89-58 Automobile Parking System Revenue Bonds

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Trustee. Principal and interest on the New Bonds shall be payable at the principal office of the Trustee. The New Bonds shall be signed by the Mayor and the Director of Finance of the City and shall bear the corporate seal of the City and the interest coupons shall bear the facsimile signature of the Director of Finance. Section 3. Award of New Bonds. The Director of Finance is authorized to sell the New Bonds at private sale either (a) on the basis of a 4½% coupon rate and at a price of 98% of par, or (b) on the basis of any coupon rate or rates and price which shall result in a lower net interest cost to maturity to the City~ all as certified by ~he Director of Finance. Section 4. Allocation of Proceeds of New Bonds. The proceeds from the sale of the New Bonds shall be allocated and are hereby appropriated to the following funds of the Parking System (a) the porti0nrepresenting accrued interest to the Parking Debt Service Fu.nd; (b) the portion, if any, represent- ing premium to the Parking Reserve Fund, (c) the entire balance of such proceeds to the Parking Construction Fund, Series C, hereby established. Moneys in the Parking Construotion Fund, Series C, 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 for the Project and to pay the costs of constructing the Project and all things necessary~nd incidental thereto, including all costs incurred in connec- tionwith the issuance, sale and delivery of the New Bonds. Any moneys remaining in said Construction Fund after completion of the Project shall be transferred to the Parking Reserve Fund. Until required for the purpose herein provided moneys in the Parking Construction Fund may be invested by the City in bends, notes or other obligations of the United States maturing not more than one year from date of investment. Section 5o Revenue Fund and Application Thereof; Special Funds. The revenues from the operation of the Parking System FaciLities shall be set aside, deposited, and expended in the manner provided in the Bond Ordinance and in the Indenture, the deposits to be made thereunder into the Parking Debt Service Fund, and Parking Reserve Fund, after delivery of the New Bonds to be the increased amounts necessary to provide interest, prinoipal, and debt service requirements applicable thereunder to the New Bonds, as well as all other Bonds, and in particular, deposits to be made to the Parking Debt Service Fund pursuant to the Bond Ordinance and the Indenture, with respect to the first interest and first principal requirements of the New Bonds, sha~ll be made at the times provided in said Bond Ordinance and Indenture, but in amounts sufficient to provide for such requirements when due. Section 6. Supplemental Indenture and Other Acts ReQuired for Issuance of the New Bonds Under the I4d~nture. Said New Bonds shall be secured beth as te principal and interest by the Indenture as supplemented pursuant to the authority of this Ordinance, or any previous 0rdinance,.and the officers required to execute the same by the Indenture are hereby author- ized and directed in the name of and on behalf of the City to make, execute, 2e