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

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such credits in order to retire said bonds and to reduce the interest on unpaid outstanding bonds. The Council hereby de- termines and agrees that any balance remaining at any time in the Term Bond Redemption Account resulting from such an- nual credits shall, insofar as the pledge of on- street meter revenues as hereinafter provided is concerned, be deemed to constitute a minimum balance equal to the sum of the interest on the then outstanding bonds payable during the twelve (12). months then next succeeding and the principal requirements of the then outstanding bonds the payment of which needs to be provided for during the twelve (12) months then next succeed- ing. During the time and to the extent that any such balance exceeds such minimum balance there shall not be deemed to be a deficiency in any of such deposits as hereinafter provided to be made up from unobligated net revenues from on- street parking meters. The City hereby pledges all of the unobligated net reve- nues derived from on- street parking meters received on and after July 1,1969, to the extent required, to make up any deficiencies in such annual deposits from the Net Revenue Account to the Parking Sinking Fund and credited to the Term Bond Redemption Account. The phrase "unobligated net reve- nues derived from on- street parking meters," as used in this ordinance, shall be construed to mean the gross revenues re- ceived by the City from the operation of on- street parking meters after deduction only for the reasonable expense of operation, maintenance and repair of the on- street meters owned and operated by the City, not including the purchase price of any additional meters acquired; provided, that the City reserves the right to acquire additional meters from 22