72-53 Automobile Parking System Revenue Bonds

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~~ .nC& (b) that it will permit the authorized representative o£ said trustee, of said original purchasers, or of any holder or hglders of ten per centum of the amount of the Bonds at the time out- standing to inspect the Parking System Facilities and all records, accounts and data thereof at all reasonable times; (c) that it will take proper steps with reasonable dispatch to acquire the necessary real estate and other property for construction of the facilities to be financed with the {mprovement Bonds and will proceed with the construction of such facilities in an efficient and economical manner and that the facilities when completed will be free from any liens qr encumbrances wh}eh would interfere with the full and continuous use of the facilities for metered parking for the term of the Improvement Bonds; (d) that it will operate the Parking System Facilities in an efficient and economical manner and maintain the same in a good state of repair and operating efficiency; (e) that it will acquire and maintain good and marketable title and right of possession in all off-street parking facilities included iM its Parking System Facilities and will maintain the same at all times free of all liens and enaumbrances which would affect their full and con- tinuous use for metered ~ arking during. the term of the Bonds from time to time outstanding; that it will not lease arsy off-street, parking facility without first establishing to the saiisfactign of the Indenture trustee that the rental terms of such lease w7.11 not adversely affect the ability of the City to maintain Pledged Revenues in accordance with the provisions o}~ Section 8 hereof; and that it will not sell or .otherwise dispose of any off-street parking facility without at the same time either (a) depositing in the Parking Reserve Fund for redemption of Bonds a sum in cash sufficient to retire in full on the next available redemption date, together with interest thereon to such date, Bonds at least equal in principal amount to the original cost to the City, as certified by the Director of Financa to the trustee, of acquiring and establishing such facility for metereQ parking, or (b) providing a similar facility or facilities having a value and revenue producing capacity at least equal to that of the facility so sold or disposed of, as shgwn by certificate signed by the ]Diregtor 4f Finance and by the Director of Law to be furnished to the trustee before any such facility is sold or otherwise dis- posed of; (f) that it will not create or suffer to be created any lien or charge, except to sequre Additional Bonds issued as provided in Section 5 hereof, which would constitute a lien prior to, on a parity with, or jungr to, the lien upon the Pledged Revenues created by this grdina~7,ce to secure the Bonds, except that the City may, if Cquneil sq determines, acquire additional meters for extension of its ai-street parking facilitieq by lease-purchase agreement whereby the meters so acquired. may be Paid for out of the first receipts derived from the use of such meters as well as by outright purchase;