Res55 1894 - Laserfiche WebLink

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(a) Street Meter Maintenance and Operation Funds. There shall 'be expended monthly from said funds such sums as are necessary to maintain and operate said street meters and said off - street parking lots and facilities outside Parking District No. 1 but within the Central Business District of the City. (b) Bond. Interest and Redemption Fund,. There shall be paid and transferred monthly to the Bond Interest and Redemption Fund of these bonds from the primary pledge herein provided, that part of two - thirds (2/3) of said net revenues that is equal to the balance of one - twelfth `1/12) of the aggregate yearly amount necessary to pay the next maturing in- stallment of principal on the bonds of this series, and that is equal to the balance of one -sixth (1/6) of the amount necessary to pay the next maturing in- stallment of interest on said bonds, that is not pro- vided from the Off- Street Revenue Fund to be acquired from the proceeds of these bonds. Transfers under this subsection shall not exceed the amount of the pledge. (c) Surplus Fund. Any moneys remaining under said primary pledge shall constitute surplus funds, and be paid and transferred to the Surplus Fund and be used as provided herein therefor. 23. Separate Agencv. The project of acquiring, cons - tructing maintairing and operating on and off - street parking facilities within the City is hereby declared to constitute a separate agency, department and function of the City, and to constitute a single transaction, complete in and of itself. 24. Parking Facilities Revenues. 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, second to pay the principal and interest of the bonds as they shall accrue, third as a reserve security for the bonds, and for additional and the further improvement of the facilities for the benefit of the parking district. 25. Further Improvements. All revenues to be derived from the operation of the parking places to be acquired and improved from the proceeds of the bonds of this issue, to the extent not required to pay the cost of the operation and main- tenance thereof, and to the extent not required to pay the -15-