid such sum in additign tq the foregoing requirQ- menu as may be necessary tq make up any previous deficiency in any such required mgnthiy deposits. l7}fth. Any surplus in the Barking bBeter Fund, provided the requirements of the Parking Debt Service Fund and Parking Reserve Fund are then current and in good Standing, may be set aside and used by the City for extensigns and improvements of the Parking System and otherwise shall be deposited in the Parking Reserve 11u1d for retirement of Bonds as therein provided. The Parking petit Service Fund and Parking Reserve Fund shall, be maintained in the custgdy cf the Zndentune trustee acid shall be used sglely for the payment of the principal and interest of the Bonds until fully paid. Until required fqr such purpose, moneys in the Parking Reserve Fund may upon written instructions of the Airector of Finance be invested i.n bonds and ngtes of the United States maturing in not more than five years from date of investment, and any interest earned therein shall. be credited to said Reserve Fund. If at any time the City shall have appror printed mineys sufficient, together wd.th moneys and investments in said Parking Reserve Fund, to retire in ful} in the next available redemption date any then outstandi{?g issue of Bonds, without thereby reducing the balance thereafter re- maining in said F1and below the amocu~t which on such call date would be required