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Purchase of Land and the Construction , off Street Parking Facilities Issuance of revenue Bonds and Distribution of the Revenues
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Purchase of Land and the Construction , off Street Parking Facilities Issuance of revenue Bonds and Distribution of the Revenues
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
6/9/1969
Ord-Res Number
5089-69
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maintenance, operation and financing of off - street <br />parking facilities thereon, the issuance of revenue <br />bonds to provide the cost thereof, the collection, <br />segregation and distribution of the revenues of <br />said project, the safeguarding of the interests of <br />the holders of said bonds, and other matters con- <br />nected therewith," and in strict compliance with <br />the provisions of Chapter 190 of the Acts of the <br />Indiana General Assembly for the year 1955, and <br />acts supplemental thereto. <br />Pursuant to the provisions of said Act and said <br />ordinance, the principal and interest of this bond <br />and all other bonds of said issue are payable solely <br />from the Parking Sinking Fund - Project 1969 (created <br />by said ordinance) to be provided from the net reve- <br />nues (herein defined as gross revenues after deduc- <br />tion only for the payment of the reasonable expenses <br />of operation, maintenance and repair) of the off- street <br />parking facilities, Project 1969, including the facili- <br />ties constructed or acquired by the use of the proceeds <br />of this bond and the issue of which it is a part, and <br />all additions and improvements thereto and replacements <br />thereof subsequently constructed or acquired, and from <br />the unobligated net revenues derived from on- street <br />parking meters pledged to said fund. This bond shall <br />not constitute an indebtedness of the City of South <br />Bend within the meaning of the provisions and limita- <br />tions of the constitution of the State of Indiana, <br />and the City shall not be obligated to pay this bond <br />or the interest thereon except from said special fund. <br />The City irrevocably pledges the entire net reve- <br />nues of said Project 1969, off- street parking facili- <br />ties, together with the unobligated net revenue derived <br />on and after July 1, 1969, from on- street parking meters <br />to the extent provided in said ordinance, to the prompt <br />payment of the interest and principal of the bonds is- <br />sued on account of the construction of said Project 1969 <br />facilities, of which this is one, and covenants that it <br />will cause to be fixed, maintained and collected such <br />charges for service rendered by said facilities which, <br />together with the pledged unobligated net revenues de- <br />rived from on- street parking meters, are sufficient in <br />each year for the payment of the proper and reasonable <br />expense of operation, maintenance and repair of said <br />facilities and for the payment of the sums required to <br />be paid into the Parking Sinking Fund - Project 1969 <br />under the provisions of said Act and said authorizing <br />ordinance. The holder of this bond or any coupon ap- <br />pertaining thereto may, by appropriate legal action, <br />enforce and compel performance of all the duties re- <br />quired by the governing Act or by the authorizing ordi- <br />nance to be performed by the City or any officer or <br />body thereof, including the fixing and collecting of <br />proper parking charges, or charges for other service' <br />rendered by off- street parking Project 1969. If there <br />be any failure to pay the interest on or principal of <br />this issue of bonds in accordance with the terms there- <br />of, a receiver may be appointed to administer said park- <br />- 10 - <br />
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