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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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Positing, holding and securing, or investing of public funds <br />including particularly Chapter 9 of the Acts of 1945, as <br />amended. Any residual revenues of the Project 1969 off - street <br />parking facilities remaining after meeting the foregoing re- <br />quirements of the Parking Fund and Parking Sinking Fund shall <br />be deposited in said Replacement and Improvement Fund and, to- <br />gether with any other funds from other sources which may from <br />time to time be made available by the 'City, may be used to pay <br />the cost of extraordinary repairs, replacements, additions, <br />extensions and improvements to the Project 1969 facilities or <br />any other legal obligations of the Project 1969 facilities; <br />provided, however, that any moneys in said Replacement and <br />Improvement Fund shall be transferred to the Parking Sinking <br />Fund to the extent needed to make up any deficiencies in the <br />credits to the accounts thereof. <br />Sec. 13. Subject to the approval of the Board of Public <br />Works and Safety, the proper officer of the City is hereby au- <br />thorized to invest in direct obligations of the United States <br />Government, or obligations of instrumentalities and agencies <br />thereof which are fully guaranteed by the United States of <br />America, such portion of the funds in said Parking Sinking <br />Fund, and the accounts thereof, and the Replacement and Im- <br />provement Fund 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, which <br />in the case of the Term Bond Redemption Account shall be not <br />to exceed five (5) years from the date of such investment, <br />- 24 - <br />
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