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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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1/16/2014 3:10:56 PM
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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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for the purpose of paying the cost of said Project 1969 park- <br />ing facilities or as otherwise required by said Act and this <br />ordinance. Any balance or balances remaining unexpended in <br />such special account or accounts within ninety (90) days after <br />completion of the facilities which are not required to meet <br />unpaid obligations incurred in connection with such construc- <br />tion shall be paid into the Parking Sinking Fund - Project <br />1969, and shall be used solely for the purposes of said fund. <br />Subject to the approval of the Board of Public Works and <br />Safety, the proper officer of the City is hereby authorized <br />to invest in direct obligations of the United States Govern- <br />ment such portion of the funds in said acquisition and con- <br />struction account as shall not be required for immediate use, <br />provided that no such investment shall be made at a cost in <br />excess of the par value of the securities purchased, and that <br />none of the funds shall be invested in any securities the ma- <br />turity date of which is later than the time when such funds <br />are required to be available for the purposes thereof, or if <br />the time when such funds will be required for use cannot be <br />determined, such investment shall be made only in securities <br />having a maturity date of one (1) year or less from the date <br />of purchase. Such investment shall be made in strict accord- <br />ance with the provisions of Chapter 9 of the Acts of the Indi- <br />ana General Assembly for the year 1945, as amended, and any <br />interest or other accretions derived from any such investments <br />shall become a part of the funds invested. <br />Sec. 9. The income and revenues of off - street parking <br />Project 1969 shall be set aside and deposited daily as re- <br />ceived in a separate and special fund to be designated as <br />"Parking Fund - Project 1969" (herein called the "Parking <br />- 17 - <br />
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