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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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together with the unexpended balance remaining therein, is <br />equal to the estimated reasonable expenses of operation, main- <br />tenance and repair for the then current month and the then <br />next succeeding calendar month. The reasonable expenses of <br />operation, maintenance and repair shall include, but not be <br />limited to, salaries, wages, cost of materials and supplies, <br />purchase of power for light; also, paying agency fees on bonds, <br />insurance premiums, the reports provided for in this ordinance, <br />and the monthly pro -rata portion of other similar costs nor- <br />mally paid on a quarterly, semi- annual, annual or quadrennial <br />basis; provided, however, that such expenses shall exclude the <br />cost of replacements, additions, extensions, improvements or <br />other capital items, depreciation, and any general administra- <br />tive expenses of the City. There shall be credited to the Net <br />Revenue Account all remaining income and revenues derived from <br />the Project 1969 off-street parking facilities after meeting <br />the requirements of the Operation and Maintenance Account. <br />Sec. 11. There is hereby created a fund to be desig- <br />nated as "Parking Sinking Fund - Project 1969" (herein called <br />the "Parking Sinking Fund "), which fund shall, subject to the <br />provisions hereinafter provided for investment, be kept on de- <br />posit in legally designated depositories for funds of the City <br />in an account separate and apart from all other bank accounts <br />of the City and shall be continuously held and secured, or <br />invested, in accordance with the laws of the State of Indiana <br />relating to the depositing, holding and securing, or investing <br />of public funds. Said Parking Sinking Fund shall be divided <br />into two accounts, viz., Bond and Interest Account - Project <br />1969, and Term Bond Redemption Account - Project 1969 (here- <br />in called "Bond and Interest Account" and "Term Bond Redemp- <br />- 19 - <br />
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