51-65 Modification & amendment of Trust Indenture dated 12/1/53

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-2- Section 2. That, for the purpose aforesaid and subject to the con- dition hereinbefore recited, Sections 7 and 8 of Ordinance No. 72-53 passed February 15~ 1953 are hereby amended and such Sections as so amended read in fleXI as follows: "Section 7. So long as any Bonds remain outstanding~ all revenues from the operation of the Parking System Facilities~ as now consti- tuted or hereafter extended, sh~ll be deposited as received into the ~Parking ~eter Fund' heretofore established. Out of said Fund the following payments only shall be made and in the following order~ to wit: First. Payment of the cost of collection of meter receipts, all costs incurred in maintenance of replacement of meters used in the System and in maintenance and operation of off-street parking facilities, and rental charges, if any, which may be incurred in connection with acquisition by lease-purchase agreements of additional meters for on-street parking facilities, taxes, insurance, trustee's fees and all other reasonable and proper expenses of operatio~ and maintaining the then existing Park- ing System Facilities; but excluding all costs of police en- forcement of parking regttlations. Second. Quarterly on the 15th days of February, May, August and November, beginning February 15, 1954, into the Parking Debt Service Fund, one-half of the amount of interest due on the next ensuing interest payment date and one-quarter of the next ensuing principal maturity of all Bonds outstanding. Quarterly as aforesaid, into the Parking Reserve Fund, a sum at least equal to 25% of the amount payable on such date into the Parking Debt Service Ftund as required by paragraph Second, which sums shall be paid in for so long, and resumed as c~ten as may be necessary to create and.Jthereafter maintain a balance in said Fund at least equal~ on each December 31st, to the aggregate amouut of payments required by the foregoing para- graph Second to be made into the Parking Debt Service Fund during the ensuing two calendar years with respect to all Bonds then outstanding. Moneys in the Parking Reserve Fund on any such December 31st in excess of the foregoing requirements may be applied by the City to retire Bonds by call or bypur- chase for cancellation at a price not exceeding their fair market value nor, on and after December 1, 1960~ their then prevailing redemption price. Fourth. Quarterly as aforesaid such sum in addition to the foregoing requirements as may be necessary to make up any previous de- ficiency in any such required monthly deposits. Fifth, Any surplus in the Parking Meter Fund~ provided the require- ments 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 any lawfttlpurpose and otherwise shall be depositedin the Parking Reserve Fund for retirement of Bonds as therein provided~