Res55 1894 - Laserfiche WebLink

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principal and interest of these bonds, may h used f t o the for the further improvement of the facilities for the district, as the Council shall decide. 26. Street Meters. 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 provided in the P-tition for the project and in the Resolution of Intention. All of the on- street parking meter annual gross revenues of the Central Business District shall be used first for the cost of the maintenance and operation of the meters, and second to pay the amount of the pledges and the balance shall constitute surplus and be used as herein provided. 27. Primary Pledge. The City hereby pledges and allo- cates to the payment of the principal of and interest on the bonds herein provided to be issued, as a direct and exclusive first charge and lien thereon, all of two - thirds (2 /3rds) of the net revenues, commencing with July 1, 1955, to be derived from the parking meters now or hereafter installed, maintained and operated on the several streets within and without Parking District No. 1, but within the Central Business District of the City, 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 District 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 interest thereon are outstanding and unpaid. 28. Secondary Pledge . The City hereby further pledges and allocates, as a secondary security for the payment of the annual principal of and interest on the bonds, as a loan only, but as a direct and exclusive 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, during the time that any of said bonds or the interest thereon are outstanding and unpaid. There shall be transferred under this pledge, on the first day of each month following the date of the bonds, such sum as is required to provide the full monthly transfers to the Redemption Fund, after having applied thereto the monthly transfer from the off-Street Revenue Fund and under the Pri- mary Pledge from the Meter Revenue Fund, and after having -16-