Res55 1894 - Laserfiche WebLink

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20. Revenues a Trust Fund. The net revenues from the off- street parking lots and facilities to be acquired from the proceeds of the bonds of this issue and the moneys of the primary pledge and the proceeds of the ad valorem assessment. levies here provided for the payment of the princi- pal or interest or the better securing of the payment of the principal of or interest on the bonds of this issue shall constitute a trust fund for the security and payment of all such bonds and the interest thereon and, except as otherwise specifically authorized by this resolution, shall not be used for any other purpose so long as these bonds or any of them or the interest thereon are outstanding and unpaid. The monthly net revenues in the secondary pledge shall not be used for any other purpose until the monthly transfers here- in provided have_ been made to the Bond Interest and Redemption Fund. 21. Off- Street Parking Revenue Fund. There is hereby created and shall be maintained a special fund to be desig- nated "Off- Street Parking Revenue Fund ", herein called Off - Street Revenue Fund, into which shall be paid, on or before the 1st day of each month following the receipt thereof, all fees, tolls, charges, rentals and other revenues and profits of any kind derived from the services and facilities of off - street parking lots and facilities to be acquired, construct- ed and improved from the proceeds of the bonds of this issue, together with any interest earned thereon, including revenues of improvements, additions and extensions thereto that may hereafter be acquired or constructed in Parking District No. 1. So long as any bonds of this issue are outstanding or any interest thereon is unpaid, said funds shall be administered and disbursements shall be made therefrom in the manner and in the order as follows: (a) Maintenance and Operation Funds. There shall be expended monthly from said funds such sums as are necessary to pay the cost of operating the off - street parking lots and facilities to be acquired and constructed from the proceeds of the bonds of this issue in Parking District No. 1, and to keep said lots in good order and repair. (b) Bond Interest and Redemption Fund. There is hereby created and shall be maintained a special fund designated "Municipal Improvement Bond Series 55 -1 Interest and Redemption Fund ", herein called Redemption Fund, to cover the payment of the prin- cipal of and interest on all of the parking bonds of this issue. On the first day of each calendar month following the date of the bonds, the City shall -13-