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HomeMy WebLinkAboutORDINANCES-1968-088-O-68AN ORDINANCE authorizing and providing for the Ts -sue of $2,b25,000 Motor Vehicle Parking System Revenue Bonds, Series of 1968, of the City of Evanston, Cook County, Illinois, for the purpose • of paying the'cost of acquiring and constructing additional off-street motor vehicle parking facili- ties, prescribing all the details of said bonds, providing for the charging of rates and fees for the use of such facilities, and the collection „ segregation and distribution of the revenues of such motor vehicle parking facilities for the purpose of paying the cost of operation and main- tenance thereof, and paying the principal of and interest upon such Motor Vehicle Parking System Revenue Bonds. • 067 WHEREAS under the provisions of Division 71 of Article 11 of the Illinois Municipal Code, the City of Evanston, Cook County, Illinois, is authorized to regulate the use of the streets and other municipal property of said City, and pursuant to said authority has heretofore by ordinance provided for the regulation of traffic upon the streets of said City, and, also by ordinance has heretofore in- stalled parking meters upon the streets of said City, established regulations for their use,.and has acquired and is operating off- street parking facilities, in order to properly regulate and control motor vehicular traffic upon the streets within said City; and WHEREAS traffic conditions upon the streets of said City are such as to necessitate and require for the public benefit, safety and convenience of said City and its inhabitants that additional off- street parking facilities be acquired, maintained and operated by said City in order that motor vehicular traffic congestion upon the streets of said City be alleviated and properly controlled; and WHEREAS the City Council has heretofore determined and does hereby determine that it is necessary for the public benefit, safety and convenience of said City and its inhabitants that said City ac- quire the following described real estate, to -wit: -1- 15M.- Lots 15 to 18, both inclusive, and Lots 33 to 36, both inclusive, together with portions of adjacent alleys, in Block 65 in Evanston, in the South West Quarter of Section 18, Township 41 North, Range 14, East of the Third Principal • Meridian, in Cook County, Illinois. located on Sherman Avenue in said City, and construct'thereon a 602 car capacity multiple level parking garage, in accordance with the engineers plans and reports heretofore approved by the City Council and now on file in the office of the City Clerk for public inspection; and WHEREAS it is hereby estimated and determined that it will require the sum of $2,893,059 to pay the cost of such additional of'f-street parking facilities, including all engineering, fiscal and legal fees, and all other necessary and incidental expenses; and WHEREAS there are not sufficient funds on hand available for the purpose of paying the entire cost of such additional off- street parking facilities, and for that purpose it will be necessary to borrow money and in evidence thereof issue its Motor Vehicle • Parking System Revenue Bonds in the principal amount of $2,825,000; NOW, THEREFORE, Be It Ordained by the City Council of the City of Evanston, Cook County, Illinois, as follows: Section 1. That wherever the words "motor vehicle parking system" or "motor vehicle parking facilities" or "system" or "facili- ties" are used in this ordinance, they shall be understood to mean all motor vehicle parking facilities of the City of Evanston, in- cluding specifically, but not limiting the generality of the fore- going, the following: 1. All parking meters or other equipment, machinery or devices for obtaining revenue from street parking. 2. All city owned or leased or operated parking lots, buildings and other facilities, equipment and accessories used or useful in connection therewith which provide public parking. 3. All real estate and rights in real estate owned • or leased by the City and used or useful in the opera- tion of the motor vehicle parking facilities of said City. -2- D 0. i u(�9 4. All extensions, improvements, enlargements and additions to the motor vehicle parking facilities of said City which may be acquired by said City while any of the bonds herein authorized remain outstanding. • 5. All intangible property of every nature acquired or used in connection with the operation of the motor vehicle parking facilities, including all franchises, terms, licenses, leases, contracts and agreements. Section 2. That it is hereby determined and declared necessary for the public benefit, safety and convenience of the City of Evanston, Cook County, Illinois, that additional motor vehicle parking facilities be acquired consisting of4the acquisition of the following described real estate to -wit: Lots 15 to 18, both inclusive, and Lots 33 to 36, both inclusive, together with portions of adjacent alleys, in Block 65 in Evanston, in the South West Quarter of Section 18, Township 41 North, Range 14, East of the Third Principal Meridian, in Cook County, Illinois, _ located on Sherman Avenue and constructing thereon a 602 car capacity multiple level parking garage. Section 3. That the City Council has heretofore estimated • the cost of said additional motor vehicle parking facilities, here- inabove described, and doe6 hereby estimate the cost thereof to be the sum of $2,893,059• Section 4. That the plans and estimate of cost of the acquisition and improvement of the said additional off-street motor vehicle parking facilities, as above provided, as submitted by the Engineers for said City, employed for that purpose, and now on file in the office of the City Clerk, and as approved by the Plan Com- mission of said City, be and the same are hereby accepted, approved and ordered filed in the office of the City Clerk for public in- spection. Section 5, That for the purpose of paying the cost of said additional motor vehicle parking facilities, as described in Section 2 of this ordinance, there be and there is hereby ordered • to be issued revenue bonds of said City in the principal amount of -3- 070 • 40 • $2,825,000, which bonds shall be designated "Motor Vehicle Parking System Revenue Bonds, Series of 1968", be of the denomination of $5,000 each, be numbered consecutively from 1 to 565, inclusive, bear interest at the rate of not to exceed six per cent (6%) per annum, payable'semiannually on January 1 and July 1 of each year, be dated July'l, 1968, and mature on January 1 of each of the years and in the amounts as follows: Serial Numbers Both Inclusive Principal Amount Year 1 to 8 $ 4o,000 1970 9 to 16 4o,000 1971 17 to 25 45,000 1972 26 to 34 45,000 1973 35 to 44 50,000 1974 45 to 55 55,000 1975 56 to 66 55,000 1976 67 to 78 6o,000 1977 79 to 91 65,000 1978 92 to lo4 65,000 1979 105 to 118 70,000 198o 1199 to 133 75,000 1981 134 to 149 .80.000 1982 150 to 166 85,000 1983 167 to 184 90,000 1984 185 to 203 95,000 1985 204 to 223 100,000 1986 224 to 244 105,000 1987 245 to 266 110,000 1988 267 .to 290 120,000 1989 291 to 315 125,000 R 1990 316 to 341 130,000 1991 342 to 369 140,000 1992 370 to 398 145,000 1993 399 to 428 150,000 1994 429 to 46o 160,000 1995 461 to 493 165,000 1996 494 to 528 175,000 19977 529 to 565 185,000 1998 Provided, however, bonds numbered l05 to 565, inclusive, shall be redeemable prior to their maturity in whole or in part on any in- terest payment date on or after January 1, 1979 through the use of revenues only, and bonds numbered 185 to 565, inclusive, shall be redeemable as a whole on any date on or after January 1, 1984 from any moneys that may be made available for such purpose'at the prin- cipal amount of the bonds to be redeemed, together with interest -4- V M CJ • • accrued thereon to date fixed for redemption, plus a premium in each case of the following percentages of such principal amount if re- deemed during the following periods, respectively: Period of Redemption Jan. 1, 1979 through Dec. 312 1979 Jan. 13 1980 through Dec. 313 1980 Jan. 11 1981 through Dec. 31, 1981 Jan. 1, 1982 through Dec. 31, 1982 Jan. 1,'1983 through Dec. 31, 1983 Jan. 13 1984 through Dec. 315 1984 Jan. 1, 1985 through Dec. 31, 1985 Jan. 11 1986 through Dec. 31, 1986 Jan. 1, 1987 through Dec. 31, 1987 Jan. 13 1988 through Dec. 315 19888 Jan. 1, 1989 through Dec. 315 1989 Jan. 13 1990 through Dec. 313 1990 Jan. 11 1991 through Dec. 31, 1991 Jan. 11 1992 through Dec. 31, 1992 Jan. 1, 1993 through Dec. 313 1993 Jan. 11 1994 through Dec. 31, 1994 Jan. 15 1995 through Dec. 31, 1995 Jan. 15 1996 through Dec. 31, 1996 Jan. 1, 1997"through Dec. 31, 1997 From Revenues 2-3/4% 2-1/2% 2-1/4% 1-3/4% 1-1/2% 1-1/4% 1% 3/4% 1/2% 1/4% None it it if rr From any Funds Other than Revenues 4� 4% 4% 3% 3% 3% 2% 2% 2% - If less than all of the bonds are called for redemption ;D at any time they shall be called in the inverse order of maturity, and by lot within a maturity if less than a whole maturity is re- deemed. Notice of redemption of such bonds shall be given by registered mail to the known holders thereof and shall be published once not less than thirty (30) days prior to redemption date in The Bond Buyer or in the event it ceases publication in a financial newspaper published and of general circulation in either the City of Chicago, Illinois, or in the City and State of New York, and such notice shall designate the date and place of redemption of said bonds, which shall be at such bank as may be hereafter designated by the City of Evanston as the place of payment of principal and in- terest of said bonds, designate the serial numbers and the aggregate principal amount of the bonds to be redeemed, and that on the desig- nated date of redemption said bonds will be redeemed by the payment of the principal amount thereof and accrued interest, plus the appli- cable premium, and that from and after the designated redemption date -5- a 072 • .7 interest in respect of said bonds so called for.redemption shall cease to accrue. Section 6. Both principal and interef=1f of said Motor Vehicle Parking System Revenue Bonds, Series of 1968, shall be pay- able in lawful money of the United States of America at such bank or trust company as may hereafter be designated by the City upon the sale of said bonds. Said bonds shall be signed by the Mayor, attested by the City Clerk, and sealed with the corporate seal of said City, and the interest coupons attached to said bonds shall be executed by the facsimile signatures of said Mayor and said City Clerk, and said officials, by the execution of said bonds, shall adopt as and for their own proper signatures their respective fac- simile signatures appearing on said coupons. Said bonds, together with interest thereon, shall be payable solely from the revenues derived from the motor vehicle parking system facilities of said City, and such bonds shall not in any event constitute an indebted- ness of the City of Evanston.within the meaning of any constitu- tional or statutory limitation. Any of said bonds may be registered as to principal at any time, prior to maturity, in the name of the holder on the books of said City in the office of the City Treasurer, such registration to be noted on the reverse side of the bonds by the said Treasurer of said City, and thereafter the principal of such registered bonds shall be payable only to the registered holder, his legal repre- sentatives or assigns. Such registered bonds shall be transferable to another registered holder or back to bearer only upon presenta- tion to the Treasurer, with a legal assignment duly acknowledged or approved. Registration of any such bonds shall not affect nego- tiability of the coupons thereto attached, but such coupons shall be transferable by delivery merely. Section 7. That said bonds and coupons shall be in sub- stantially the following form; 0 3 (Form of Bond) UNITED STATES OF AMERICA STATE OF ILLINOIS COUNTY OF COOK CITY OF EVANSTON • MOTOR VEHICLE PARKING SYSTEM REVENUE BOND SERIES of 1968 NUMBER $5,000. KNOW ALL MEN BY THESE PRESENTS, that the City of Evanston, Cook County, Illinois, for value received, hereby promises to pay to bearer, or if this bond be registered, as hereinafter provided, then to the registered holder hereof, solely from the Motor Vehicle Parking System Revenue Fund of said City, as hereinafter mentioned, and not otherwise, the sum of FIVE THOUSAND DOLLARS ($5,000) on Jan- uary 1, 19—, together with interest on said sum from the date hereof until paid at the rate of per cent ( %) per annum, payable semiannually on the first days of January and July in each year upon presentation and surrender of the annexed interest coupons as they severally become due.. • Both principal and interest on this bond are hereby made payable in lawful money of the United States of America at This bond is payable solely from the revenues to be de- rived from the motor vehicle parking facilities of said City and not otherwise, and is issued under authority of Division 71 of D Article 11 of the Illinois Municipal Code, as amended., and all laws amendatory thereof and supplemental thereto, for the purpose of defraying the cost of the acquisition and construction of additional motor vehicle parking facilities in and for said City, and this bond does not constitute an indebtedness of said City within any consti- tutional or statutory limitation. This bond is one of an authorized issue of Two Million • Eight Hundred Twenty -Five Thousand Dollars ($2,825,000), of the de- -7- • • • 074 t nomination of $5,000 each, numbered from 1 to 565, inclusive. Bonds numbered 105 to 565, inclusive, are redeemable prior to their maturi- ty in whole or in part on any interest payment date on or after January 1, 1979 through the use of revenues only, and bonds numbered 185 to 565,'inclusive, are redeemable as�a whole on any date on or i after January 1, 1984 from any moneys that may be made available for such purpose at the principal amount of the bonds to be redeemed, together with interest accrued thereon to the date fixed for re- demption, plus a premium in each case of the following percentages of such principal amount if redeemed during the following periods, respectively: From any Funds From Other than Period of Redemption Revenues Revenues Jan. 15 1979 through Dec. 31, 1979 3% Jan. 15 1980 through Dec. 31, 1980 2-3/4% - Jan. 1, 1981 through Dec. 31, 1981 2-1/2% Jan. 1, 1982 through Dec. 31, 1982 2-1/4% Jan. 1, 1983 through Dec. 31, 1983 2% Jan. 11 1984 through Dec. 31, 1984. 1-3/4% 4% Jan. 1, 1985 through Dec. 31, 1985 1-1/2% 4% Jan. 1, 1986 through Dec. 31, 1986 1-1/4% 4% Jan. 1, 1987 through Dec. 31, 1987 1% 4% Jan. 1, 1988 through Dec. 31, 1988 3/4% 4% Jan.. 13 1989 through Dec. 31, 1989 1/2% 3% Jan. 1, 1990 through Dec. 31, 1990 1/4% 3% Jan. 1, 1991 through Dec. 31, 1991 None 3% Jan. 1,, 1992 through Dec. 31, 1992 3% Jan. 1, 1993 through Dec. 31, 1993 " 3d Jan. 1, 1994 through Dec. 31, 1994 ri 2% Jan. 1, 1995 through Dec. 31, 1995 Jan. 1, 1996 through Dec. 31, 1996 2% Jan. 1, 1997 through Dec. 31, 1997 " 2% If less than all of the bonds are called for redemption at any time they shall be called in the inverse order of maturity, and by lot within a maturity if less than a whole maturity is re- deemed. �J M Notice of redemption of such bonds shall be given by regis- tered mail to the known holders thereof and shall be published once not less -than thirty (30) days prior to redemption date in The Bond Buyer or in the event it ceases publication in a financial newspaper published and of general circulation in either the City of Chicago, Illinois, or in.•.the-City and State of New York, And such notice shall . -8- l 075 designate the date and place of redemption of said bonds, which shall be at the paying agent bank as may be hereinabove named, designate the serial numbers and the aggregate principal amount of the bonds . to be redeemed, and that on the designated date of redemption said bonds will be redeemed by the payment of the principal amount thereof and accrued interest, plus the applicable premium, and that from and -after the designated redemption date interest in respect of said bonds so called for redemption shall cease to accrue. Under said Code and the ordinance adopted pursuant thereto the revenues to be derived from the operation of the motor vehicle parking facilities of said City shall be deposited in a separate fund designated as "Motor Vehicle Parking System Fund of the City of Evanston", which shall be used only in paying cost of operation and maintenance of the parking facilities of said City, paying -the principal of and interest on the bonds of said City that are issued under the authority of said Act, and are payable by their terms only from the revenues of the motor vehicle parking facilities of said . City, and the creation of a Bond Reserve Account, Improvement and Extension Account, and Surplus Revenue Account, all as provided by the ordinance authorizing the issuance of this bond. It is hereby certified and recited that all acts, condi- tions and things required to be done precedent -to and in the.issu- ance of this bond, have been done and have happened and have been performed in regular and due form of law, and that provision is made for depositing in said Motor Vehicle Parking System Fund the entire revenues received from the operation of the motor vehicle parking facilities of said City to be applied in the manner herein - above set forth, and it is hereby covenanted and agreed that charges and rates will be established for the use of said motor vehicle park- ing facilities to be applied in the manner hereinabove set forth, • and it is hereby covenanted and agreed that such charges and rates will be sifficient at all times to pay the cost of operation and Q76 maintenance of such facilities and to pay the principal of and in- terest upon all bonds issued by said City which are payable solely from the revenues of said motor vehicle parking 'facilities. This bond may be registered as to principal in the name of the holder on the books of said City in the office of the Treasurer of said City, such registration to be evidenced by nota- tion of said Treasurer on the back hereof, after which no transfer hereof shall be valid unless made on said books and similarly noted hereon, but it may be discharged from such registration by being transferred to bearer, after which it shall be transferable by de- livery, but it may be again registered as before. The registration of this bond shall not restrict the negotiability of .the coupons by delivery merely. The rights and obligations of the City and of the holders of the issue of bonds of which this bond is one, may be modified or amended at any time by the City with the written consent of the holders of not less than two-thirds (2/3) of the principal amount of all the bonds authorized to be issued by the provisions of the ordinance pursuant to which this bond and the series of which it forms a part is issued and including such bonds.which may subse- quently be issued and be on a'parity therewith then outstanding J (excluding bonds authorized by said ordinance and any bonds subse- quently issued on a parity therewith and which bonds are owned by or under the control of the City) in the manner, to the extent and upon the terms provided in the ordinance to be adopted amendatory or supplemental to the ordinance adopted authorizing the issue of bonds of which this bond is one; provided, however, that no such modification or amendment shall extend or change the maturity of or reduce the interest rate on'or affect the amount of premium payable or otherwise alter or impair the obligation of the City to pay the principal of and interest on the issue of bonds of which this bond -10- 0 f"' 7 is one at the time, place and at the rate and in the currency herein. provided for, except by the express consent of the holder of this bond, nor shall any such supplemental or amendatory ordinance per- mit the creation of a reference or P priority of any bond or bonds of this issue over any other bond or bonds, nor shall any such supplemental or amendatory ordinance reduce the percentage of the holders of the outstanding bonds which may be required -to give their ;D written consent to such supplemental or amendatory ordinance. IN WITNESS WHEREOF, said City of.Evanston, Cook County, Illinois, by its City Council, has caused this bond to be signed by its Mayor, attested.by the City Clerk, its corporate seal to be hereunto affixed, and the coupons hereto attached to be signed by the facsimile signatures of said Mayor and said City Clerk; which officials by the execution of this bond do adopt as and for their own proper signatures their respective facsimile signatures appearing on said coupons, and this bond to be dated the first day of July, 1968. Attest: • City Clerk Mayor, City of Evanston Cook County, Illinois -10(a)- (Form of Coupon) Number $ On the first day of 19- *(unless the bond to which this coupon is attached has theretofore been called for payment as therein provided for and payment made or provided for), the City of Evanston, Cook County, Illinois, will pay to bearer out of the Motor Vehicle Parking System Revenue Fund of said City Dollars ($ ) in lawful money of the United States of America at being interest than due on its Motor Vehicle Parking System Revenue Bond, Series of 1968, dated July 1, 1968, Number Mayor, City of Evanston Cook County, Illinois • City Clerk *(The clause within the parentheses shall be inserted in all coupons due after the optional date of the bond to which it is attached.) (Form for Registration as to Ownership) Signature of Date In Whose Name Registered City Treasurer Section 8. That the motor vehicle parking facilities of said City of Evanston, as described in this ordinance, for the pur- pose of said ordinance, shall be operated on a fiscal year basis • commencing the 1st day of =11- Q;.9 January and ending the last day of December of each year, and the revenues derived from the operation of said motor vehicle parking facilities of said City, as described in this ordinance, shall be set aside as collected and be deposited in a separate fund and bank account which is hereby created to be designated as the "Motor Vehicle,Parking System Revenue Fund of the City of Evanston" (here- inafter sometimes called "Parking Revenue Fund"), which shall be used only in paying the reasonable costs of maintenance and opera- tion of said facilities, and paying the principal of and interest upon the Motor Vehicle. Parking System Revenue Bonds, Series of 1968, of said City, which by their terms are payable from said revenues, and for the creation of the other accounts provided by this ordinance. Section That there be and there are hereby established and created separate accounts in said Parking�Revenue Fund to be designated severally the "Operation and Maintenance Account", "Bond and Interest Account", "Bond Reserve Account", "Improvement and iExtension Account" and "Surplus Revenuer Account", to which there shall be credited, except as hereinafter otherwise provided, as of the first business day of each month in the order in which said ac- counts are hereinafter mentioned, all moneys held in said Parking Revenue Fund in accordance with the following provisions: (a) There shall be credited to the Operation and Maintenance Account an amount sufficient to pay the reason- able expenses of operation, maintenance and repair of said motor vehicle parking system for the next succeeding month, which shall include, without limiting the generality of the foregoing, salaries, wages, cost of materials and supplies, purchase of power for lighting, insurance and all other in- cidental expenses. To the extent permitted by law rentals under any lease heretofore or hereafter entered into for additional parking lots and cost of enforcing traffic regulations shall be excluded from the Maintenance and Operation Account. (b) Beginning as of the issuance of any bonds there shall be credited to the Bond and Interest Account an amount sufficient with accrued interest received from the purchaser.;,, so that there will be funds on hand the 1st day of January, 1969, to pay all interest due that day and that thereafter there be credited an amount each month equal to not less than -12- M 080 one -fifth of the interest becoming due on all bonds and parity bonds on the next succeeding interest payment date, and an amount equal to not less than one -tenth of the principal becoming due on all bonds and parity bonds on the first day of the next succeeding fiscal year, until there shall have been accumulated in said account on or before thirty (30) days preceding each such maturity date of principal and interest, or both, an amount sufficient to pay such principal or interest, or both, of all bonds and parity bonds maturing by their terms on such maturity date. From and after the issuance of any of the bonds hereby authorized and upon receipt of the purchase price therefor, there shall be credited to the Bond and Interest Account all accrued interest derived from the sale of said bonds. All moneys in said account shall be used only for the purpose of paying interest on and principal of the bonds and parity bonds of said City. Funds sufficient to pay interest or principal, or both, of said bonds, together with paying agency fees, shall be transmitted to the paying agent not less than fifteen (15) days prior to each current maturity date of either principal or interest, or both, provided that all paying agency fees shall be paid from the Operation aYid Maintenance Account. (c) Beginning on the date of delivery of the bonds, there shall be credited to the Bond Reserve Accourit each month the sum of $2,600. The moneys in said account shall be used only to pay principal of of interest on the bonds • and parity bonds of said City when there are insufficient funds available at any time,to pay such principal or in- terest from any other source; provided, however, whenever the balance in said account equals the maximum principal and interest requirements on all outstanding bonds and parity bonds for any succeeding fiscal year, any surplus over and above said maximum amount and not so needed may be transferred to the Improvement and Extension Account, or may be used for the purpose of retiring by purchase or re- demption of any of the bonds or parity bonds. • (d) Beginning on date of delivery of the bonds to a purchaser there shall be credited to the Improvement and Extension Account the minimum sum of $2,500 in each month. The moneys in said account shall be used (i) to provide an allowance for depreciation as shall be determined to be adequate from time to time by the City Council; (ii) to pay interest on or principal of the bonds or parity bonds of said City in order to prevent any default thereon in the event no other funds are available therefor; (iii) to main- tain the minimum required balance in the Bond Reserve Ac- count; (iv) to make improvements and extensions to the sys- tem, to pay for any extraordinary maintenance or repairs, and necessary replacements, and to pay any rentals due on any leased parking facilities; and (v) provided that any accumulated amount therein in excess of $150,000 may be transferred to the Surplus Revenue Account. -13- 0. a I (e) All moneys remaining.in the Parking Revenue Fund after crediting the required amounts to the respective ac- counts hereinabove provided for shall be credited to the Surplus Revenue Account and the funds so credited shall be held and used for making up any deficiencies necessary to credit the Accounts (a) to (d), inclusive, with the re- quired amounts therefor, as hereinabove provided, and there- after any balance remaining in said account may be used at the discretion of the City Council for the improvement, enlargement and extension of the system, or for the making of any unusal repairs, replacements or improvements thereto, or for the purpose of acquisition of any equipment or property necessary therefor, or for the calling and redemp- tion of the bonds and parity bonds, or the purchase in the open market of the bonds of the City issued and outstanding, which by their terms are payable from the revenues of the motor vehicle parking system of said City, or transferred to -the general Corporate Fund of the City for the payment of salaries or other costs of enforcement of traffic regulations; or for any other lawful purpose. (f) Moneys in any of the Accounts hereinabove created, may be invested from time to time in direct obligations of the United States Government, maturing not later than twenty (20) days prior to the earliest date on which it is estimated the moneys in said Accounts will be needed, but in no event later than five years from the date of such investment. Such . securities shall be sold from time to time without further authority of the City Council as funds may be needed for the purpose of any funds so invested, and any gain or loss on any such investment, including interest, shall be credited to the Account for which the investment was made. All un- invested money on hand shall be deposited in banks selected as depositories by the City Council from time to time and fully secured by the Federal Deposit Insurance Corporation and or direct obligations of the United States Government. Such funds shall be segregated from all other City funds on the books of the City; provided that all money in the Parking Revenue Fund credited to Accounts (b) and (c) thereof shall be combined into one or more bank accounts, separate from any other bank accounts. M Section 10. That the City of Evanston covenants and agrees with the holders of said bonds and coupons hereby authorized that so long as the bonds or any of them remain outstanding and unpaid, either as to principal or interest: (a) That the City will maintain said Motor Vehicle Parking System in good repair and working order and will operate the same efficiently and faithfully and punctually per- form all duties with respect to said system required by the Constitution and laws of the State of Illinois; provided,how- ever, that any of said off-street parking facilities may be withdrawn from use at any time for the purpose of erecting multiple level parking structures, garages or for any other lawful purpose, which facilities shall be included in the • Motor Vehicle Parking System. No such facilities shall be withdrawn unless the revenues of the remainder of the system, -14- 089 together with construction interest are adequate to comply with.the requirements of this bond ordinance during the period of construction. • (b) That the City will establish and maintain at all times reasonable fees, charges and rates for use of said park- ing facilities and provide for the collection thereof, and the segregation and application of the revenues of said system and facilities in the manner provided by this ordinance and sufficient to pay the reasonable costs of operation and main- tenance, to pay the interest of and principal on all revenue bonds of said City which by their terms are payable from the revenues of said facilities, and to provide for the creation of the respective accounts as provided in Section 9 of this ordinance, and that the City will from time to time make all needful,and proper repairs, replacements, additions and betterments to the equipment and facilities of said system so that it may at all times be operated properly and advantageously, and when any parking meter. or other equipment or facilities of said system shall have been worn out, destroyed or otherwise rendered insufficient for proper use, it shall be promptly replaced or repaired so that the value and efficiency of the facilities shall be at all timesfully maintained; provided further, however, the City Council may authorize the use of a designated portion of the parking facilities without charge provided; (1) that they shall.first determine that such use will not cause the net revenues then to be derived from the balance of the system to be less than 150% of the amounts required to be credited to the Bond and Interest Account during the next succeeding fiscal year, and (2) if the facilities to be operated without charge had produced over 15% of the gross revenue of the system, in the preceding fiscal year, then the . determination of the City Council shall be based upon a certi- ficate of an independent consulting engineer employed for the purpose of examining the revenues then to be derived from the balance of the system. • (c) That the City will establish such rules and regu- lations for the control and operation of said facilities necessary for the efficient and economical operation thereof, and rates and charges shall be fixed and revised from time to time as may be necessary to produce funds sufficient for all purposes herein provided until all of the bonds authorized by the ordinance have been paid in full, both as to principal and interest. (d) That the City will maintain parking meters and collect charges therefrom in the manner required by this ordi- nance on all public streets where such parking meters are presently located as of the date of the passage of this ordi- nance; provided, however, this covenant shall not be construed to prohibit necessary changes in the location of such parking meters or other facilities made necessary by street widening or street closings or substitution or changes in the location of parking meters or facilities to provide essential and necessary traffic regulation and control, and which will not reduce the income and revenues to be derived from such facili- ties below that required by this ordinance; provided, further, said City may provide for free on -street parking as provided in Section 10(b). -15- a (e) That so long as any of the bonds authorized here- under are outstanding, and except as otherwise specifically provided in this ordinance, the City will not sell, lease, loan, mortgage or in any manner dispose of or encumber said parking facilities until all of said bonds hereby authorized shall be paid in full, both principal and interest, or unless and until provision shall have been made for the payment thereof, and that said City will take no action in relation to said facili- ties which would unfavorably affect the security of the bonds or the prompt payment of the principal and interest thereon; provided, however, the covenants in this subparagraph shall not prevent the City from disposing of any property of said motor vehicle parking facilities which in the judgment of the City Council is no longer useful or profitable in the opera- tion of said facilities; provided, however, that the proceeds of any such sale shall be credited to the Improvement and Ex- .D tension Account as an additional credit thereto, nor shall this provision prevent the City from leasing or contracting for operation of any of said facilities provided the net revenues q. derived therefrom in combination with all other net revenues of the system shall not be less than required by Section 9. (f) Nothing in this ordinance shall prevent the City from disposing, by lease or by sale, or as may otherwise be provided by law, of any of the off-street parking lots or of the air rights above any of the off-street parking lots con- stituting a part of the system, as provided by Section 10 of Division 71, or as provided by Section 2 of Division 76 of Article 11 of the Illinois Municipal Code. The'proceeds of any such sale shall be credited to the Improvement and Extension Account created by Section 9(d) hereof. The revenues from any such lease shall become a part of the revenues of the Motor - Vehicle Parking System and used as provided by this ordinanz-_e, and provided further that any such sale or lease will not re- duce the net revenues of the Motor Vehicle Parking System below the amount necessary to'meet the requirements and restrictions for use of•a portion of the parking facilities without charge as provided for in subsection (b) of Section 10 of this ordi- nance. (g) Any holder of a bond or bonds or any of the coupons of any bond or bonds issued hereunder may either in law or equity, by suit, action, mandamus or other proceeding, enforce or compel performance of all duties required by this ordinance, including the making and collecting of sufficient charges and rates for the use of the motor vehicle parking facilities and the application of the income and revenue therefrom. (h) Fire and extended coverage insurance and liability insurance shall be purchased in such amounts as are customary for facilities of this type in such amounts as the City deems adequate. Section 11. It is hereby covenanted and agreed that while any of the bonds,herein authorized are outstanding the City will not issue any bonds or obligations of any kind or nature having a lien or pledge on the revenues of the motor vehicle parking system ifacilities of the City which is prior to or in any manner superior to the lien on such revenues of the bonds herein authorized; pro- -16- Ub 4 • vided, however, the City reserves the right to issue at one time 'or from time to time as shall be found necessary and for the best in- terests of the City by the City Council additional bonds on a parity with the bonds issued hereunder for the purpose of constructing or acquiring improvements, replacements and extensions of said motor vehicle parking system or for the purpose of refunding any of the Motor Vehicle Parking System Revenue Bonds of the City or for any combination of such purposes, but only provided the City shall comply with the following requirements: (a) The amounts required to have been credited to'Ac- counts (a) to (c), inclusive, of Section 9 of this ordi- nance up to the date of the adoption of the ordinance pro- viding for the additional bonds shall have been credited to said respective accounts. Interest and principal payments maturing on January 1 shall be considered debt service re- quirements of the immediately preceding fiscal year. (b) The net revenues of the motor vehicle parking system for the fiscal year then next preceding shall have been equal to an amount not less than one hundred fifty per cent (150%) of the amount constituting the maximum annual year's debt service of all the revenue bonds of the City which by their terms are payable from the revenues to be derived _from the operation of the motor vehicle parking system of the City then outstanding and the additional revenue bonds then proposed to be issued during the life of the then outstanding bonds. Net revenues for the pur- pose of this subparagraph (b) shall mean the gross revenues of the system less the actual costs of operation and main- tenance and before making provision for rent, enforcement or depreciation or other accounts as required by this ordi- nance for such fiscal year or years. (c) Or alternatively to paragraph (b), the estimated average annual net revenues of the system, including the facilities to be acquired and constructed in whole or in part from the proceeds of the sale of such additional bonds for the three fiscal years immediately succeeding the time when the acquisition and the construction of such facilities shall have been substantially completed, shall be equal to one hundred seventy-five per centum (175%) of the highest estimated annual principal and interest requirement on all bonds then outstanding and the additional bonds then being issued, occuring during the life of all bonds then outstand- ing. For the purposes of this subsection, the determina- tion of such estimates shall be made by an independent traffic engineer of national repute who shall be selected by the City Council. -17- f 4 065 Notwithstanding the foregoing provisions, the City re- serves the further right to issue bonds to refund any of the bonds herein authorized or bonds which may hereafter be issued on a parity therewith, provided they are issued to refund such bonds which may become due within three months of the date of • refunding and for the payment of which no other funds are or will be available at the maturity thereof. Any additional bonds issued as parity bonds shall be on an equal basis in all respects with the bonds herein au- thorized and shall be expressed to mature as to principal on January 1, and as to interest on July 1 and January 1. Net revenues as provided in this section shall be certi- fied by the Auditor currently making the annual audit required by Section 14 of this ordinance. Section 12. The provisions of this ordinance shall con- stitute a contract between the City of Evanston and the holders of the bonds herein authorized to be issued, and after the issuance of the bonds no changes, additions or alterations of any kind shall be made to this ordinance in any manner except in accordance with.the provisions of this ordinance, or until such time as all of said bonds issued hereunder and the interest thereon shall be paid in full, or unless and until provision shall have been made for the payment • of all said bonds and interest thereon in full. Section 13. That as soon as may be after this ordinance becomes effective, the bonds provided for by this ordinance shall be sold by the City Council in such manner as they may hereafter determine and upon such sale they shall by resolution designate the rate or rates which each of said bonds shall bear, but not ex- ceeding six per cent (6%) per annum and shall designate the bank or banks to act as paying agent for said bonds and interest coupons. Section 14. That the City hereby covenants and agrees with the holders of said bonds and coupons hereby authorized that so long as the bonds or any of them remain outstanding and unpaid, either as to principal or interest, that proper books and records and accounts will be kept and maintained by said City separate and apart from all other records and accounts of said City, showing • correct and complete entries of all transactions relating to the sys- -18- r 14 086 tem, and that the holders of any of said bonds or any duly author- ized agent or agents of such holders shall have the right at any and all reasonable times to inspect the records, accounts and audits relating thereto, and to inspect the system and all property comprising the system. Statements of revenues and expenditures of the system shall be furnished the City Council at least quarterly and copies of the same shall be mailed to the original purchaser of the bonds authorized by this ordinance and shall be furnished to any bond- holder upon request. Said City further covenants and agrees that it will within not more than sixty (60) days following the close of each fiscal year cause an audit of such books and accounts to be made by a certified public accountant, and that such audit will be available for inspection by the holders of any of the bonds. Within ninety (90) days of the close of each fiscal year, a copy of each such annual audit shall be mailed to the original purchaser of the bonds • authorized by this ordinance and such original purchaser of said bonds herein authorized shall have the right to discuss with the accountant making the audit the contents of the audit and to ask for any additional information he may reasonably require and a summary of such audit shall be furnished to the holder of any of the bonds at his request. All expense incurred in the making of the audit required by this Section shall be regarded and paid as a maintenance and operation expense. Section 15. That the proceeds derived from the sale of the bonds shall be deposited separately in a bank designated as a depositary of City funds by the City Council to an account hereby created and designated as the "Garage Construction Fund" and in- vested and secured as provided in Section 9(f) hereof, and shall be used solely for the acquisition and construction of the addi- -19- 087 tional parking facilities referred to in this ordinance, including engineering, fiscal and legal fees, and all in accordance with the plans and specifications therefor heretofore approved by the City • Council and now on file in the office of the City Clerk for public inspection. Any surplus remaining after completion of said im- provements shall.be transferred to the Improvement and Extension Account. All money received as accrued interest shall be credited to the Bond and Interest Account. Section 16. That the provisions of this ordinance shall constitute a contract between the City of Evanston and the holders of the bonds herein authorized and after the issuance of the bonds herein authorized, no changes, additions, modifications or altera- tions of any kind shall be made to the provisions of this ordinance except as hereafter provided for, until such time as all of the bonds issued hereunder and the interest thereon shall have been paid in full or provision made for the payment thereof. With the written consent of the holders of not less than two-thirds (2/3) • of.the principal amount of all the bonds herein authorized and all the bonds which may be hereafter issued and be on a parity therewith, then outstanding (excluding any bonds herein authorized or subse- quently issued and on a parity therewith owned by or under the con- trol of the City), this ordinance may from time to time be modified or amended by an ordinance supplemental hereto adopted by the City Council; provided, however, that no such modification or amendment shall extend or change the maturity of or reduce the interest rate on or affect the amount of premium payable or otherwise alter or impair the obligation of the City to pay the principal of and in- terest on the bonds herein authorized at the time, place and at the rate and in the currency provided therein of any bond herein authorized then outstanding, without the express consent of the holder of such bond, nor shall any such modification or amendment -20- r O • i permit the creation of a preference or priority of any bond or bonds over any other bond or bonds, nor reduce the percentage of the hol- ders of outstanding bonds required to the written consent of such • modification or amendment. Section If any section, paragraph, clause or provi- sion of this ordinance shall be held invalid, the invalidity of such section, clause, paragraph or provision shall not affect any of the other provisions of this ordinance. Section 18. This ordinance shall be in full force and effect upon its passage, approval and publication as provided by law. Iw?Raov��p 3UA.r 991 1965 Approved ��� 2g1,e96s* . & $s 00 JW-Y Z90 0 9 W (r - • AttV f> 0 �44 q, City Clerk AHW/H 0 —21— Mayo r j�� s?.