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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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Fund "). The moneys in said fund shall be kept on deposit <br />in legally designated depositories for funds of the City, <br />in an account separate and apart from all other bank ac- <br />counts of the City, and shall be continuously held and se- <br />cured as provided by the laws of the State of Indiana re- <br />lating to the depositing, securing and holding of public <br />funds. In no event shall any of the revenues or funds of <br />said facilities be transferred or used for any purpose not <br />authorized by this ordinance, or reasonably implied by the <br />provisions thereof, so long as there are outstanding any <br />bonds payable out of the income and revenues of the facili- <br />ties. The City Controller shall be the custodian of all <br />funds received or derived from the operation of said Proj- <br />ect 1969 facilities, and all checks or warrants payable out <br />of said funds shall be signed by the City Controller. The <br />City Controller shall be authorized to make the transfers <br />to the various funds and accounts herein provided for and <br />to apply the funds in the Parking Sinking Fund - Project <br />1969 to the payment of the interest on and principal of the <br />bonds payable from the revenues of the facilities without <br />further order or direction. <br />Sec. 10. The Parking Fund shall be divided into two <br />accounts, viz., the Operation and Maintenance Account - <br />Project 1969, and the Net Revenue Account - Project 1969 <br />(herein called "Operation and Maintenance Account" and <br />"Net Revenue Account" respectively). All income and reve- <br />nues received in the Parking Fund shall as received be cred- <br />ited to such accounts in the following order: there shall be <br />credited to the Operation and Maintenance Account as of the <br />first business day of each calendar month an amount, which, <br />
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