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

Home Browse Search

facilities and the on- street parking operations in reason- able detail, covering the preceding calendar year, and a statement of the amounts transferred and credited to the Parking Sinking Fund, and the accounts thereof, and the cash balances therein and in the Parking Fund and Replace- ment and Improvement Fund as of the end of such calendar year; also, including a statement of the number of parking spaces in the facilities, the number of on- street parking meters, and any changes in off- street and on- street parking rates and charges, as of the end of such calendar year, which annual statement shall be certified by the City Controller or by the person charged with the duty of auditing the books and records relating to the facilities. Annually in each year after completion of Project 1969 until January 1, 1974, and once every four (4) years thereafter, the City shall employ nationally recognized parking consultants to review the opera- tion of the City's off - street parking facilities and the opera- tion and administration of the on- street parking meter system. Said review shall include, but not be limited to, the adequa- cy of rates and charges and enforcement for the effective con- trol of traffic and to meet financial requirements and as to the location and mode of operation of the foregoing. Said re- view shall be embodied in a written report including the con- sultants' comments and recommendations which shall be filed and maintained in the office of the City Controller, and a copy thereof shall be furnished to the original purchaser of the bonds, and, upon written request, to any holder or holders of outstanding bonds. The cost of such review and report shall be considered a maintenance and operation expense. Copies of all such statements and balance sheets and other reports relating to - 26 -