Res55 1894 - Laserfiche WebLink

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Costs and Expenses Thereof, Parking District No. 1, adopted by this Council on December 20, 1954, as modified. 3. Project Cost. The total estimated cost the, off - street parking "project is $1,250,000, the principal and interest of the bonds for which are to be from the net revenues of the off - street parking lots to be acquired from the proceeds of the bonds authorized to be issued herein, from the pledges herein provided from the net revenues of certain street parking meters, and from annual ad. valorem special assessment levies on the taxable real property within the parking district described in said Resolution of Intention, which levies are unlimited as to rate or amount except that they are limited as to time to thirty -one (31) years from the date of said bonds and as to rate to 50(,% on each $100 of assessed valuation thereof. 4. Complete Project. It is hereby found and determined that the City has made all necessary arrangements for the finan- cing of the Project which comprises a complete off - street park- ing system for the parking district. Accordingly, it is hereby found and determined that: (a) Adequate Funds. The Project can be completed as a complete system from the funds available and to be available to the City from the proceeds of the sale of the bonds; (b) Adequate Rates. On- street and off - street parking charges can be fixed, levied and collected for the services and facilities to be furnished; and (c) Bond Payment. Said service charges shall constitute the revenues of the Project pledged to the service of said bonds as provided herein. 5. Single Transaction. Said Project is one transaction, complete in and of itself, and the City has completed all neces- sary arrangements for the financing of said Project, and the proceeds of the bonds of this issue will be applied to the cost of the Project as herein provided, and will be able to meet all of the obligations which are herein mentioned. 6. Bond Issue. The City will forthwith issue its nego- tiable coupon Municipal Improvement Bonds, in the aggregate principal amount of $1,250,000, dated July 1, 1955, said bonds being one thousand two hundred fifty (1,250) in number and num- bered 1 to 1250, both inclusive, in the denomination of $1,000 each, and shall mature serially, in the order of serial number, on July 1 in the years and in the amounts as follows: -4-