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

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The Parking Debt Service Fund and Parking Reserve Fund shall be maintained in the custody of the Indenture trustee and shall be used solely for the payment of the principal and interest of the Bonds until fully paid. Until required for such purpose~ moneys in the Parking Reserve Fund may upon written instructions of the Director of Finance be invested in bonds and notes of the United States maturing in not more than five years from date of investment~ and any interest earned thereon shall be credited to said'Reserve Fund. If at any time the City shall have appropriated moneys suf- ficient~ together with moneys and investments in said Parking Reserve Fund~ to retire in full on the next available~redemption date any then outstanding issue of Bonds~ without thereby reducii~g the balance thereafter remaining in said Fund below the~amount which on such call date wotuld be required by paragraph Third of Section 7 to be on hand therein with respect to Bonds not to be so retired~ the trustee shall make available out of said Fund the amount required~ together with the ether moneys provided~ to accomplish such retirement. Section 8. The City hereby covenants with the holders of the Bonds that it will permit no free parking in its off-street parking facilities except as hereinafter provided~ and that it will at all times prescribe and charge such rates for the use of its off-street parking facilities and will maintain reasonable meter rates on its on-street parking facilities~ and will so restrict the expenditures as defined in Section 7 hereof for the operation and maintenance of the Parking System Facilities~ as shall result in Pledged Revenues at least adequate~ after meeting the reasonable costs of operation and maintenance as so defined~ to provide for the payments specified by the provisions of paragraph Second and Third of Section 7 hereof$ but nothing herein contained shall be deemed to limit~ impair or affect the control by the City under its police power Of the location of its on-street parking facilities~ as to which the City reserves the right to take any action at any time which it might lawfully take regardless of any provisions of this Ordinance. The City m~y from time to time provide for or permit free parking in one or more of the City's off-street parking facilities provided the written consent to such free parking shall first have been obtained from all holders of the outstanding Bonds and filed with the Trustee." Section 3. That~ subject to the written consent of the holders of all of the Automobile Parking System Revenue Bonds of the City outstanding on December 2~ 1965 as hereinbefore provided~ the Trust Indenture securing the same shall be modified and amended in the following respects: (a) The amendment to Ordinance No. ?2-53 hereby made shall on and after December 2~ 1965~ for the purpose of accomplishing such modification and amendment~ be incorporated in and made apart of the supplemental indenture herein authorized and shall be deemed to be included in the term '~uthorizing Legislation" wherever that term is used in said TrUst Indenture. (b) Article 0ne~ subsection (k) shall be amended to read "'Author- izing Legislation' shall mean the Ordinance or Ordinances set forth in full in the preambles of this Indenture~ together with any amendment thereof for the purpose of effecting a~,~modification of this Indenture pursuant to the provisions for modification contained herein~ and~ in addition~ when used with respect to Additional Bonds~ the Ordinance or Ordinances providing for the i~suance of such Additional Bonds". (c) Section ll03 shall be amended to read as follows: