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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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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
6/9/1969
Ord-Res Number
5089-69
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or if the time when such funds will be required for use can- <br />not be determined, such investment shall be made only in se- <br />curities having a maturity date of one (1) year or less from <br />the date of purchase. Such investment shall be made in strict <br />accordance with the provisions of Chapter 9 of the Acts of the <br />Indiana General Assembly for the year 1945, as amended, and <br />any interest or other accretions derived from any such invest- <br />ments shall become a part of the respective accounts of said <br />Parking Sinking Fund, or Replacement and Improvement Fund, as <br />the case may be, so invested. <br />Sec. 14. The City shall cause to be prepared and dis- <br />tributed quarterly construction progress reports, certified <br />by the architect or engineer in charge of construction of <br />the Project 1969 parking facilities, to the original purchas- <br />er of the bonds, and to any bondholder who requests the same, <br />setting forth the amount of dollars expended to date of the <br />report, the percentage completion of each parking facility <br />in the Project 1969, and the scheduled date of completion of <br />each. The City shall keep proper books of record and account, <br />separate from all of its other records and accounts, in which <br />complete and correct entries shall be made showing all income <br />and revenues derived from the operation of said Project 1969 <br />parking facilities and all disbursements made therefrom on <br />account of the operation of the facilities and all other fi- <br />nancial transactions relating to the facilities. There shall <br />be prepared and furnished to the original purchaser of the <br />bonds and, upon written request, to any holder or holders of <br />outstanding bonds, not more than ninety (9.0) days after the <br />close of each calendar year, an annual statement containing <br />operating and income statements and balance sheets of the <br />- 25 - <br />
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