5797-83 Transfer funds from Hospital fund to garage fund

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under this subsection means the Garage as it existed on the effective date of this Resolution. "New Garage" under this subsection means any extension to or expansion of the Existing Garage or any other garage financed from the revenues of the Hospital. "Net Revenues" under this subsection means the revenues resulting from the operation of the Existing Garage in the calendar year prior to the Transfer Date net of the operation and maintenance expenses in said calendar year attributable to the Existing Garage and further net of any principal paid in said calendar year on any outstanding bonds issued for the purpose of constructing the. Existing Garage, which principal was paid from revenues of the Hospital or where such principal was paid from other revenues and reim- bursed from revenues of the Hospital. Revenues resulting from the operation of the Existing Garage shall be determined by multiplying the aggregate revenues resulting from the operation of the Existing Garage and any New Garage by the percentage determined by dividing the number of parking spaces in the Existing Garage by the sum of the number of parking spaces in the Existing Garage and the New Garage. Operation and mainte- nance expenses attributable to the Existing Garage shall be determined by multiplying the aggregate of such expenses attributable to the Existing Garage and the New Garage by the percentage determined by dividing the number of parking spaces in the Existing Garage by the sum of the number of parking spaces in the Existing Garage and the New Garage. Transfers pursuant to this subsection shall not, however, in the aggre- gate, exceed $2,000,000. No transfer shall be made pursuant to this subsection unless, at the time of such transfer, the City shall have made all deposits to the various Funds and Accounts. established under the Indenture at the times and in the amounts required under the Indenture, and any requirement that the City make the transfers authorized by this subsection shall be subordinate to the obligations of the City to allocate, deposit and apply Hospital Receipts in accordance with the Indenture. The monies transferred to the Parking Facilities Fund pursuant to this Resolution may be used for any lawful purpose for which monies may be appropriated and expended from the Parking Facilities Fund and for any subsequent transfer to the City's permanent improvement funds, the City's Bond Retirement Fund, or any other fund, escrow fund or account from which the City will pay the principal of, interest on or premium for the redemption of bonds, bond anticipation notes or certificates of indebtedness issued with respect to the City's provision of parking facilities or other permanent improvements, as determined by this Coun- cil. Section 2. It is hereby determined that, upon the approval of the petition for the transfer authorized by this Resolution by the Tax Commissioner and upon the order of the Court of Common Pleas of Cuyahoga County pursuant to Section 5705.16, Ohio Revised Code, and upon the payment of the sum of $1,350,000 into the Parking Facilities Fund as authorized by Section 1(a) of this Resolution, the Garage shall then constitute part of the "Hospital Facilities," as defined in that certain Trust Indenture between the City and National City Bank, as Trustee, dated as of March 15, 1983 (the "Indenture"), and the revenues derived therefrom shall constitute "Hospital Receipts" as defined in the Inden- ture, and the Garage and such revenues shall, in such events, be subject to the Indenture in all respects. Section 3. This Council hereby determines that the transfer of funds from the Lakewood Hospital Fund to the Parking Facilities Fund hereby authorized is in the best interest of the City for the following good and sufficient reasons: -2-