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

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(ImltlImuttr Irport June 9, 1969 Mo At (Commit (foundl of tilt pCltg of #a# fknd: Your Committee of the Whole to whom was referred An Ordinance of the City of South Bend con- cerning the ,purchase of land and the con- struction, maintenance, operation and financ- ing of off - street ,parking facilities thereon, the issuance of revenue bonds to ,provide the cost thereof, the collection, segregation and distribution of the revenues of said ,project, the safeguarding of the interests of the hold- ers of said bonds, and other matters connected therewith. Respectfully report that they have examined the matter and that in their opinion said Ordinance should be amended as follows: In Section 2, page 5, 8th line, strike out the words and figures "seven per cent (7%)" and insert in lieu thereof the words and figures "seven and one -half per cent (7- 1/2%)" In Section 16, page 28, strike out all of subparagraph (d) and insert in lieu thereof the following: "(d) To the extent that the City owns, leases, or in any manner controls the revenues from any additional off - street parking facilities, rates and charges for .parking at such additional facilities shall be set at such a level as will not materially reduce the revenues of the Project 1969 facilities." and that the Ordinance go to the Council favorable, as