Res55 1894 - Laserfiche WebLink

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parking lots and facilities in Parking District No. 1 and for the improvement of the parking lots and facilities acquired from the proceeds of the bonds of this issue. The City Council has agreed that it will install and maintain and continue to maintain parking meters on the streets within and without Parking District No. 1, but within the Central Business District of the City, as set forth and provi- ded in the Petition for the project and in the Resolution of Intention, as amended. All of the on- street parking meter annual gross revenues thereof and of any off - street parking lots and facilities heretofore or hereafter acquired from parking meter revenues outside Parking District No. 1, but within the Central Business District of the City, shall be used first for the proper maintenance and operation of the street meters and said off-street parking lots and facilities. The City has pledged and allocatecl,'as a primary direct and exclusive first charge and lien thereon, two - thirds (2 /3rds) of the annual net revenues of the on- street parking net revenues received by it, commencing on July 1, 1955, from the parking meters now or hereafter installed and maintained on streets within and without Parking District No. 1, but within the Central Business District of the City, and said lots and faci- lities outside Parking District No. 1, to be used, as a primary pledge to pay that part of the annual principal and interest of the bonds of this issue that is not provided from the net revenues of the parking lots and facilities acquired within Parking D:L s trio t No. 1, as a reserve security for the bonds, for the call or purchase and redemption of bonds, for additional off - street parking lots and facilities in Parking District No. 1 and the improvement of the off - street parking lots and facilities acquired from the proceeds of the bonds of this issue during the time that any of said bonds or the inter- est thereon are outstanding and unpaid. The City has pledged and allocated, as a secondary security for the payment of the annual principal of and int- erest on the bonds, as a loan only, but as a direct and exclu- sive first charge and lien thereon, the remaining one -third (1 /3rd) of said net revenues from said street meters in the Central Business District of the City and off - street parking lots and facilities therein that are outside Parking District No. 1. There is a mandatory duty on the part of the City Council to annually levy an ad valorem special assessment on all taxable real property within Parking District No. 1 in an amount which shall be clearly sufficient to pay the princi- pal of and interest on said bonds which has or shall accrue me