Res55 1894 - Laserfiche WebLink

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prior to the time that the proceeds of another such levy shall be available therefor, that is not provided from the net revenues to be derived from the parking lots and facilities acquired from proceeds of the bonds and from the primary pledge from two - thirds (2 /3rds) of the net revenues from said street meters. The net revenues from the off - street parking lots and facilities to be acquired and the moneys of the primary pledge and the proceeds of the ad valorem assessment levies, shall constitute trust funds for the security and payment of all the bonds of this series and the interest thereon, and shall not be used for any other purpose so long as such bonds or interest thereon are unpaid. The monthly net revenues in the secondary pledge shall not be used for any other purpose until the monthly transfers herein provided have been made to the Bond Interest and Redemption Fund. This bond may be registered, de- registered and re- registered in the manner provided in the bond resolution. If registered as to principal and interest, the principal here- of and interest hereon shall be payable only to such register- ed owner. If registered as to principal only, the principal hereof shall be payable only to such registered owner. Any provision of the resolution providing for the issu- ance of these bonds, except a provision as to the amount of time of payment of principal or interest on the bonds, may be later eliminated or modified by the City Council if the holders of not less than sixty per cent (60 %) of the out- standing bonds have agreed in writing to the elimination or the modification. It is hereby certified and recited that all acts, conditions and things required by the Constitution and laws of the State of California, the Charter of said City and the Parking District Law of 1951 and said Ordinances, to happen and to be performed, precedent to and in the issuance of this bond, have been done, have happened, and have been per- formed in regular and due form, time and manner as required by law, and this bond is made conclusive evidence thereof. IN WITNESS WHEREOF, the City Council of the City of Redwood City has caused this bond to be signed by the Mayor and Treasurer of said City and countersigned by its City Clerk and has caused its Clerk to affix hereto its corporate seal, all on the lst day of July, 1955. Mayor COUNTERSIGNED: Treasurer City Clerk