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

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time to time and pledge a portion of the revenues collected from such additional meters to the payment of the purchase price thereof. Beginning January 1, 1984,. whenever the balance in the Term Bond Redemption Account is in excess of an amount equal to the interest which will be payable during the two (2) cal- endar years on the bonds which will be outstanding after the next subsequent date on which the bonds are called for redemp- tion, such excess over such balance, to the extent possible, may be used to purchase bonds maturing January 1, 2000, at a price not exceeding the then applicable redemption price, or if such bonds are not then callable, at a price not exceeding the next applicable redemption price, and if not so used, shall be used on and after January 1, 1984, to redeem bonds matur- ing January 1, 2000, by call at the then applicable redemption price. No bond shall be purchased, however, less than forty (40) days prior to an interest payment date on which bonds may be called for redemption. Any funds credited to the Term Bond Redemption Account shall be transferred to and credited to the Bond and Interest Account if necessary to prevent a default in the payment of principal of and interest on the bonds issued pursuant to this ordinance. Sec. 12. There is hereby created a fund to be desig- nated as "Parking Replacement and Improvement Fund - Project 1969" (herein called the "Replacement and Improvement Fund "), which fund shall be maintained as a separate bank account apart from all other bank accounts of the City and the moneys there- in shall be deposited, held and secured, or invested in accord- ance with the laws of the State of Indiana relating to the de- - 23