Purchase of Land and the Construction , off Street Parking Facilities Issuance of revenue Bonds and Distribution of the Revenues

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