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Resolutions - No. 2099
>2 , . ,• .. PRI Asp:, '* Qom:fat=TADI PANG :DIETR'ZCT NO. 3. 7,230 ,4; itiozns A Dii ict Parte`, Di,strlet car Distx►#;.et. m.er or.,:.400108:. : of T�# b . lyd•+ or,'' ode r or o rrds '••:' • •' f . ! . . . r",t � •R, ' Olerk:, s • '• ,• • •. C `zT fj • } • •• • • • . • • '• •, • • a • •' • r • • • • • • • • • • T1404010100 or .0.t Treasurer a ',Re enue a raprOS putehtto 1 3rd �•1 or City COwilcsi.3, • Ti' • 4• 4 .4' or'.Caunail . . •. 4 • • • • ••• the Enterpr s;e ' r 5; t Meter:. �s . • ;ad Neet. Revenues of "Or -.Or.' Noor • • • • ? • • • 5 5:: et t:. ,5 .,. 5. 6 A4 A. k WA.&t 1 '. • • 6',' :Pledge ..6 • {. Sal' : actloni •Separate -00;4.., • 6 • . TernOrBc • 6 9. llablea ndi .. • • .. • .' . • . . • . • , • . • . • 7' 1Q. Pu 'o an O Bo r • , • . q7 '. .1✓1y.; ��t. CO •p' • • • • • •• • .. e • •, • .7 .J.G.• ` Intere.t At7rr.: t y . • • w '• • '7 13 � 130048:"..cr .• '.. r .. • • • : 1 ,:3.4. Negotiable. Inat imernte • . • , . 1 • eecut .on of Bonds .16:.• Re cord or.:'0m: 1'7:•, . Re.' 61wttr,n ' ► .• • • 8 1ete � *ct n` Adl�tee> Wig. e. Ne e v ue • • .} ' ' 1174044 PO4. ' 0 I .0. ' • • {], P.-.1.4404000/F.ori •;. • •• • • • 0 0 •• -• «•'.• • ••• . /c•o! . ... •• • •• • • .• • • , • • .•19•{�. lee , • .F: , .# 120'." '.o 'r 4 • • ',' • •, • ,. '. . • ♦ -• . '•' • ,•_ `V::'' ♦',• r .0 Pae 21. Pledie of Revert 9 22. Pirst I4efl on Net Revenues .. . . . . . . . , . • . . 9 2.3. Equal Parity .. • 9 2.i4.Bends Not a Debt 9 2. Entity Credit Mot tiered 9 2b. Bond* a SPitcial Obligation 9 27. R8venUes a Itust .d 10 Revenue Fund -10 29. Maintenance and Operation Funds 10 30. Bond Fund 10 31. . Reserve Pund 11 32. Surplus Fund 12. 3'. Feeding Higher Priority . , 12 34. Investment of Surplus Funds 12 35.. inactive Deposita 12 36. Annual Statement 12 37. Annual Levy . 13 38 Mist! of Levy 13 4g.Depositin Bond Pund 13 . Notice of Redemption 13 41. Foxes of Notioe 1 42. Receipt of Notice Unnecessary1 43. Certificate of Notice Conclusive 14 4 Redemption Fuad . . . . . . . .. . . . . . . . . . . 14 a Use of Funds 14 b Coupons Due 14 o Coupons. Not Due 14 d Retranatera 14 45. Effect of Notice of Redemption 14 a) Interest Terminates . .. . . . . .. .. .15 (b Natured Coupons Payable 15 46. Covene,nte 15 a Acquire Project 15 b operate Enterprise 15 c Good Repair 15 d Preserve Security 15 e Collect Revenues 15 Service Bonds 15 g Pay Claims 35 h Rncumbxran000 16 i No Pres Service 16 3 No Competition 16 k Insuraflce 16 1 Fidelity Bonds 16 m Rngineere 16 to Audit and Report 16 (i Balance Sheet 16 (1i Revenue and Payments (111 Insurance (iv Rate Schedules (v Recapitulation (vi Comments 47. Additional Bonds 4 Modifications 49. Refunding 50. Default (a) Event of (i Principal • (ti Interest (iii Covenants (iv Bankruptcy Acceleration Application of Funds (i Costs and Expenses (ii Interest on Undue Bonds . (ill • Principal 400 plt.z!eet on Due Bonds (iv u tci:ent .Fonda (d) Retunding. efaul d :fie • !=f 17 17 17 17 17 17 17 18 1 1 1 18 18 18 18 18 19 19 . 1 '. , i".! . •, .!. , ' !' . R. * • •' . tir, ..app .. : , ; . 44061, Voten��:1.��'; yjVNi e le j0y07/ .•t .. . . • ' . . : • , • . • . . • • 11 r�yy�p�^�Y1.yotAgr' t:,.. .. • • •.•.•. BOURN. POUF •�, ••. • • . . .. • • , . •. . • . . . • • ' . Intare t, Co n :14orm . • . ,, • • • • • :. • • • • • Regjotirat0an rpm- ., . . • . . . . . . . . 1,t + . . , • pe#041 Susinoist pistil-et .Bary • • ifW: j: 2/3158. a N1it%1'' AMMO, 41. .. t any oarir D onV 2FROM OP TIO; ,„ AND F;MM8 TO PAW T PARKING DXSTRICT .NO: 3. by the City. Council of the City of Lodi, .califOrnta, t ,t, ori feat:the tormatien Qt' Va? k 1n$ Aiet "iat a d try e owners of real pz�oper !. its v or. not le ee tl a fifty a `,:,. ? d: l of . all te?.Sh pew ro tY ' `. t t t>« • a�a .. �, a 0014 4401e 4 • n mead .d e e itltit t tet: lead• t� Fifty ens•P sen ••4.100tam '' : 3.. t `a land in t P 'a0ti.•di t i.0i or.the.. �� Clerk, pure t to the Pa, :ng Vis- tx'ict i la t da.t'h t e alized assessment rO , e n e Ye ned the ea.id petition a;,.hen ce ,,,aautt-petWon is .signed by the requisite nu of . 1$/ W56, this Counisil adopted Ren u, OM of.., Val a Agreement to Tema of Pi*trietN 1,404 Cdfeeting Preft, 4 ,U13 approved said petition„ :.found; ter the fetpititte :number of qualified sigUsare,` that portion of the net evenueS :of on-, ad, . b$ U.od*ted anPie d in salt petition. ma t, O��tence a necessity essity re,. soto he Maintathet propOseri i x fid' the tr0rkratiOn of a report att re qu' .re 4 ' k'et rtri, ' ; a petition,'; egr**4O. ' tll $tet P8ki� 40d stun gla d 3 a 0 t 'don, Section 350.or: the .fesete and, lOgiseays .Co4.4 part of said • wr,; Pelta r e been reapad, i gr Harold F tiff A*sociaea ee, be g a •c.:t eht pea0 ioYe ►r that purpo�ae, and .17 get in• the •..b anti Q' 41�:.as. 0 ad ee 3.4ttad, o ,'9M3 A: Reaolutta ped ,, idereti a Pre ,im"ina r nee a alRes t g pi Leaver off' 3 k�!'�iee4�l�tiar�.1� eusaat $,ra ` t�ka. �'artii Die�triet `' hiiy 1 , 1956; • W , or#,t ae 1 h 4 �u�l�t, 2 6; . : c note adopted Lta ; Reeo2 .tti+ • O # ,,,' tea 1:on •ct .;Intentton.. to 'rm Parking :?tat `i t in the Cj r o ;..94.4...800;•,.:to, age r a : p tie Co a ad' epear►ee ereac� ', 8r t . l,, to t e pu 4ae Gi' asc i i a app vim::- i .o '-etr"I �9¢ `:Pad i �# Crlt :. id ds 1"o7 1 i4ato phiistic' d to issue; bonds ar 3.en'vy sed,. valve ;seri rata, under, and. pursuant to said 1474; WHERZAL wait Cou,neJ:.1. appolnteed Wednesday, the .5th day of 'September, 19• the he r Of Se•QO.4' 0.Qok p, M.• of said day at :the' Council C beera, City Vii; , Fadi, California, as thea time :and place t"ar hearing ori ..the .proposed' tot tion, of the dtlitr1ct; WHEREAS noticos of said hearing were:duly and, regularly published and maile..d 'in •the time,mforce and. manner required by. law, as evidenced „bY • affidavits on file with'aeid Clerk, whereupon said hearing was duly and regularly held and evidence taken et the time and place advertised in Said notia.e; . WHEREAS, Persons interested and objecting to,the.formation of said Parking Di.etrict, or to the extent thereof, or to the indluiBioh.of'proper-. ty therein, or to the acquisitions and improvements as proposed, or to. the.tasua.ce of bonds, or to. the doing of any other things'as.propoaed in Wad Resolution of Intention,' Filed Written. proteiets with the . Cle.rk of said City at or before the time set for said hearing, and all peraone interested deelring to be heard were. given an opportunity to be heard, and all Matters and things pertaining to said acquisitions and improve- Ments'were fully heard and considered by said Council; • WHEREAS,. the owners of taxable real property in the district having an assessed valuation or more than one-half of the assessed valuation'of. all taxable real property in the district did not file written protests obje,ating.tO the formation of Parking District No. 1 of the City.of Lodi,, or to the extent thereof, or to the inclusion of their property therein; or to the acquisitions and improvements, or to the issuance of bonds., or t� the doing of any other things as proposed in said'Reeolution of Intention; WHEREAS, at the conclusion of said hearing, the Council ordered same closed, and on the 5th day-of September, 1956, duly adopted its Reeolu- tion ' No. 1965, A Resolution Determining Convenience and Neoessity of Ordering Acquisitions and Improvements, Overruling Protests and Directing .Formation of Parking District No. 1, wherein said Council determined that 'proteete were not signed by the owners of taxable real property'in the. district having.an•assea.aed valuation of more than one-half of the assess- ed valuation of all taxable real property in the district; 57, IA WHEREAS, on the lethimay of September, 1956, said'Council introduced Ordinance No. 56$, An Ordinance Relating to the Formation of Parking District No. 1,, which ordinance declared the Parking District formed and described the aequis-tions and improvements to be. made, was duly adopted at a meeting.duly held On the 21st day of 'November, 1956, and thereupon duly published as required by law; WHEREAS,, on the 17th day of July, 1957, said Council adopted its Resolution No.. 2043, A Resolution of Intention to 'MakeChanges and Mod-- f icationa, Parking District No. 1, by the terms of which it declared its intention to make certain eliminations, changes and modifications in the acquisitions and improvements to be made, all as more particularly there- in set forth, and fixed Wednesday, the 21st day of ,August, 1957, at 8:00 o'clock P. M. at the Council Chambers, City Hall, Lodi, California, as the' time and place of hearing thereon; WREREAS, a supplemental report, 'dated August 15, 1957, showing the effect of said proposed eliminations, changes and mo.dificationa upon the acquisitions.and improvements and other data giveen in the original report was- prepared by Harold F. Wise; Associates, and filed with the City Clerk prior to said date; WHEREAS, notice of the hearing on said proposed eliminations, changes. and modifications was duly published as required by law, as evidenced by' affidavit on File in the office of the City Clerk, and the hearing held on Wednesday, the 21st day of August, 1957, at which time all persons intereated were duly heard, and at the conclusion thereof and on the 21st day of. August,. 1957, said Council. adopted its Reao]ution No. 2056, A • Resolution Ordering Changes and. Modifications; 2 WHEREAS, on the 8th.day of January, 1958, said Council adopted .its.. Resolution No. 2081, A Reaolution,of Intention to. Make Changes and Modifications,, Parking -District Mo. 1, by the terms of which said Co%alcil declared its intention to make' certain additional eliminations, Changes. and modifications in the acquisitions and improvements to be made,' all as more partieulaxl. therein set forth; and fixed Wednesday, the. 5th' day. of February, 1958, at 8:00 o'clock P. M., Council Chambers,. City Hail, 'Lodi, California, as the time and place of hearing thereon; .WHEREAS, a second supplemental report, dated January 8, 1958, showing the effect of the proposed eiiminations,changes and modifications upon • the acquisitions and improvements and other data given in the original report, as modified, was prepared by Pacific Planning and Reae:trch, • formerly Harold F. Wise, Associates, and filed with the City Clerk prior to said hearing date;. WHEREAS,, notice of the time and place of said hearing was duly pub- lished as required by law, aa evidenced by affidavit on file in the office of the City Clerk, and the.hearing duly held and evidence taken on Wednesday, the 5th day of February, 1958, at which, time all persons interested were duly heard and at the conclusion thereof and on the 5th day of Febriary,'1958, aald'Council adopted its Resolution No. 2091, A Resolution Ordering Changes and Modifications; WHEREAS, the City has contracted for the purchase of all of the land, property and rights of way proposed to be acquired in said Resolution of Intention, as modified, and, the amount to be paid for said land, property and rights of way has been finally determined; WHEREAS, the City has determined the amount necessary to make the pro- posed acquisitions and improvements, as modified, to pay the incidental. expenses in connection therewith and the proceedings therefor and to establish',a reserve fund for the payment of the principal of and int- erest on the bonds, less any amount to be contributed by the City for such purposes; WHEREAS, on the 5th day of February, 1958, said Councl.l introduced Ordinance No. 611, An Ordinance Declaring the Use of City Lands as Parking: Placea, Parking District No. 1, which Ordinance declared and agreed that certain City lands more particularly described therein would, for all purposes of said district, be held, uaed and treated in all respects the same as parking places acquired with the proceeds of bonds to be issued for said district, and provided that no compensation would be paid to the City for said lots or the use thereof, which Ordinance was duly adopted. at a meeting duly held on the 19th day of February, 1958, and thereupon duly published as required by law; and WHEREAS, all acts, conditions and things required by the Constitution and Laws of the State of California and the Parking District Law of 1951 to be done, and to happen and to be performed precedent to and in the issuance of said bonds, have been done, have happened, and have been performed in regular and due fora, time and manner as required by law, and the City Council is now authorized to issue and sell said bonds, and to impose and collect charges for the use of said facilities and to maintain and operate street parking meters in the Centra, Business.Dis- tract, and to levy special ad valorem assessments upon the real property within the district determined to be the district benefited thereby, all as more particularly provided in said proceedings, as modified; NOW, THEREFORE, IT IS HEREBY DETERMINED and ORDERED, as follows: 1. Definitions, As used herein, the terms herein have the following meanings: 3 (a) Aa .$re the` ftgaal .Year of the 'Entity, froi.1uly t© June 30, both inclusive; which is (b) .4041,10#4M021, plitr et or i?is rz t mean Parking D1. . J. comptioulgthe territpry in t'ne' City de- . scribed in the proceedings; (c)Dank or Boni of Pis Issue mean the bonds herein authorized be issued; (d) Bad 1 or Hb.1,d�r or . rode mean the holder of a bearer bona or he.registerid,owner of a registered bond; (e) Pori aw means the Constitution of the,State of Vomit,Cali-. ia, anii f ar a tlarly Arttele ' XI, Section 18-1/4' thereof',,, and the' Parking District Levi of 1951, and the Charter of a General'. Law City; (f) mean fees, tolls, rates and rentals prescribed.. • by thee' Lege a Body or the ComMission, or both, for the services. and facilities of the .Ehterpriae; (g)0spyt *A. Oppalt-p4OrApt means the downtown area .ot the. City 61wro41Yoovereivor oat not' restricted to the area of the *sses.smeft ' District referred to in the proceedings and more partiotilarIy described in Exhibit "A" hereto attached and by reference made 'a part hereof; (h) clerk.or C. p}erk mean the person elected or appointed as the Seorey or mirk or the Entity and of its Legislative Body; (1) CogimpsOpn means the Parking Place Commission appoint- ed or to beppointed under the Bond. Law; (j)taj Marie the Farmers and Merchants Bank of Central Ca. .. o 'fat., Lodi, Califvrni'a, the duly appointed, quali- fied and acting Depositary of the Entity; (k) Engineer means the City Engineer; (1) means the acquiring, constructing, maintain-, ing and var.: g t' the Pro$ect and or on -street Motor vehicle parking facilities iv,ithin and without the Parking District but within the Central Business District; (m) Entity' or C1a mean the City of Lodi; (n) Xiae 9 4cser or City,Treeeuuer is the person'duly appointed,' quaff t'ie aha acting as The '1 easurer of the Entity; (o) gross Revenues mean all annual revenues of the Enterprise; (p) ove means reconstruct, replace, extend, repair, better, equ p, evelop, embellish or otherwise improve (q) indenture means this Resolution; (r) 1a; t4ve Body or Ci h 9oun9i.l or Couppil mean the 'd Council, Boa , o ireciors or o ex legally provided governing body of the Entity; 4 (S) its.:: - 3�'.. i ,'`A..L! .- 0..'f .� J the .an greets revenue!, of theQ �t w � ,.. A �' .rg roes �to, be 1-044!!", and :improved ` tem p e jest f afterdeduct 1�g ail ; s experrde therefrom for .the 4=41 mmnageMent,,. ration,.. nrea1.nte,naDce Old repair thereat, tne1udin$ all incidental costa, fees and expenses properly Chargeable thereto; (t) ppovnt pet r y mean the revenues of on- street park 'ns meters in t'A veno stress District, remain- ing after deductions for the chat: sof act lying Meters and the cost of their: naaiantenaroe, operation, repair and servicing, and the cost of colloo ing the revenues therefrom, without allowing for depreciation or obsoleacence car any coat ofpolicing or patrol, all of •Which 'neton-street meter revenues are bereft contributed by th`Entity to the Project so long as any bands ehell be outatsndlnng; (u) Net and tie' . ytnuea or. Vie, terpriae mean annual arose revenue* or the o acme cf `anter cmc 'its all ; eM expended therefrom for the annual management, operation, maints- nance and repair Or the :Project, .including all incidental caste, fees and expenses properly chargeable- thereto, glue the net .on-' street meter revel; as used with reference .to a parking mater, net reve ' mean the revenues remaining after deductions for Else rlosi Uacquiring the meter and the cost of its maintenance, operation, repair' and servicing, and the cost of collecting the revenues therefrom, without allowance for depreciation or ob- solescence, or any cost of policing or patrol; (v) pleip.agilEMELL or r mean the Mayor, Preaident, Chairman or other-la provi. person elected by the Legtalative lardy es principal officer of the Entity; (w)neans all .action of the Legislative Body and other n y'm cera heretofore or hereafter taken pursuant to Resolution No. 1944,.adopted pursuant to the Bond Law, including action of the Commission; (x) l' t. means the acgUisition and construction of the off-street mo vehicle parking places described in the pro- ceedings, together with the City lands described in Ordinance No. 611, adopted February 19, 1958; (y) Revariggi. mean all charges received for, and all other income andreeteifts derived From the operation of the Project or arising from the Project, and any addi.ti.one4 extensions and improvements thereto, plus the net on-street Meter revenues, in- cluding revenues deposited in the Bond Fund to provide the paint of the bonds, and interest received on any invested moneys of the Enterprise. 2. row. Tnp►st. The public interest, convenience and necessity require, and' the pd' .tic economy and general welfare will be served by the Project. 3. Pra eet Cost. The total estimated cost of the Project, includ- ing engineering and,other fees, acquisition of property, lands and ease- ments, construction of improvements, and all other expenses incidental thereto, but. excluding a reserve fund for the payment of principal of and interest on the bonds, and interest during the period of construc- tion and six. months thereafter, is the sum of $380,000. 4. Issue of Bores. Bonds shall be issued to pay the cost of the Project. 5 5.': Entity ;ha Project. According y,^"it (4) ThProject'. can .be accomplished as pert of the er sea ` o oonstitute a collets system . from the funds available: and to be available from the proceeds of the bale of the bonds, and from the othersources set forth above; (b),.. Ari , Charges have been and will be fixed, levied :and �dppcted the services and facilities to be furnished by the Enterprise; and p (4) wen* �i ''da.. The net revenues of the Enter - rise are a ea as.oe the bonds as herein provided. t 1a:?e br fotfd ,:ikoansimotti for the. inr4ng :o1 the it:hereby hereby toad . and deter:ned that: • 6., dn. The Enterprise le one transaction, complete in and of s en proceeds of .the bonda will be applied to the coat 0f the Project so .part of the Enterprise, as herein provided. 7.ara The, Entity, during the term of the bonds. to be issued he m, wU'..operate the Enterprise as a separate and di.atinct eganVfund for the Enthrprtae: o ichiall revenues to bei received aretobe +: will creat deposited and ,tram which all coats of management, maintenance, operation,, repair ant, ,tmoovemento of. the Enterprise, the principal and interest, of the bonds, and all otter payments herein provided, are to be made during. the term of the bonds. 8.. cxf' . The bonds a1 be in the aggregate amount of $389, ' oe a March 15, 1958, shall eroh be in the denomina- tion; : of 51.,0;04, shall oai3.ed (telae .of Entity Qft'street Parking Bonds of 1958", and shill mature serially in the order of serial numbers on the 15th day of March in the years and amounts as follows: Bond Numbers (Both 1nclueive), Principal Year.of Mount Matuaritx 1 - 5 $ 5,000 1959 6 - 10 5,900 19610 11 - 15 5,000 1961 16. 22 7,000 3.962 23 - 29 7,000 196 30 3377 47.000 1964 47 - 56 10,000 1966 57 - 10,000 1967 7.- 76 10,000 1968 First Call Date 7? - 88 12,000 1969 89 - 100 12,000 1970 101 - 112 12,000 1971 113 - 124 12,000 1972 125 - 139 15,000 1973 140 - 15 15,000 1974 155.- 369 15,000 1975 170 - 186 17,000 1976 1142- 203 17,000 1977 - 220 17,000 1978 221 - 249 20,000 1979 241 - 260 20,000 1900 261 - 280 20,000 101 25,900 1982 2,000 1983 25,000 3984 25,000 1985 28 - 305 306 331. - 330 356 - 3o0 Callable rr n ti 9.1);;1 ,10,. Bands maturing on or prior to March .15, 1978, are not eu ject to Call or rede mpti,orrior to maturity. Bok ds matur oh. or after March 15, 1979, shah ,by their terms, be subjectto call and redemption, at the Option, of the 2014,.as a whole or in part, on March 15, 1968, but not prior thereto, or an any interest date thereafter and. prior to their respective dates of maturity. Said bonds shall be called and redeemed in installments of up to $5,000 in any year of maturity and in inverse numerical order in each in- stallment. .The first $5,000 installment shall be called from the,borzds maturing in the year 1985, and each succeeding $5,000 installment shall be called from the bonds maturing in the next prior year until such install- ments have been called in each year through 1979. When the $5,000 in- stallment of bonds to be called in the year 1979 has been called, the next' $5,000 installment shall be for bonds maturing in the year 1985 and, then again in eaoh year through 1979. Such installment palls and redemption shall continue in the same sequence until all callable bonds have been called and redeemed. The Entity shall pay the principal amount of said bond* plus a premium equal to one-quarter of one per cent (i/4 of i%), of such principal amount for each whole twelve (12) months and for any remaining fractio,n of . a twelve-month period from the date fixed for redemption to the maturity date of such bond, but not to exceed four per cent (4%) of such principal amount. 10. Purchase qf>a. The Entity may also, from time to time, pur- chase any 6r ill 4f as outstanding bonds at prices offered, at or below' the sum required to be paid in the event of redemption by call. All bonds purchased or called shall be cancelled and shall not again be reinstated. 11. Interest Cowoone. The bonds shall bear interest at the rate of not .to exceed six per cent (6%) per annum from their date until paid. • Said interest shall be payable semi-annually on the 15th day of September and March of each year to the date of maturity. Attached to each bond shall be interest coupons payable at the times the respective interest payments thereon become due and for the amount thereof, as determined from the accepted bid for the purchase of the bonds. 12. Interest After laturity. If, upon presentation at maturity, pay- ment of the bonds or of any lin west coupons thereof, is not made in full accordance with the terms of this Indenture, the bonds or coupons, or both, shall continue to bear interest at the rate stated in the bond until paid in full. 13. Where Bonds ?mels. The principal and interest on the bonds, as well as any premium thereon in case of the redemption thereof prior to maturity, shall be payable at the office of the Finance Officer, or, at the option of the bondholder, at any fiscal agency of the Entity in Los Angeles, California, or San Francisco, California, or Chicago, Illinois, or New York, New York. 14. Negotiable Instruments. Subject to the provisions for registra- tion and transTer herein, the bonds are negotiable instruments and title thereto, unless registered, shall pass by physical delivery thereof. The bondholders of unregistered bonds shall have all of the rights possessed by holders of negotiable instruments payable to bearer. 15. Executio} of Bpnds. When the bonds have been prepared in accord- ance with this Indenture, they shall be executed on behalf of the Entity by the Presiding Officer and by the Finance Officer by their printed, en- graved or lithographed signatures and countersigned by the manual signature of the Clerk, who obeli affix thereto the corporate seal of the Entity, and the interest coupons shall be executed and authenticated by the print- ed, engraved or lithographed tacsimi.le signature of the Finance Officer, who by such signatures shall ratify the execution of the same. 7 16 I cord a the pin bce Officer shall :a •1 . repo- d nl'.` the des �aL':: the red. At t�1e bondsand of all successive ' Ondholders" ao far as' aitch t ?rti.on ie fwrn .shed•to '.1aim, 17... R fist?" 0, . fir` bond•i:s aubject'to reg1strat1on ass,. to rinti a izz,on written request of•• the bondholder and • p A!!''t' p � .a� icer fAx regietx�ation•. Win. resersrtatfCrs c►f the�+ to the:. Pike' Bch presentation and'requee.t, . he alai; cast :off the . coupons.. and: preaer re.. ttem in hie office, lie akttaall maintain ala book in wbicb he shall..enter the.:' 0u2mbei*s 'of all regAsteredbendtHand the names and ac dreases of the ' oftera of registered :bon#s, until ouch registration ls: canoelled` as herein provided,: the tntereet and prizeipal their.eof sham' be payable only to• the regiabered owner. There aha .l . be provided on the back of 'each bond a suitable blank showing the,naMe and address of the regtsteret :owner,' the .kte of reegi:strat1on ,ox* transfer, the type of registration 'anti 'the signatUre of. the Finance Ofrioer. (a) Fr pti 4 The hoods may be registered as to grin; olpal. only.. nen o .. ' 'ire registered as to principal, vniy, a notation shell . be Made to that effect in the registration book and on the :bond. The coupons shall not be detached and the interest ' on such bonds shell be paid uPon presentation of swab coupons it the same manner as unregistered bands. Principal, however,. ab411-be paid only to the registered owner upon presentation of such bond; (b) #.s. eti,on. The registration of any urimatured bond ssa be smote a upon written request of the registered owrier. 1pc n receipt. or `euCh rec �, est, the Penance Officer shall cancel tip regi*tt'ation in • the ion regifter book a and' on the back of the bondi,' re -attach all uRefitUred.goupontrto the bond, and deliver the bund ` end attached 00000 to. the owner. Until such bond is.re-r.egistered,. the prtno' pal. tier o'f shall be payable to bearer, and the intereest` shall:again be paid upon surrender of proper coupons; (g) -re ;i.a. t,ipn,, Imo -.registered bonds are suit jest to re -registry ion n e sarne manner as previously unregistered bonds.' 7 $ . pellv.r.v gf ` d . The bonds shall be delivered to the our,.• chasers .thereof .-- irFre' ' .:. y ehaU deliver the 'bonds upon recelpt of the purchase price and Shall' credit tae , procee s to the special fund and aoebtint for the pa vis eft of the cost or the Project as provided herein, but the purchasers shall not be required to see to the proper application thereat'. 19. Transcrint. The Clerk Is hereby authorized to prepare and furnish, to the ptirec . sans of the ,bonds and attorneys exami;ning` bhe . sase a co ►fete, set of oes"tified copies of all ordinances, resoltatiorla and dociasaents Of the Entity relating. to the gnterprlse 'and to the lssuande of bonds and of all other proceedings and records of the Legislative BQdy; showing the right, power and authority to 1004e the bonds. and to provide. the security therefor, and suoh certified cap.les and certificate* shall. be leered representations of the Legislative Body as to all recta stated therein Q. ..oc.e - g There to hereby 0149004 a special: fund to be ' designated r ine of" �ibitr) ;Off-siert Parking District NO, .l Cora , atructbars . Fund" , herein callee:d ." CgAst action : Pund , which shall be' maintained by the kinanca Officer, ale a separate account, distinct •from, all other funds of the Entity. The proceeds of the bonda, oz. arty .part thereof, including the premium, if any, sold by the Entity,. shall be depoaited in said Pund and shall be expended to pay the following:• 8 (a) Acpul4 ,ton goptp. The cost of acquiring the property ordered acquiree[t in tre proceedings for which a contract has been or shall be made, or any interlocutory decree in eminent domain had and taken; (b) Cots of on C ,e. The costs due under contracts for construction work, deacribel in the proceedings, on certificates of the Engineer ae.to the work ooMpleted substantially in accord- ance with the plans and epecificat:ions to be adopted by the Legislative Body therefor and as said certificates are approved .by it; (c) Inci4en1 e , The incidental expenses of the proceedings, consisting o a engineering, inspection and legal fees and the costs of authorizing and issuing the bonds as approved by the Legislative Body.. Interest accrued on said bonds from their date to date of delivery shall be deposited in the Bond Fund. 21. fledge of Revenues. All of the net revenues are hereby pledged to pay the pr ncipal or And interest on the bonds, and to provide: (a) (b) (c) a Bond Fund, a Reserve Fund, and a Surplus Fund. 22. First LAen on Net Revenues. The sums required to meet the pay- ment of 3.ntereet on aria rine paL or the bonds of this issue shall be. secured by a direct and exclusive first charge and lien upon all of the net revenues of the Enterprise, including the net revenues of improve - mente, extensions and additions thereto, together with any interest earned thereon. 23. B ua1 Ferity,. All of the bonds shall be equally and ratably secured without prererenee or priority by reason of number, date, date of sale or of execution or of delivery of the bonds, by said lien upon the net revenues of the Enterprise in accordance with the Bond Law and this indenture. Said lien shall be prior and paramount to any and all other claims and obligations that have arisen or may arise to be in- curred against said net revenues. 24. Bonds Not a Debt. The bonda and interest thereon shall not be a debt of the Entity, nor a charge, lien or encumbrance, legal or equitable, upon any of its property or upon any of its income or re- ceipts or revues, other than the net revenues of the Enterprise which have been pledged,to the payment thereof and the proceeds of said ad valorem assessments, as herein provided. 25. Entity credit Not Encumbered. No recourse shall be had for the payment or the bonne, or the :nt*rest thereon, or any part thereof, against the General Fund of the Entity, nor obeli its credit or taxing power be deemed to be pledged thereto, and the bondholders shall never have the right to compel the exercise of the, taxing power of the Entity (other than the ad valorem assessment levies herein provided) or the forfeiture of any of its property tor the payment of the bonds or the interest thereon. 26. BondsS ecial Obligation. The bonds and interest thereon are payable solely from: 9 (a) The. neat off?Street revenues; (b) The net ' h!.etreet. metes:. revenues, and (c) The proceeds., of esl 0 valorem asseeemente to be levied' upon. the taxabte real. property In the asse,sement district. • Neither the *Gntityr nor any or its officers is to be held otherwise liable fox the principal of or interest on the bonds. ev r4g t .The' net. revenues here .pledged and any othez' fun e! as y . r aibe orea,ted from said revenues, : together th the prpOeeds of 'the .'ad `valorem &seees:tent levies herein proirided ' 'or.: the payment cif the. principal of or interest on the bonds of this°: t e0ft `better seeu'.r1n of '. the payment, thereof,, shall oonstitute a:t3�;t ;for the. Security ardpint thereof, and except as otheer- wiae epeo .ttcai y authorised by this Indenture, shall not be used 'or a ny other, pu pose 50 1,on as any of the bands or any interest thereon are vutetand sg`and unpa d. 28. t n Th re is hereby created a special fund to be de01,gnate am o Entity) 0entralllualmoso gistri;ct. Parking Meter,. R venue Prid' ,. herein called "Revenue Pune, which shall be maintained and 4011100414 the . ?inanee officer ae a separate aceQunt, distihstfrom all otter'NOda Of the Entity, intowhich shall be paid all; funds hereto- fore collected and now available from the on -street parking meters in the Cenral Business #istric't. There shall also be 'paid into said Fund, on or before the first day of each month following the receipt thereof, the reVeriues. $o long as any bends of this issue or any additional bonde Guth orizeed hereunder are o utstandinM or.,any„ interest thereon ie unpaid, said. Fund ;hall, be admtntetered And diebbrOeelent$ 00.1 be made therefrom in tile manner and in the order progressively set forth in Sections 29, 30, 31, 32 :.arid 33 hereof. 29. Ma1fte tncge iqd a enation Pump. (a) 'There shalt be expended monthly from the Revenue Fund such aume as ale.necessary to par t'he cost of maintaining and operating` the Project, end to keep the Project lots in good order and repair; (b) There shall aLso be expended monthly from the Revenue Fund the cost of Management, maintenance, operation and repair of onstreet part ing,rneter,a in the Central Busineee Distr,i,ct in an anount not exceeding the gross revenues dex'ived by the Entity from. such onw.street Were. Where a cost item is Ln relation to all metere tri the .Entity', it shall be apportioned in the ratio. that the numbetr of, 'meters in the Central Business District bears . to the total. number of meters Lin the 'Entity. k. Bond.land► There is hereby created a special Fund designated "' (Nasie of i # ity) 1958 Oft $.treet Parking Bond Fund", ' herein called Bond Fund`", which shall bei ma ained by. the. Finances Qttio.er,. as a ` sepaz'ste .bane abeount in the iany, distinct' from all other. fundis of the Entity, to ' cover the payment of the principal of and interest on all' of the bonds . (a) Forthwith, upon receipt of the proceeds of the bonds of this ie ue, thee. Finance Officer shall pay therefrom to' the • Bond Fend any funds received an $coount of tntereat aoarued on said.bonds from their data to the date of their delivery,• 10 • (b) Forthwith upon receipt of the proceed8 .of the bond's. of•this issue, the Finance Officer Shall pay from the Revenue Fund into the Bond Fund the sum of $7,200; (o) The proceeds of any special assessment levies made pur- suant to Sections 37 and 38 hereof shall be deposited in the Bond Fund; (d) On the first day of each calendar month beginning with the date of the bonds, and after any moneys therein have been applied, the Finance Officer shall pay out of the Revenue Fund into the Bond Fund, an equal aliquot part of the amount necessary to pay the next maturing installment of interest on said bonds; (e) On the first day of each calendar month commencing twelve (12) months prior to the first maturity of the bonds, and after any moneys therein have been applied, the Finance Officer shall pay out of the Revenue Fund into the Bond Fund, an equal aliquot part of the aggregate yearly amount necessary to pay the next maturing installment of principal of the bonds of this issue. Any amount required to be set aside, transferred to and placed in the Bond Fund may be prepaid in whole or in part by being earlier eet aside, transferred to and placed in the Bond Fund, and in that event the monthly transfer which has been so prepaid need not be made at the time appointed therefor. In any event, at least one month prior to the due date of any maturity or installment of principal of or interest on the bonds all sums required for the payment thereof must be in such Bond Fund in cash. All moneys in this Fund shall be used and withdrawn solely for the purpose of paying the principal of and interest on the bonds as the same shall become due and payable. After full payment of the bonds and int- erest any balance in the Fund shall be returned to the Revenue Fund. 31. Reserve Fund. There is hereby created a "(Name of Entity) 1958 Off -Street Parking Bond Reserve Fund", herein called "Reserve Fund", which shall be maintained by the Finance Officer, as a separate bank account in the Depositary, distinct from all other funds of the Entity, to further secure the payment of the principal of and interest on the bonds. (a) Forthwith upon receipt of the proceeds of the bonds of this issue, the Finance Officer shall pay from the Revenue Fund into the Reserve Fund an amount equal to the average annual aggre- gate amount of the principal and interest to accrue in each year during the term of the bonds; (b) Whenever any moneys are withdrawn from the Reserve Fund to pay the principal and interest of bonds, the amount so. with- drawn shall be restored from available funds in the Surplus Fund, and, if none, then by monthly transfers from the Revenue Fund on the first day of each calendar month thereafter in the sum of not less than $500, or an amount equal to one-half the net surplus for the prior month, whichever shall be greater, until there has been restored therein the gross amount provided therefor in subdivision (a) of this Section. Money in the Reserve Fund shall be used solely for the purpose of paying the principal of and interest on the bonds in the event that the moneys in the Bond Fund are insufficient therefor and for that purpose may be withdrawn and transferred to the Bond Fund. After reaching the year of maximum debt service of the bonds, moneys in said Fund in excess of an amount equal to the principal and interest to accrue during the current fiscal year may be transferred from the Reserve Fund to the Bond Fund. 3.1 The moneys in the Reserve Fund shall be transferred to,the Bend Fund. at the times and for the purposes and in the amounts necessary to .pay the last remaining installments of principal and interest of the bonds. Any balance thereafter shall be transferred to the Revenue Fund. "(Nam 32. S eofE ity- ) 195e OffStreet.FUnd. There is hParkirngBonddSurplusial Fund""ndhereid n ted called "Surplus Fund", which shall be maintained and operated by the Finance Officer as a separate account, distinct from all other funds of the Entity. (a) To this Fund there shall be transferred monthly all moneys remaining in the Revenue Fund over and above the amounts transferred or disbursed under Sections 29, 30 and 31 hereof, excepting the sum of $15,000 which shell be retained in the Revenue Fund to cover unforeseen expenditures; (b) The moneys in this Fund shall be used exclusively: (1) To pay the principals interest and premiums of bonds called prior to maturity; and (ii) To pay for bonds of this issue purchased in the open market at prices offered at or below the sum required to be paid in the event of redemption by call. No moneys shall be otherwise paid or transferred therefrom until and unless full compliance has been had with all of the provisions of this Indenture. 33. Feeding Hi heeriority. In the event that the balance in any e "o fund is bww 'ts requ rements, moneys from a fund of lower priority shall be transferred up to fill such deficiency in said fund, and said higher fund shall have a first claim on the moneys of said lower fund for said purpose. 34. Irrrestment of SurA.lue Nna. . All moneys that are not required to be used within such time may be invested in authorized negotiable direct obligations of the United States of America, maturing not more than the following period with moneys of the following funds: (a) Construction Fund - six months; (b) Boni Fund one hundred days; (c) Reserve 'Fund - twelve years for 75% of the money and one year for 25% thereof; (d) Surplus Fund - March 1, 1968 and thereafter within each bond year. 35. Inactive Denosits. Any moneys not then needed may be deposited with the Depositary as inactive funds of the Entity. 36. Annual. S,t ,� en's. Annually, prior to the time fixed for levying Entity taxes, the 'roe O cer, for and on behalf of the Legislative Body, shall'prepare and f ile with the Legislative Body a statement of the estimated gross revenues from the Project for said fiscal year, the estimated cost of maintaining and operating said facilities, the estimated gross on -street meter revenues to bet derived for said year and paid into the Revenue.'und, the estimated cost of maintaining and operating said meters, the amounts required for the payment of the principal and interest of the bonds, and any amount required for the payment of any other costs Which have or might become a charge against any of said revenues which has or will become due before the proceeds of another annual levy shall be- come available therefor, and the amount of the special levy for said year within the district. 12 37. •1.$ear; .,The'i00glalative Body shall ,annually, et the time and in the:' ma er o levying 'other' Entity taxes, levy' and, Cause to be collected an.,ad valoremassessment upon all taxable :real property in the Parking District, to. the extent to which the net revenues have been .or areexpe:cted to be insufficient, which shall clearly'be efficient, in addition to such eufe as May. be it the Bond' Fund after making adequate ellowanee :for eetittated delinquencies, to pay the.principal Of and int., . erea.t on the bonds Whtoh have, or shall become payable before the proceeds 'of another such levy'aheli be available therefor; prcvIded, that the' duty to make.euoh levy-le.'limited to thirty-one (31) yearn as to time;'and to $.50 per $100 of •aaeessed valuation of taxable real property in the Parking District. 3.t�kod of fv Said special assessment levy ehall be levied and' collected u}on the. tax roll upon which general Entity taxes are collected, It' shall be in addition to all other taxes levied for gen- eral.•Entity purposes, and shall be levied, computed, entered, collected and enforced in the Game manner and by the same persons and at the same time, and with the same penailties and'interest, as are other taxes for' Entity.purpoaea, and all. laws appplicabl,e to the levy, collection and' enforcement of taxes for Entity purposes are hereby made applicable to said'.: aepectal levy, and upon default. the delinquent property shall be sold' and be Subject to redemption'in the same manner as ouch real property is "old or redeemed from the sale for General Entity taxes, and if not re- deemed shall in like manner'pass to the purchaser. 39. Deposit AnBond Fund. The moneys collected from the apeaiai asaeasrnent Ievies stall also be deposited in the Bond Fund. 40. Notice of.Redemption. The Finance Officer shall cause thirty (3Q) days pri'ear notice'or'redemption to be given by mail, and in addition' shall publish mob notice once at least thirty (30) days prior to the day Of call in.a financial, paper published in New York or Chicago. The Finance Oftioer shall mail suoh notice by registered mail thirty (30) days, prior thereto to the last known holder or holders of any bearer bonds so called, as.shown by the'records in his office. Notice of re- demption or any registered bonds shall be given to the registered owners by regiatered. mail At least thirty '(30) days prior to .the date of call No interest shall accrue on said bonds called for redemption or on any Interest coupons thereof after the redemption date specified in said notice. 141. Form of Notice. The notice of redemption shall: (a) State the redemption date; (b) State the redemption price; (c). State the numbers and dates of maturity of the bonds to be redeemed; provided, however, that whenever any call includes. all, of the bonds of a maturity the numbers of the bonds of such maturity need not be stated; (d) Require than such bonds be surrendered with all int- erest coupons maturing subsequent to the redemption.date (except that no coupons, need be surrendered on bonds registered as to both principal and interest) at the office of the Finance Officer, or, at the option of the holder, at any fiscal agency of the Entity in Loa Angeles, California, or San Francisco, California, or Chicago, Illinois, or New York, New York. (e) Require that bonds which at the time of call are registered so as to be payable otherwise than to. bearer shall be accompanied by appropriate inatruments of assigni►ent to the Entity duly executed; and 13 (f) Give notice :that further interest on such bonds will not accrue after the designated redemption date. 42. Regie,pt of Notioe Vreep . The actual receipt by the holder of any bond of notice oil,inc re emp ion shall not be a condition prece- dent . to redemption, and failure .to receive such notice shall not : affect the validity' of . the proceedinglfor the redemption of such bonds or the cessation of interest on the date fixed for redemption. 43, Certificate of Notice. Oongl ;sive. A certificate by the Finance Officer that noti:oe or call and .redemption has been given to owners of registered bonds as herein provided shal]..be conclusive as against al]. partlee, a114 no bondholder whose registered bond is called for redemption may object thereto or object to the cessation of interest on the .,x'edemp- tion date Med byany claim or showing that he failed to actually re- ceive such notice of ,call and redemption. 44. Ree tion -dPrior to the time the Legislative Body de - 'termines to a� afd rUdeem any of said bonds, the Finance Officer shall eetablis.h' a redemption fund 'to be described and 'known as '"(Name of amity) .1950 Off -Street Parking Bond Redemption Fund", hereinafter called ` "Re:deaption I und" . Prior. to the, publication of the notice of a redemp- tion there neat be,•set aside in sand Redemption Pund moneys available for the purpose and sufficient to redeem, at the premium payable as herein provided, the bonds designated In such notice for redemption. (a) U e• of Said moneys must be set made in said fund solely for that.pu se and ehall be applied on or after the. rederptton.date to payment for the bonds to be redeemed upon pres- entation and surrender of such bonds:and (except as to bonds regi.etered as to both principal and interest) all interest coupons maturing after the redemption date, and shall be used only for that purpose; (b) Co Any interest coupon due on or prior to the redemp a te. hall be paid from the Bond Fund provided in Section 30`' upon preeentatlon and surrender thereof; (c) 'ggnona ??irt .41g Eachbond preaented (if un -registered e. or regiateras' to principal only) must have attached thereto or presented therewith all interest coupons maturing'after the redemption date; (d) Retrenefaro. If after all of the bonds have been redeemed and cancelled ar'paid and cancelled, there are moneys remaining in said Redeflation Pund, said moneys shall be transferred to the Surplus Fuad; p. rovtded, however, that if said moneys are part of the pro.ceeda. of refufding bonds, said moneys shall be transferred to the fund created.. for the payment of principal of and interest or; such, refunding bonds. 45. irle0t.ot Notice of Wemot.ion.. When notice of redemption has been given „ bs' an i:a).1y, as pro'videcj i.n Section 40 and when the' amount necessary for' thE.redempt.ion of the bonds called for.redemption is set.. aside for that ;pilose i; the Redemption Pund,.' as' provided' in Section 44 hereof, the bonds .designated for redemption shall become due and payable on the date fixed for redemption thereof, and, upon presentation and suxrender oi' aatd bonds and (except as to. bonds re.istered as to both principal and intereat) all.interest coupons maturing after the redemlp. tion date, to the Finance 'Wider, and, if. any of. said bonds be register- ed,' upon the appropriate assign nt thereof, such bonds shall be. redeemed aid. paid . at :said redemption price out of the Redemption Pund. 14 (a) interest Terminates. No interest will accrue on such bonds called for redemption or on any interest coupons thereof after the redemption date specified in such notice, and the holders of said bonds so, called for redemption after such redemption date shall look for thepayment of such bonds and the premium thereon only to said Redemption Fund. All bonds redeemed and all interest coupons thereof shall be cancelled forthwith by the Finance Officer and shall not be reissued; (b) Matured Coupons Payable. All interest coupons, pertain- tng to any redeemed bonds, which coupons have matured on or prior to the time fixed for redemption, shall continue to be payable to the respective holders thereof but without interest thereon. All unpaid interest payable at or prior to the date fixed for redemp- tion upon bonds registered in such manner that the interest is payable only to the registered owners shall continue to be payable to the respective registered owners of such bonds, or their order, but without interest thereon. 46. Covenants. For the protection and security of the bonds, it is covenanted and agreed to and with the holders of the bonds from time to time, that the Entity will: (a) Acquire Project. Commence the acquisition, construction and completion of the Project and continue the same with all practical dispatch and in a sound and economical manner; (b) Operate Enterprise. Operate the Enterprise in an efficient and economical manner and prescribe, revise and collect such charges in connection therewith that the services and fa- cilities of the Enterprise may be furnished to its users at the lowest possible cost consistent with sound economy and prudent management; (c) Good ReRair. Operate, maintain, preserve and keep the Enterprise and every part thereof in good repair, working order and condition; (d) Preserve Security. Preserve and protect the security of the bonds and the rights of the holders thereof, and warrant and defend such rights against the claims and demands of all persons whomsoever; (e) Collect Revenues. Collect and hold in trust the rev- enues and other funds pledged to the payment of the bonds and apply such revenues or other funds only as provided by this Indenture; (f) Service Bonds. Pay and cause to be paid punctually the principal of the bonds and the interest thereon on the date or dates and at the place or places and in the manner mentioned in the bonds and in the coupons thereto appertaining and in accordance with this Indenture; (g) Pay Claims. Pay and discharge any and all lawful claims for labor, materials and supplies which, if unpaid, might by law become a lien or charge upon the revenues of the Enter- prise, or any part of said revenues, or any funds in the hands of the Finance Officer, prior or superior to the lien of the bonds or which might impair the security of the bonds, to the end that the priority and security of the bonds shall be fully preserved and protected; 15 (h) FahE10.. .3icept as otherwise pravlded in the Bond , . Law, hot mor otherwise 04cumbe r, eel];, lease, or didpoae of the Enterparisse or ani part theer ot, nor enter into any; lease or agreement Whish Would a1r or iapede the pperatio of the __Enterprise Or:34Y Partthere9tneceeetry to .secure adequate; rev- enuee for the payment. of the1'01001W-endintereet of the bonds, or which cot erwi:eeo would impair or dee the aright$ of the holders of the- bonds with areapeet to 'ouch reve►nuee or the operation of the Erterpriee Without provision .for the retirement of the bonds of this ' issue then outstaridirt from the pro:ceeda thereof .provided, however; that -materiel and eq.Up at worn out or pot. needed for th+e eft4.0,e0Aria-proper' operation Of the Enterprise' may be' cold without the coreeent . of the boradholdere if the. proceeds thereof arcapplied to .the 1#provement or extension of the Entevpriee or to the retirement of the bonds (i) No. vice. subject to the provisions of the Bond Law as to r :v.- ci.fineters, and subject to the exercise of the Molise power Ot. the Entity, not permit any part of the Enterprise., except for officialparking facilities adjacent to public build- . fangs, .to be used or taken advantage of fee of charge by .any person; firm.Or corporation or by the $tate of Californ a or the i 'i.ted .$tatera of Atietioa or by any public corporation, political Subdivision, city, county, dietrict or agency of either, in - 'eluding this Entity.; (j) NoCo a tLon. Not acquire, construct, operate or mainta , a (. s Ter es 1i.ee in its power) .not permit the d istrict 'o' any .otbe " pubUe corporation or agency to acquire, ooiaetruct., operate .or maintain wit iia�s •thee boundaartee. of bhe Entity O r -Within any part thereof, any eytitem or utility oompettitivee with the 'Enterprise.; - (k) .g1;. ranger. Procure and keep in force insurance upon 411 bui ldi ectad : eruct s of . the Enterprise and the machinery and equipment therein, which: a "e . Usually insured by compenieS opexattng; xike properties, moat risks custoseally insured acgainet by much eoa nies., . in .good and. respomaible insurance cour4 aes. The a Ant of the ineurense .shall be sudhas may be re uir.ed to adeequatelY protect ;it and the. holdere :af tbe bonds i'rom 1.Osa: due . to Any such casualty, and in the event of any slush lOea, the proceeds shall be used to reepai:'r or restore the Enterprise, or for the payment of the bonds issued hereunder; (1) de ty n . procures •sultable fidelity bonds covering �t1.I .o ' :o ¢ere and other employees char$ed with the operation of the Enterprise and thecollection and dis- bursing of revenues therefrom; (m) EnaAnt , . Em Loy consulting eengineere of acknowledged reputation, e i , .eer+ienae in the oonetrnOtion and opera- tion of` the' &]Mise for any,uposutl pr eXtraordinary items of naaintenahee, r. ir., extepabbi or beettenne s as °hall be requi ed 'from tear tooita a ill Orta, estimates and reecoe axda- requited from tib time,. g . leers • to be tiled with the Clerk and furnished to the purchasers] of the bonds if requested; and ( ).0601,9gig Wit.Employ a certified pib1io acopunt- ant who' shall prepare and file With the purchieer of the bonds, with the Finance Officer and with the California Districts securities Co is:0ton if the bends Shall attime be'certified by it, annually within. one hued enty (12. day's atter the close of each fiscal.year-o04enapth, eon veno ice. ini. the year 1959, an annual audit far; the preceding yev which. shall include: (1) bigkpe Agek, *balance sheet including bal� anoea of all tunas herein created; 16 (it) R enui goad s. A statement in detail of the cash receipt; and diabUffements of the income and ex- penses of the Enterprise; (iti)insnren9e. A statement as to the insurance carried by it, incluoing a brief description of each policy as to itecoverage and name of company issuing it.; (iv) Me Sc W ale The schedules of the rates and charges prescribe then in effect; (v)a tuiaVigrk.. A recapitulation of funds and accounts .cre ed by tris Indenture into which are put moneys derived .Brox`the operation of the Enterprise and from the sale of the securlties herein authorized, which shall show balances at the beginning of the period, deposits and with. drawals made during the Period and balances at the end of the period; and also monthly deposit requirements for funds during the next aucceeding fiscal period; (vi) C t� nta.. Comments of the accountant relative to the fu1fi�laint of the provisions of this Indenture and the manner inwhich the Enterprise has been operated, and his recommendations for improving the operation of the Enterprise. 47. ' Ipplei D001. No additional bonds shall; be issued or other obi a 044 InougIed which shall be payable from the net revenues and coneti to a lien thereon which shall have priority over or be on a parity with the bonds of this issue. 48. Vi Any provision of this Indenture, except a pro- vision as .to arm or time of pament of prinainal or interest on the 'bonds, .may be later eliminated or modified by the Le iielatiVe. Body 3f the holders of not ]less than seventy-five per cent (750) of . the out- standing bonds have agreed in writing to the eliminiati0n or the mod- ification. od-ification. 49. Bef If, prior to the payment of the Honda, it shall be. found s to refund the bonds under the provietone of any law. then available, Said bonde or any part thereof may be, refunded with the consent of the holders'thereof and the refunding obligations so i.saued shall enjoy complete equality of lien with the portion' of the bonds which is not refunded., if any there be, and the refunding obligations .shall continue to enjoy whatever priority of lien over subsequent issues w}t h may have been enjoyed by the bonds refunded; provided, however, that it only a portion Of the outstanding bonds ie mo refunded and if such bonds are refunded in euoh manner that the interest rate thereof is .inox'eaee►d or that any of the refaading obligations mature at a date earlier than the maturity date of any of the bonds not refunded, then such bonds may not be'refUnded without the consent of the holders of the unrefunded portion of said bonds. 50. Default. (a) gwelkA. ,If one or more, of the . following events (here- in called eve is of default") shall happen: (IT . ........w. .. _. If default, shall, be made in the due and punetua 4.: pt of the principal of any bond when and as the 8 +.e 1 beco " and payable whether at,maturity as therein. .reseed, by 'proceedings for redemption, by declaration'or otherwise; or 17 (ii). Interest, If default shall be made in the due and punctual payment of any installment of interest of any bond when and as mach interest installment shall become due and payable; or (iii) Covenants. If default shall be made in the observation of any or the covenants, agreements or condi- tions on its part herein or in the bonds contained, and any of such defaults shall have continued for a period of thirty (30) days; or (iv) Bankruptcy. If the Entity shall file a petition or answer seeking reorganization or arrangement under .the Federal.8ankruptcy laws or other applicable laws or statutes of the United States of America, or if a court of competent jurisdiction shall approve a petition, filed with or without the consent of the Entity seeking reorganization under the Federal Bankruptcy Tawe or any other applicable laws or statutes of the United States of America, or if under the provisions of any other law for the relief or aid of debtors any court of competent jurisdiction shall assume custody or control of the Entity or of the whole or any subatantial part of its property; (b) Acceleration. Then and in each and every such case the holders of not less than seventy-five per cent (75%) in aggregate principal amount of the bonds at the time outstanding shall be entitled,, upon notice in writing to the Entity; to declare the principal of all of the bonds then outstanding and the interest accrued thereon to be due: and payable immediately, and upon any such declaration. the same shall become and shall be immediately due and payable, anything in this Indenture or in the bonds con- tained to the contrary notwithstanding; (c) Application of Funds. All of the net revenues of the Enterpri,se,'includi.ng all tuns in all of the funds provided for in any section hereof upon the date of the happening of any event of default and all sums thereafter received by the Entity hereunder shall be applied by it, upon presentation of the sev- eral bonds and coupons, and the stamping thereon of the payment, if only partially paid, or upon the surrender thereof iffully paid, in the following order: (i) Costs and Ex enses. To the payment of the costs and expenses of the 'bon o ere in declaring such event of default, including reasonable compensation to their agents, attorneys and cour,and to the payment of the costs and expenses of the Finance Officer in carrying out the pro- visions of this Section, including reasonable compensation to its agents, attorneys and counsel; (it) Interest on Undue Bonds. In case the principal of the bonds shall not have become due and shall not then be due and payable, to the payment of the interest in default in the order of the maturity of the installments of such interest, with interest on the overdue installments at the same rate, such payments to be made ratably to the persons entitled thereto without discrimination or preference; (111.) Pring ipal and Merest.on Due Bonds. In case the principal or the bonds Owl have become and shall be then due and payable, to the payment of the whole amount then owing and unpaid upon the bonds,for the principal and int- erest, with interest on the overdue principal and install- ments of interest at the same rate; 18 (iv) w f sit : In seise 'such .'moneye shall be it mzffies 1 r I the whole 41000Unt .so: 00.08 and p#id urs►. the. `tom, "then to the payaient Of auoh principal end interest withaiit preference, or priority° or principal over interest,. or Of intle3reet over •px'i.noipal, or of any installment of interest. over any. other thatailment of int- erest, ratably to the aggregate of snail principal and 'interest then due, (d) L.11_1,,,. •.. , ... The En ity may, with the consent of 7* -r, r •, .. any deefaulted brands by the issuance of .a rieW: hos .mRtu1tn ''ter' the maturity of the hart bow# ,.Of th'i* dies e,, but' othexw a On .a parity as to pajfmaent Of imt* ereeat with the bo le of this iaeue, and •eXCMr2 a Such bond for sauoh..matured ' bond, and in such event such aati.'on shall not be. deemed as a ,default hereunder. S3.$ . Eubjeot to anyoontractVel. limitationsus binding � . so r of any of ft* bonds including' but not limited to, any l itatione upon the excer.tiee : of any r"eraed3r to the bondholders holding a Specific Mian or percentage of ouch bonda), any holder of e11411 have the right, for the espial benefit and protection of all holder* of bode .of acid authorieedsaue siarsilaer]y situated, in addition to these provided in the Bond Law: . , Sy action. or suit in equity to require theit� gielative BOO and . other ref iccere, agents and employees to account as the trustees of an eacpress trust; (b) ;:; . . By action or suit in equity :to enjoins any acts cr be 'unlawful or in violation of the rights of' the bondholders; or' (c).: 3y mom/acne or other suit, action or pro- eeeedh at ,rr n equity. to enforce his rigbte against the Entity and ite.and ;ring, of ite officiate, agents and a ployeeea, and`' tvrequire.and. °Opel it or them t©; perrotin and carry out its and 'their tiee. and .obligations tinder the law and its and: their covenant* and agreements with bondholders as provided herein. 70 c: es . tdhe Entity regulatlons�for eaa, ab- and establisehy; r e Val lisizng 04.4 oolleating`eharges for the use of the' services and facili- ties of the. Bntprise. n� dExcept only as provided herein for a tern ion C? denture, nothing in this Indenture or. w' pair the in the bawds ar #:1� the .�as�up�'ris aant'�4�i rsTxall ai't'aat or impair abl$ption of tom' s hi�oh It absolute and uneondltl,onal, to . pay the rl 1pal of i etreeet an t. hre ': to tom: reed eoti.ve holders ot~ .... thea Aon , nd coupons 'at r+ee cti datea of maturity, or upon prior,ar a 141:90 :Prev'idad, anti out of the net revenues he in pledged and to herelhprovided for ;such paten, or' atf t or �iir� rim 1 action, 'w�n ie ,also . s beol;ute and-noconditiOnaL.of *ueh `.b+alders ten titute suit `to enforce; such payment ey virtue of the contrast emblmjlenthe'bozda andCoupons. e'er ' s# . _. me pert'o.rmance or the duties pre* scribed in a ,w Y. n' th. 900d 44a-PUroMent to which' it. was adopted, by barn'• Entit$' or. ite pr'per: ott'ioere . egenta or eesployeea, ie. of the essence of Entity's contrast with the bona oldeers9. air 19 55. Bond Law. Each taker and sub8equent holder of the bonds and attached or aetached coupons has recourse to all of the provisions of this Indenture and of the Bond Law, and is bound by their terms. 56. •Indenture le Cavenant.. Each and all of the terms of this Inden- ture shallbe and constitute a covenant on the part of the Entity to and with each and every bondholder from the time the bonds are issued hereunder. 57. Period of Agreement. Whenever all of the bonds and, all Interest then accruedthereon shall have been fully paid'and discharged, the agree- ments in this Indenture contained shall cease and terminate, and the Entity shall be under no further obligation to apply the revenues of the Enterprise as herein required, or otherwise to do or perform any of the covenants, conditions or agreements in this Indenture contained. 58: Bond Form. The bonds and coupons representing interest thereon shall be in substantially the following form: UNITED STATES OF AMERICA STATE OF CALIFORNIA COUNTY OF SAN JOAQUIN CITY OF LODI OFF-STREET PARKING BOND OF 1958 No.$1,000.00 KNOW ALT, MEN BY THESE PRESENTS, that the City of Lodi, a municipal corporation, in the County of San Joaquin, State of California, herein- after 'referred to as "City", for value received, has obligated itself to' pay to the bearer (or if this bond is registered, to the registered ownea' hereof), from the 1958 Off -Street Parking Bond Fund of the City,' on the 15th' day of March, 19. , the sum of ONE THOUSAND DOLLARS, with interest thereon. from date ar €he rate of per annum, as evidenced by.the interest coupons attached hereto at ime of issuance, said interest payable semi-annually on the 15th day of March and the 15th day of September in each year, all as more particularly set forth in the Resolution providing for the issuance of this bond. Bonds maturing on or prior to March 15, 1978 are not subject to call or redemption prior to maturity. Bonds maturing on or after March 15, 1979,'sha1l,' by their terms, be subject to call and redemption, at the option of the City, as a whole or in part, on March 15, 1968, but'not prior thereto, or on any interest date thereafter and prior to their respeatjve dates of maturity. Said bonds shall be called and redeemed in installments of up to $5,000 in any year of maturity and in inverse numerical order in each installment. The first $5,000 installment shall be called from the ponds maturing in,the year 1985,; and each succeeding $5,000 installment shall be called from the bonds maturing in'the next prior year until such in stal1ments have been called in each year through 1979, When the $5,00O installmentHof bonds to be called in the year 1979 has been called .the next $5,00.0 installment shall be for bonds maturing in the year 1985 and 'then agal,n in each year through 1979: Such installment calls and re- demptions shall continue in the same sequence until all'callable bonds have been called and redeemed. The City shall pay the principal amount of said bonds plus a premium of one-quarter of one per cent (i/4 of 1%) of such principal amount for each whole twelve (12) months and for any remaining fraction of a twelve- month period from the date fixed for redemption to the maturity date of such bond, but not to exceed four per cent (4%) of such principal amount. 20 The City ray also, from time to time, purchase any or all of said outstanding bonds at prices offered, at or below the sum required to be paid in the event of redemption by call. A11 bonds purchased or called will be cancelled and will not again be reissued. The City Treasurer shall cause. thirty (30) slays notice of redemp- tion to be given by mall, and in addition shall publish such notice once at least thirty (30) days prior to the day of oall in a financial paper published in New York or Chicago. The City Treasurer shall mail such notice by registered wail thirty (30) days prior thereto to the last known holder or holders of any+bearer bond so called, as shown by the records in his office. Notice of redemption of any registered bond shall be given to the.regist.ered owners by registered mail at least thirty (30) dayB prior to the date of call. No interest shall accrue on said bonds called for redemption or on any interest coupons thereof after the redemption date specified in said notice. If, upon presentation at maturity, payment of this bond or any int- erest coupon thereof, or both, is not made in full accordance with the terms of the resolution providing for the issuance hereof, said bond or coupon, or both, shall continue to bear interest at the rate stated herein until paid in full. Both principal and interest are payable at the office of the City Treasurer, City Hall, Lodi, California, or, at the option of the holder, at any fiscal, agency of the City in Los Angeles, California, or San Francisco, California; or Chicago, Illinois, or New York, New York, in lawful currency of the United States of America which, upon date of payment, is legal tender for public and private debts. This bond and the interest thereon are payable exclusively out of the 1958 Off -Street Parking Bond Fund, as said fund appears on the books of the City Treasurer of said City, from (1) the net revenues from the operation of the Project, as defined in said Resolution, (2) the net revenues from parking meters within the Central Business District, pledged to the payment of the bonds and the interest thereof of this issue, and (3) an annual ad valorem assessment levy upon the taxable real property within the Parking District, limited to thirty-one (31) years as to time and to $.50 per $100 of aaeessed valuation of taxable real property within the Parking District in any one year, as to rate or amount. Neither the City nor any of its officers is to be held other- wise liable for the principal or interest hereof. This bond is one of an issue of the total principal amount of Three Hundred Eighty Thousand Dollars ($380,000), all of like date and tenor except as to number, maturity, prior redemption provisions (and interest rate), all issued by the City for the purpose of providing moneys to finance a Project consisting of the acquisition and construction of an off-street par4tng system and the ao.guisition of lands and easements necessary theretoro as part of an Enterprise consisting of the acquiring, constructing, maintaining and operating of on and off-street motor vehicle parking facilities within and without the boundaries of Parking Distriot No,1 but within the Central Business District, as set forth and described in Reeoiution.No. 2099...A A Resolution Providing for Ieaauance of Donde, adopted February 19, 1958, to which reference is hereby made for the obligat gtags, duties., rights and privileges thereby created, and as authorized by and in strict accordance with the Constitution of the State of California and the Parking District Law of 1951. 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 Resolution of Intention No. 1944, as amended, and in the Resolution providing for the issuance of this bond. 21 The City has pledged and allocated, as a primary, direct and ex- clusive Brat charge and.lien thereon, the annual net revenues to be re- ceived from said off-street parking facilities and from said street meters commencing March 15, 1958, to be used to pay the annual principal and interest of the bonds of this issue and as a reserve security for the bonds. Any surplus must be used exclusively for the call or purchase and redemption of bonds, during the time that any of said bonds or the interest thereon are outstanding and unpaid. There is a mandatory duty on the part of the City Council to annually levy an ad valorem special assessment on all taxable real property with- in Parking District No. 1 in an amount which shall be clearly sufficient to pay the principal of and interest on said bonds which has or shall accrue prior to the time that the proceeds of another such levy shall be available therefor, that is not provided from the net revenues to be derived from the Project and from the pledge of the net revenues from said street meters, which duty is limited to thirty-one (31) years as to tame and to $.50 per $100 assessed valuation of taxable real property in the Parking District in any one year, as to rate or amount. The net revenues from the Project and the moneys of the pledge and the proceeds of the ad valorem assessment levies, shall constitute trust funds for the security and payment of all the bonds and the interest thereon, and shall not be used.for any other purpose so long as such bonds or interest thereon are unpaid. This bond may be registered, de -registered and re -registered in the manner provided in the bond resolution. If registered as to principal and interest, the principal hereof and interest hereon shall be payable only .to such registered owner. If registered as to principal only, the principal hereof shall be payable only to such registered owner. Any provision of the Resolution providing for the issuance of this bond, except a provision as to the amount or time of payment of princi- pal or interest thereon, may be later eliminated or modified by the City Council if the holders. of not less than seventy-five per Cent (75%) of the outstanding bonds have agreed in writing to the elimination or the modification. IT IS HEREBY CERTIFIED AND RECITED that all acts, conditions and thins required by the Constitution and laws of the State of California to be done, to happen and to be performed precedent to and in the issu- ance of this band have been done, have happened and have been performed' in regular due form, time and manner as required by law; that the City is authorized by law to operate the Enterprise herein referred to and the City Council has established and has covenanted to maintain. rates and chargee for the services and facilities thereof; and the City has created. a special 1958 Off -Street Parking Bond Fund for the payment of sai.d.principal and interest, into which it has agreed to set aside out of .on-street.meter funds now available,the sum of $7,200 to be applied on account of interest during construction and six (0) months thereafter, and has agreed to set aside in said fund on the first day of each calendar month commencing with the date hereof, and after said moneys therein have been applied, an equal aliquot part necessary to pay interest which shall become due on the next succeeding interest payment date, and, commencing twelve (12) months prior to the first maturity of the bonds, an equal aliquot part of the amount necessary to pay the installment of principal 'which shall fall due at the next ensuing princi- pal payment date. ITIS FURTHER CERTIFIED AND RECITED that for the further protection of the payment of the bonds of this tseUe and the interest thereon when due, the 'City has created a special 1958 Off -Street Parking Bond Reserve Fund, into which it has agreed to set aside, out of on -street meter funds now available, an amount equal to the average annual aggregate amount 22 of prtncipell '.ad int resat to accrue in each yeap 'luring the tern of the bonssa, which fund 'shall be Used sOlelyr as a guarantee or the payment of the princlpal of and Interest on said bonds. IN NrPl dd.. WBBNBCP, the 'city of Lodi, by ite City Colman, has caused the bond to be" .exeoit.d in its behalf by the Mayor Andlreasurer of WO City ty.theirprintedpi4thographedor engraTed Ognattw.p here., on, and .oaunters td : by the aen lei., tune . of the City C1er4 . wbo has e$fiXed heretcx the corporate+ eea i; of the C.1ty, and has as u .d the interest coupons, ; to be:executed awl nt enti,cate tat the taceimtle sig'- nature of .the Treasurer, all ae of fah 15, 1958. mayor TreasUr+rr QQUNTIMSIONBD: vi1:y 'Vlerlr 59, en . The coupons shall be substantially in the fol owing ram-- (Form x(Form of Coupon) regeistt No. On the 15thday of {arch (8eptoribe ' ), 19 the . City of Lodi sill PO: to herr out of its.1 c-Str.et ng Park Pond at ..the orrice. of the. C1.ty' Treasurer, Lodi : a1 or, at the option of the. holder, at any riiowl ggency or the City: in Lee Angels, Cali- fornia, or Oreb*isoo, OR'oa, or C, I1110044, Tork, York, (urleae the bond to which goupon l,e attacked has been redeemed prior thereto )e the sem or liars ( ) for interest' :'amen oue .an its Oft' -street remind °findated March 15, 1958. Bond No. city Treasurer, * To be .Inserted in all coupons maturing_ after numb 15, 1 60, . attaihad to Pay* Nos. al to 36e, inolusiva. Thi; bez'a€t la< r whose '.,and 1e only or as toin On11. or. both the 24l principal accordingly to such rootlet .The .form of endorsement on said bond for l;owe 9 4 i,n , o; th• re�tera4 ow in a.; to $ ah d'. iht+ rs , a noted below, and they principal °rand interest. on this bold ere payable • ,red. owner. 23 Note: Tie Met be no writing in the space below except by the City Treasurer, . Vote.. of 1 e Or Name ' or Btry tOtle. ,R4FAstered Owper Yribcr0;1 only d: Intirest Prins :onjy and , mots. ina mno. ;fid ereest . *. 1n the event registration is as to principal only, strike the words "and interest"; if as to principal and interest,: strip the :•word "only". . 61,1t it any section,, par aph, subdivision, sentence, clause or e Or this denture obeli for any reasonbe adjudged by any court of ju event„ iedjction'.to. be .unoonstitu io l,. Unenforceable or invalid, such Judgment shall. . not affect the validity of the remaln g portion of this Indent re:.Legislative . lady Aeby declares it would have :adOpted this Indenture and 0010hAma oven other section, paragraph,. subdivision, sentence, : sleuse , or ': phrase hereof and would have authorized the , iseuanCe of the bOn4s pursuant hereto irrespeotive of the fact that any one ormore sectiones, Aar €r , subdivisions, sentences, clauses .' or phrases of this Indenture may be to be unconstitutional, unen- forceable or invalid. 62f Mg_ t , The Central aUSinesa Dist riot re(erred to n n t e „ X'Oaeedl ka$i a he eby established and the bogies thereof are deecr.i : d iri Exhibit A hereto attached and by reference made a part hereof. c `es$ or . Si tune Qi' Reaiatered r Cs. Y1're a rer 1 hereby certify that the foregoing resolution was duly and re acr3.yadopted and .seed by the City Cauweil pt the City. of Lodi, • Gornia, a e argil 'meeting -thereof held on the 19th day of February, 1958, by the .following vote:. . IY 3 • and in favor thereof, Councilmen: Fuller, Robinson, Katzakian, Mitchell, Hughes NOES;. CounoiZrena Norse Wes Cauno 40100 . APi''E: george. EXHIBIT "A" Beginning at the intersection of the northerly line of £ockeford Street with the westerly line of Pleasant Avenue, thenoe eeoutherly a4io0g said .westerly line., of Pleasant Avenue to the southerly line of Lodi Avenue, thence easterly along said 'southerly line of Lodi Avenue to the easterly line of the Southern Pacific Railroad right-of-way, thence northerly along said easterly line of the Southern Pacific Railroad right-of-way to the northerly line of Lockeford Street, thence weaterly along said northerly line of Lpokeford Street to the point of •beginning .