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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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ments under the laws of the State of Indiana. <br />Said bonds shall be negotiable by delivery unless regis- <br />tered. Upon presentation of any of the bonds at the office <br />of the City Controller in the City of South Bend, said City <br />Controller shall register said bonds as to principal without <br />charge or expense to the holder. Such registry shall be noted <br />on each bond so presented, after which no transfer thereof <br />shall be valid unless made by the registered holder in person <br />or by his attorney duly authorized and similarly noted on such <br />bond, but bonds so registered may be discharged from registry <br />by being in like manner retransferred to bearer, after which <br />they shall be transferable by delivery but may again be regis- <br />tered as before. The registration of any bond shall not af- <br />fect the negotiability of the interest coupons attached there- <br />to, but such coupons shall continue to pass by delivery merely <br />and shall remain payable to bearer. <br />Said bonds, as to both principal and interest, shall be <br />payable from and secured by an irrevocable pledge of and shall <br />constitute a first charge upon all the net revenues (herein de- <br />fined as gross revenues after deduction only for the payment <br />of the reasonable expenses of operation, maintenance and re- <br />pair) of the off - street parking facilities herein designated <br />as Project 1969, and all additions and improvements thereto <br />and replacements thereof subsequently constructed or acquired; <br />also the unobligated net revenue derived from on- street park- <br />ing meters to the extent hereinafter specifically provided. <br />The City shall not be obligated to pay said bonds or the in- <br />terest thereon except from said revenues, and said bonds shall <br />not constitute an indebtedness of the City of South Bend with- <br />in the meaning of the provisions and limitations of the consti- <br />tution of the State of Indiana. <br />- 8 <br />
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