Res55 1894 - Laserfiche WebLink

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The Londs subject to call shall be redeemed at the par amount thereof plus a premium equal to one - quarter of one per cent (1/4 of 1 %) of such principal amount for each whole twelve (12) months' period and for any remaining fraction of a twelve (12) months' period from the date fixed for redemption to the maturity date of such bond, but not to exceed four per cent (4 %) of such principal amount, (except that the maximum premium for bonds maturing in 1983 shall be 3 %). The City may also, from time to time, purchase any or all of the outstanding bonds at prices offered, but not to exceed the sum required to be paid in the event of redemption by call. All bonds purchased or called shall be cancelled and shall not again be reissued. This bond and the interest thereon are payable exclusive- ly out of "Municipal Improvement Bond, Series No. 55 -1, Interest and Redemption Fund" , as said fund appears on the books of the City Treasurer of said City, from (i) the net revenues from the operation of the parking places and facilities to be acquired and improved from the bond proceeds , ( 2) the primary and secon- dary pledge of the net revenues from parking meters maintained and to be maintained within and without the parking district but within the Central Business District, and (3) an annual ad valorem assessment levy up to 50c,% per year per $100 assessed valuation upon the taxable real property within the parking district for thirty -one (31) years. Neither the City nor any of its officers is to be held otherwise liable for the principal or interest hereof. The bond is one of a series of the total principal amount of One Million Two Hundred Fifty Thousand Dollars ($1,250,000) , all of like date and tenor except as to maturity and interest rate, all issued by the City for the purpose of providing moneys to finance a Project consisting of the acquisition, con- struction, improving and financing of an off - street parking system and the acquisition of lands and easements necessary therefor, as set North and described in said Resolution No. Providing for Issuance of Bonds, to which reference is hereby made for the obligations, duties, rights and privileges thereby created, and as authorized by and in strict accordance with the Parking District Law of 1951, as amended by Ordinance No. 735 Relating to Proceedings Heretofore or Hereafter Taken Pursuant to the Parking District Law of 1951, adopted on January 17, "1955, by said City, and the Home Rule Charter of said City. All of the annual gross revenues from the off - street parking facilities to be acquired and constructed from the proceeds of these bonds shall be used first for the proper maintenance and operation of the parking places and facilities to be acquired from the proceeds of the bonds of this issue, and thereafter to pay the principal and interest of the bonds as they shall accrue, as a reserve security for the bonds, for the call or purchase and redemption of bonds, for additional -7-