5932 Issue GO Bonds PA-11
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ORDINANCE NUMBER �rl 3 Y
(Published in the Salina Journal, `f
1955)
AN ORDINANCE authorizing and providing for the issuance of public parking facility revenue
bonds, Series PA -1 of the City of Salina, Kansas, in the aggragate amount of $200,000 for
the purpose of paying the cost of acquiring and improving land for Off -Street Parking Fac-
ilities in said city prescribing the form and details of said Bonds; Providing for the col-
lection and segregation of the revenues of ssi.d Off --Street Parking Facilities of said
city for the purpose of paying the cost of the operation and maintenance of sAid Off -Street
Parking Facilities, paying the principal of and interest on said public parking facility
revenue bonds, Series PA -1 and making certain covenants and agreements with respect thereto.
;WHEREAS, the City of Salina, Kansas (hereinafter sometimes %ferred to as the "City") pur-
suant to the provisions of Sections 13-1388 to 13-1391, inclusive, 1953 supplement to
General Statutes of Kansas 1949, duly conducted a survey and investigation for the purpose
of determining suitable locations for off-street parking facilities in said City and the
approximate cost of acquiring and improving land therefor, and
WHEREAS, upon the completion of said survey and pursuant to the statute aforesaid the govern-
ing body of said City duly adopted a resolution on October 25, 1954, deeming it advisable and
of benefit to said City to acquire certain tracts of land and to improve the same for off-
street parking facilities, and
WHEREAS, said resolution further provides that the aggregate amount of money to be expended
for acquiring and improving such lands, shall not exceed $210,000, and
WHEREAS, said resolution further provides that revenue bonds shall be issued by said city to
pay $200,000 of said aggregate cost, the balance of said cost to be paid from funds already
on hand for sAi.d purpose, and
WHEREAS, said City is now fully authorized and empowered by said statute to acquire said land ii
described in said resolution and to improve the same as set forth in said resolution to pro-
vide off-street parking facility and to issue and sell revenue bonds in the principal amount
of $200,000 to pay the cost thereof, and
WHEREAS, the City Engineer, duly prepared plans and specifications for the improvement of the
land described in said resolution for off-street parking facilities, together with a verified
estimate of the cost of such facilities, and such plans, specifications and estimate were
duly filed in the office of the City Clerk and were approved bythe governing body of said
City, and
WHEREAS-, the governing body of said City hereby finds and determines that the cost of said
lands and improvements will be in the sum of $210,000 and that it is necessary that the City
proceed forthwith to issue its public Parking Facility Revenue Bonds in the principal amount
of $200,000 to acquire said land described in said resolution and improve the same as afore-
said, and
WHEREAS, the governing_body of the City of Salina, Kansas, by Ordinance No.
passed ,19 tf ` , provided fbr the installation and use of on -street
parking meters in said City, and pursuant to the provisions of said Ordinance, charges have
been and are now being imposed by said City under the terms and conditions specified by the
City for the privilege of parking vehicles in said City, and j
'v]MRE,AS, the governing; body of said City may hereafter provide for the installation and use
of additional parking meters in said City, including both on -street parking meters and off-
street parking meters, and
1�=, REAS .4 no revenue bonds or other obligations payable from the revenues of the off-street
parking facilities and the parking meters of the City are noz.,r outstandings,
,THEREFORE, BE IT ORDAINED BY TIM BOARD OF C011,24ISSIONERS OF TIS CITY OF SALINIA, I,90SAS, AS
LOWS;
Sectionl. That for the purpose of providing funds to pay the cost of acquirin,
and improving the land for off-street parking facilities in said City described in the res-
olution adopted by the governing body of said City on October 25, 1954, -there are hereby
authorized and directed to be issued an issue of negotiable interest bearing Public Parking
Facility Revenue Bonds, Series PA -1, of the City of Salina, Kansas, in the principal amount
of p200, 000.
Section 2. Said issue of Public Parking Facility Revenue Bonds, Series PA -1, of
City of Salina, Kansas, shall consist of 200 bonds, numbered frori 1 to 200, inclusive,
of said bonds being in the denomination of ';1,000. All of said bonds shall be dated
1
December 1, 1954, and said bonds shall be numbered and shall become due serially on December
1 in each year, as follows:
11 iyNT-01
MATURITY DECEMBER 1
1-24
y24,000
1955
25-50
26,000
1956
51-77
27,000
1957
78-lo6
29,000
1958
107-136
30,000
1959
137-168
32,000
196o
159-2oo
32,000
1961
Bonds numbered 1 to 77, inclusive, shall become due without option of prior
payment but bonds numbered 78 to 200 may be called for payment and redemption prior to mat-
urity on December 1, 1957, or on any interest payment date thereafter at the par value
thereof together with accrued interett thereon to date of redemption, plus a premium which
shall be one per cent (1%) of the principal amount of said bonds so paid and redeemed on
said December 1, 1957, and which premium shall be reduced by one quarter of one per cent
(-,i
y- of l�o) for each full year between said December 1, 1957 and the date of payment and re-
demption.
In the event that said City shall elect to call for payment and redemption as
aforesaid any of said bonds numbered from 78 to 200, inclusive, prior to the maturity there-
of, then said bonds so subject to redemption shall be paid and redeemed prior to their ul-
timate maturity only in the inverse numerical order of said bonds the outstanding bond hav-
ing the highest number being the first bond called for payment. In the event of any such
redemption, said city shall publish once in the official state paper of the State of Kansas,
not less than thirty (30) days prior to the date on which said bonds are called for payment,
a notice of the intention of said city to call and pay said bonds, the same being described
by number. The City shall also mail a copy of said notice of redemption to the purchasers
of said bonds thirty (30) days prior to the date of redemption. If said bonds be called for
payment and redemption as aforesaid, interest on such bonds shall cease from and after the
date for which such call is made, provided funds are aWdlable for their payment at the price
hereinbefore specified.
Bonds numbered 1 to 106, inclusive shall bear interest at the rate of two and
one quarter per cent (2 & 1P�) per annum and bonds numbered 107 to 200, inclusive, shall
bear interest at the rate of two per cent (2111o) per annum.
All of said interest shall be payable annually on December 1 in each year.
Said bonds and interest coupons which shall be attached thereto as hereinafter provided
shall be payable in lawful money of the United States of America, at the office of the State
Treasurer of the State of Kansas, in the City of Topeka, Kansas.
Said bonds and the interest thereon shall be payable exclusively from the net
revenues derived by said City from the operation of the off-street parking facilities of
said City acquired with the proceeds of the Public Parking Facility Revenue Bonds, Series
PA -1, herein authorized, provided that if such revenues are insufficient to pay the interest
and principal of said bonds as the same become due, the governing body of said City shall m
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up any deficiency from the revenues derived by the City from on -street parking meters now
or hereafter installed. Said bonds shall not be or constitute general oblifations of said
City and said City shall have no right or authority to levy taxes to pay either the principal
of or interest on said bonds.
Said bonds shall be a specific lien on the lands and improvements acquired and
constructed with the proceeds of said bonds and all the revenues derived from the operation
thereon of off-street parking facilities.
Section
3. Said bonds shall be signed by the Mayor and shall haus the corporate
seal of the City affixed thereto, attested by the City Clerk. Negotiable interest coupons
shall be attached to said bonds representing the interest to Mature thereon, and said interest'
coupons shall bear the facsimile signatures of the Mayor and City Clerk of said city.
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Section 4. Each of said bonds and the certificates appearing thereon, and the
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interest coupons to be attached thereto shall be in substantially the following form:
No. $1,000
UNITED STATES OF AMERICA
STATE OF KANSAS
COUNTY OF SALINE
CITY OF SALINA
PUBLIC PARKING FACILITY REVENUE BOND,
SERIES PA -1
KNOW ALL MEN BY THESE PRESENTS: That toe City of Salina, in the County of Saline,
State of Kansas, for value received, hereby promises to pay out of the revenues hereinafter
specified, to the bearer the sum of
ONE THOUSAND DOLLARS
in lawful money of the United States of America, on the Hirst day of December, 1g , with
interest thereon from the date hereof at the rate of per cent
( �o) per annum, payable annually on December 1 in each year after the date hereof
until the said principal sum shall have been apid, upon presentation and surrender of the
interest coupons hereto attached bearing the facsimile signatures of the Mayor and City Clerk
of said City as said coupons severally become due, both principal of and interest on this
bond being payable at the office of the State Treasurer, in the City of Topeka, Kansas.
(In bonds numbered 78 to 200, inclusive,
insert here the following paragraph)
This bond may be called for payment and redemption at the option of
the City of Salina, Kansas, on December 1, 1957, or on any interest pay-
ment date thereafter at the par talue thereof, together with accrued interest
thereon to date of redemption, together with a premium which shall be one
per cent (lo) of the principal amount of this bond, if this bond be called
for apayment on said December 1, 1957, and which premium shall thereafter
be reduced by one quarter of one per cent Q41of 1%) for each full year be-
tween said December 1, 1957 and the date of payment and redemption, provided
however, that the bonds of the issue of which this bond is one that the
bonds of the issue of which this bond is one which are subject to payment
and redemption primr to their ultimate maturity, being bonds numbered 78
to 200, inclusive, shall be paid and redeemed only in the inverse numerical
order of said bonds, the outstanding bond having the highest number being
the first bond called for payment. In the event of such redemption, said
City shall publish once in the official State paper of the State of Kansas,
not less than thirty (30) days prior to the date of which this bond is called
for payment and redemption, a notice of the r intention of
said City to call and to pay this bond, this bond being described
by number. If this bond be called for payment and redemption as
1 aforesaid, interest on this bond shall cease from and after the date for which
suchcall is made, provided funds are available for the payment of this
bond at the price hereinbefore specified.
This bond is one of aseries of 200 bonds of like date, of denomination and tenor,
excepting number, interest rate, privilege of redemption and maturity, numbered from 1 to 200,;
inclusive, aggregating the principal amount of $200,000, issued by the City of Salina, Kansas,',
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for the purpose of paying the cost of acquiring and improving land for off-street parking
facilities in said city described in the resolution adopted by said City on October 25, 195+,
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by the authority of and in conformity with the provisions, restrictions and limitations of
theConstitution and Statutes of the State of Kansas, including Sections 13-1388 to 13-1391,
inclusive, 1953 Supplement to General Statutes of Kansas, 1949, and all other provisions of
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the laws of said State applicable thereto, and this bond and all other bonds of the series of
bonds of which this bond is one, is a specific lien upon the land and improvements acquired
and constructed with the proceeds of the issue of bonds of which this bond is one and on all
revenues derived from the operation thereon of off-street parking facilities. This bond and
all interest hereon are to be sa paid by the City of Salina, Kansas, from the net revenues
received by said City from the operation of its off-street parking facilities acquired with
on -street parking meters of said City as now or hereafter installed.. This bond shall not -oe i
or constitute a general obligation of the City of Salina, Kansas, and shall not be taken into
account or in any wise be a limitation upon the power of said City to issue bonds for any
other purpose. Said City shall have no riSht or authority to levy taxes to pay the principal
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of or interest on this bond or any judgment against the City on account thereof.
The Cit -r of Salina, Kansas, hereby convenants with the holder of this bond to keep
and perform all covenants and agreements contained in the ordinance of said City authorizing
the issuance of the Public Parking Facility Revenue Bonds, Series PA -1, of said City, of
which this bond is one, ana said City will fix, establish, maintain and collect such rates
or fees for the use of the off-street parking facilities of said City acquired with the pro-
ceeds of the issue of bonds of which this bond is onw, which together with the revenues der-
ived from on -street parking ;peters, will produce revenues sufficient to provide funds to pay
the cost of the operation and maintenance of said off-street parking facilities including the
cost of installation, maintenance and repair of parking meters therein, and to pay the prin-
cipal of and interest on this bond and all other bonds of the issue of which this bond is
lone, as and when the same become due, and to provide adequate reserves therefor.
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This bond has been duly registered in the office of the City Clerk of the City of
Salina, Kansas, and in the office of the Auditor of the State of Kansas, and this bond and the
interest coupons attached hereto are negotiable and shall be transferable by delivery
And it is hereby certified, recited and declared that all aers, conditions and
things required to exist, happen and be performed precedent to and in theissuance of this
the proceeds
of the issue of bonds of which this bond is one and
in
case such revenues are
insufficient
then any deficiency shall be paid by said City from
the
funds derived from the
on -street parking meters of said City as now or hereafter installed.. This bond shall not -oe i
or constitute a general obligation of the City of Salina, Kansas, and shall not be taken into
account or in any wise be a limitation upon the power of said City to issue bonds for any
other purpose. Said City shall have no riSht or authority to levy taxes to pay the principal
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of or interest on this bond or any judgment against the City on account thereof.
The Cit -r of Salina, Kansas, hereby convenants with the holder of this bond to keep
and perform all covenants and agreements contained in the ordinance of said City authorizing
the issuance of the Public Parking Facility Revenue Bonds, Series PA -1, of said City, of
which this bond is one, ana said City will fix, establish, maintain and collect such rates
or fees for the use of the off-street parking facilities of said City acquired with the pro-
ceeds of the issue of bonds of which this bond is onw, which together with the revenues der-
ived from on -street parking ;peters, will produce revenues sufficient to provide funds to pay
the cost of the operation and maintenance of said off-street parking facilities including the
cost of installation, maintenance and repair of parking meters therein, and to pay the prin-
cipal of and interest on this bond and all other bonds of the issue of which this bond is
lone, as and when the same become due, and to provide adequate reserves therefor.
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This bond has been duly registered in the office of the City Clerk of the City of
Salina, Kansas, and in the office of the Auditor of the State of Kansas, and this bond and the
interest coupons attached hereto are negotiable and shall be transferable by delivery
And it is hereby certified, recited and declared that all aers, conditions and
things required to exist, happen and be performed precedent to and in theissuance of this
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;bond and the issue of Public Parking Facility Revenue Bonds, Series PA -1, of which this
bond is one, in order to make the same legal and binding obligations of said City according
to the terms hereof, do exist, have happened and have been performed in due time, form and
manner as required by the Constitution and laws of the State of Kansas.
IN WITNESS WHEREOF, the City of Salina, in the State of Kansas, by its Board of
Commissioners, has caused this bond to be signed by its Mayor and its corporate seal to be
+hereto affixed, attested by its City Clerk, and the interest coupons hereto attached to be
jaigned with the facsimile signatures of said officers, and this bond to be dated this First
day of December, 1954.
mayor
ATTEST:
g City Clerk.
STAKE OF KANSAS, )
ss.
lCounty of Saline )
I, the undersigned, City Clerk of the City of Salina, Kansas, hereby certify that the
within Public Parking Facility Revenue Bond, Series PA -1, of the City of Salina, Kansas, has
been duly registered in my office according to law.
WITNESS my hand and official seal this day of ,1955•
City Clerk
-- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
OFFICE OF THE STATE AUDITOR OF KANSAS
I, George Robb, State Auditor of Kansas, hereby cerrify that a transcript of proceeding
leading up to the issuance of this bond has been filed in my office, and that this bond and
the coupons attached thereto were registered in my office according to law this
WITNESS my hand and official seal.
State Auditor of Kansas
BY
i Director of Post -Audits
1
(FORM OF COUPON)
COUPON NO.
On the First day of December, 19 , )
the City of Salina, Kansas, will pay bearer, solely )
from the net revenues received by said City from ) December 1, 19
the operation of certain of its off-street parking )
facilities and in case such revenues are insuffic-
ient then from the net revenues derived by said City )
from the operation of its on -street parking meters as )
now or hereafter installed, and not from any other )
fund or source ) City of Salina, Kansas
Dollars and Cents, )
in lawful money of the United State of America, at the )
office of the State Treasurer, Topeka, Kansas, being )
months' interest due on that date on its )_ _ _ _ _ _ _ _ _
Public Parking Facility Revenue Bonds, Series PA -1, ) — — — — —!
dated December 1, 1954, No. )
(facsimile)
Mayor
ATTEST:
(facsimile)
City Clerk
Section 5. The Mayor and City Clerk are hereby authorized and directed to prepare
and execute the bonds hereinbefore described and to procure the proper registration thereof
and, when duly executed and registered, said bonds shall be delivered to Zahner and Company
and Merrill Morong & Company, the purchasers thereof upon payment of the purchase price.
The principal amount received from the sale of said bonds, together with the sum of Ten
Thousanddllars ($10,000) in cash, which said City presently has on hand, shall be deposited
in a separate fund hereby created in the treasury of the City, to be known and 'hereafter re-
ferred to as the "Public Parking Station Fund of 1954", and shall be used by said City for
the sole purpose of paying the cost of acquiring and improving land for off-street parking
facilities in said City described in said resolution adopted by the governing body of said
City on October 25, 1954, in accordance with the plans and specifications therefor prepared
by the City Engineer, on file with the City Clerk, including any alterations in or amend-
ments to said plans and specifications prepared by said engineer and approved by the govern-
ing body of said City. Withdrawals from said Fund shall only be made on duly authorized and
I executedwarrants therefor accompanied by a certificate made by the City Engineer that such
payment is being made for a purpose within the scope of this ordinance and that the anount
of such payment represents only the contract price or the reasonable value of the property,
e labor, materials, services or obligation being paid. Any amount not required for said pur-
pose and any amount received by the City on account of accrued interest on said Public Paxk-
ing Facility Revenue Bonds, Series PA -1, shall be deposited in the "Sinking Fund for Public
Parking Facility Revenue Bonds, Series PA -1", created by Section 7 of this ordinance.
Section b. There is hereby created in the treasury of the City a special fund for
the purpose of handling the receipt and disbursement of all revenues derived by the City
;from the operation of the off-street parking facilities of said City acquired with the pro-
ceeds of the Public Parking Facility Revenue Bonds, Series PA -1, herein authorized, to be
known and hereinafter referred to as the "Public Parking Stations Operating Fund." So lou;
as any of the Public Parking Facility Revenue Bonds, Series PA -1, of the City of Salina,
Kansas, dated December 1, 1954, herein authorized remain outstanding and unpaid, the City
of Salina, Kansas, covenants and agrees that it will maintain said "Public Parking Stations
Operating Fund," and that all of the revenues derived by said City from the operation of
the off-street parking facilities of said City acquired with the proceeds of the Public
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Parking Facility Revenue Bonds, Series PA -1, herein authorized will be paid and desposited
into said "Public Parking Stations Operating Fund," and that the same will not be mingled
with the other funds of the City. Said Fund shall be used for the payment of operational and
maintenance costs of said off-street parking facilities, including the cost of installation,
maintenance and repair of parking meterstherein, the retirement of the revenue bonds issued
hereunder and for the payment of interest thereon.
Section 7. There is hereby created in the treasury of the City a sinking fund for
the payment of Public Parking Facility Revenue Bonds, Series PA -1, of the City of Salina,
Kansas, dated December 1, 1954, herein authorized, and the interest thereon, said fund to be
known and hereinafter referred to as the "Sinking Fund for Public Parking Facility Revenue
it will maintain said Sinking Fund and will administer the same in accordance with all of the
provisions contained in this ordinance, subject to any provisions of the statutes of the
*ate of Kansas, applicable thereto. After paying the cost of the operation and maintenance
of the off-street parking facilities of said City acquired with the proceeds of the Public
Parking Facility Revenue Bonds, Series PA -1, herein authorized, the City will, on the first
day of each month, beginning with the operation of the off-street parking facilities acquired
with the proceeds of the Public Parking Facility Revenue Bonds, Series PA -1, herein authorizedi
and continuing thereafter so long as any of said Public Parking Facility Revenue Bonds, Series+;
PA -1 remain outstanding and unpaid, pay all monies then remaining in said "Public Parking
Stations Operating Fund" into said "Sinking Fund for Public Parking Faci.litiet Revenue Bonds,
Series PA -1."
All amounts paid and depositdd in said "Sinking Fund for Public Parking Facility
Revenue Bonds, Series PA -1" shall be expended and used by said City for the sole purpose of
paying the interest on and principal of said Public Parking Facility Revenue Bonds, Series
PA -1, dated December 1, 1954 herein authorized; provided, however, that any monies in said
I"Sinking Fund for Public Parking Facility Revenue Bonds, Series PA -1" in excess of the amount
required to pay the interest on and principal of the Public Parking Facility Revenue Bonds,
Series PA -1, becoming due on the next interest and principal paying date may be used by said I
City for calling for payment and redemption prior to theri ultimate maturity any of the Public'
Parking Facility Revenue Bonds, Series PA -1, herein authorized, which are subject to redempt-
ion, such redemption to be made, in the manner, after the notice, and in accordance with all
Bonds,
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Series PA -1", and-& to long as
any of said Public Parking Facility Revenue Bonds,
Series
PA -1,
remain outstanding and unpaid,
the City of Salina, Kansas, covenants and agrees
that
it will maintain said Sinking Fund and will administer the same in accordance with all of the
provisions contained in this ordinance, subject to any provisions of the statutes of the
*ate of Kansas, applicable thereto. After paying the cost of the operation and maintenance
of the off-street parking facilities of said City acquired with the proceeds of the Public
Parking Facility Revenue Bonds, Series PA -1, herein authorized, the City will, on the first
day of each month, beginning with the operation of the off-street parking facilities acquired
with the proceeds of the Public Parking Facility Revenue Bonds, Series PA -1, herein authorizedi
and continuing thereafter so long as any of said Public Parking Facility Revenue Bonds, Series+;
PA -1 remain outstanding and unpaid, pay all monies then remaining in said "Public Parking
Stations Operating Fund" into said "Sinking Fund for Public Parking Faci.litiet Revenue Bonds,
Series PA -1."
All amounts paid and depositdd in said "Sinking Fund for Public Parking Facility
Revenue Bonds, Series PA -1" shall be expended and used by said City for the sole purpose of
paying the interest on and principal of said Public Parking Facility Revenue Bonds, Series
PA -1, dated December 1, 1954 herein authorized; provided, however, that any monies in said
I"Sinking Fund for Public Parking Facility Revenue Bonds, Series PA -1" in excess of the amount
required to pay the interest on and principal of the Public Parking Facility Revenue Bonds,
Series PA -1, becoming due on the next interest and principal paying date may be used by said I
City for calling for payment and redemption prior to theri ultimate maturity any of the Public'
Parking Facility Revenue Bonds, Series PA -1, herein authorized, which are subject to redempt-
ion, such redemption to be made, in the manner, after the notice, and in accordance with all
prior to amturity, paying the market price therefor, plus any necessary premium, not in ex-
cess of one per cent (1%) of the principal amount of said bonds so paid and redeemed.
Section 8. Immediately after the City has made the payment into the "Sinking Fund
for Public Parking Facility Revenue Bonds, Series PA -1" required to be made on November 1
'of each year under the provisions of Section 7 hereof, the City shall cause an accounting
to be made of the amount of principal and interest on the bonds herein authorized becoming
due on the next principal and interest paying date and the amount available in said Sinking
Fund to pay such principal and interest so becoming due. In the event that such accounting
shows that the moneys in said "Sinking Fund for Public Parkin; Facility Revenue Bonds, Series
PA -1" are insufficient to pay the interest and principal of such bonds then becoming due, said',
City shall hake up any deficiency from revenues derived frog: on -street parking meters as now
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or hereafter installed, and pay the same into said. Sinking Find. Until said accounting has !
been made and anis such deficiency made up as aforesaidY the City of Salina , Kansas, covenants
and agrees that it will 'peep intact all revenues derived from on -street parking meters
aux in j
the current year and will rake no payments out of or charges against said revenues other than
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reasonable and actual expenses of the operation and maintenance of the on -street parking meter
of said City.
Section 9. The City of Salina, Kansas, covenants ?rith each of the purchasers and
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owners of any of the Public Parkin„ Facility Revenue Bonds, Series PA -1, herein authorized, that
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so long as any of said bonds remain outstanding and unpaid:
(a) The City of Salina, Kansas, will fix, establish, maintain
and collect such rates or fees to be charged for the use of the off-
street parkinf; facilities of said City acquired withthe proceeds of
the Public Parking Facility Revenue Bonds, Series PA -1, herein auth-
orized, which together with the revenues derived from on -street park-
ingmeters, will produce revenues suggicient to provide funds to pay
the cost of the operation and maintenance of said off-street parking
facilities of said City and to pay the principal of and interest on the
Public Parking Facility Revenue Bonds, Series PA -1, of said City, here-
in authorized, as and when the same become due.
(b) None of the facilities or services afforded by said off-
street parking facilities of said City will be fuxnished to any user
(excepting to the City itself) vrithout a reasonable charge being made
therefore.
(c) The City will establish such rules and regulations covering the
use and operation of said off-street parking facilities of the City as may
be necessary or appropriate for the efficient and economical operation
of said facilities.
q (d) The City will maintain said off-street parking facilities in
good repair and will operate the same in an efficient manner and at
reasonable cost.
(e) The City will enforce all ordinance, resolutions and regulat-
ions of the City relating to the parking of vehicles and will collect
all fees and charges provided for by said ordinances, resolutions and
regulations for the use of the on -street parking facilities and the off-
street parking facilities of said City.
(f) Subject to the provisions of the Constitution and laws of the
State of Kansas, the City will maintain parking meters and collect rates
therefrom on all public streets in the City where such parking meters are
located on the date of the passage of this ordinance and on such streets
and in such off-street parking facilities where parking meters shall
hereafter be located, provided, however, Mat the City shall have the right
to make such changes in the location of parking meters as are made
of the conditions
any of
prior to their
hereinbefore specified,
or for paying
such bonds
!ultimate maturity
1
if the holders of such
bonds shall be
willing
to accept
payment thereof
prior to amturity, paying the market price therefor, plus any necessary premium, not in ex-
cess of one per cent (1%) of the principal amount of said bonds so paid and redeemed.
Section 8. Immediately after the City has made the payment into the "Sinking Fund
for Public Parking Facility Revenue Bonds, Series PA -1" required to be made on November 1
'of each year under the provisions of Section 7 hereof, the City shall cause an accounting
to be made of the amount of principal and interest on the bonds herein authorized becoming
due on the next principal and interest paying date and the amount available in said Sinking
Fund to pay such principal and interest so becoming due. In the event that such accounting
shows that the moneys in said "Sinking Fund for Public Parkin; Facility Revenue Bonds, Series
PA -1" are insufficient to pay the interest and principal of such bonds then becoming due, said',
City shall hake up any deficiency from revenues derived frog: on -street parking meters as now
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or hereafter installed, and pay the same into said. Sinking Find. Until said accounting has !
been made and anis such deficiency made up as aforesaidY the City of Salina , Kansas, covenants
and agrees that it will 'peep intact all revenues derived from on -street parking meters
aux in j
the current year and will rake no payments out of or charges against said revenues other than
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reasonable and actual expenses of the operation and maintenance of the on -street parking meter
of said City.
Section 9. The City of Salina, Kansas, covenants ?rith each of the purchasers and
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owners of any of the Public Parkin„ Facility Revenue Bonds, Series PA -1, herein authorized, that
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so long as any of said bonds remain outstanding and unpaid:
(a) The City of Salina, Kansas, will fix, establish, maintain
and collect such rates or fees to be charged for the use of the off-
street parkinf; facilities of said City acquired withthe proceeds of
the Public Parking Facility Revenue Bonds, Series PA -1, herein auth-
orized, which together with the revenues derived from on -street park-
ingmeters, will produce revenues suggicient to provide funds to pay
the cost of the operation and maintenance of said off-street parking
facilities of said City and to pay the principal of and interest on the
Public Parking Facility Revenue Bonds, Series PA -1, of said City, here-
in authorized, as and when the same become due.
(b) None of the facilities or services afforded by said off-
street parking facilities of said City will be fuxnished to any user
(excepting to the City itself) vrithout a reasonable charge being made
therefore.
(c) The City will establish such rules and regulations covering the
use and operation of said off-street parking facilities of the City as may
be necessary or appropriate for the efficient and economical operation
of said facilities.
q (d) The City will maintain said off-street parking facilities in
good repair and will operate the same in an efficient manner and at
reasonable cost.
(e) The City will enforce all ordinance, resolutions and regulat-
ions of the City relating to the parking of vehicles and will collect
all fees and charges provided for by said ordinances, resolutions and
regulations for the use of the on -street parking facilities and the off-
street parking facilities of said City.
(f) Subject to the provisions of the Constitution and laws of the
State of Kansas, the City will maintain parking meters and collect rates
therefrom on all public streets in the City where such parking meters are
located on the date of the passage of this ordinance and on such streets
and in such off-street parking facilities where parking meters shall
hereafter be located, provided, however, Mat the City shall have the right
to make such changes in the location of parking meters as are made
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necessary in the judgment of the governing body of the City
by changes in the streets of the City, such as the widening or
closing thereof, and changes in the location of parking meters
deemed necessary for traffic regulation and control. The City covenants
and agrees that it will at all times endeavor to make any changes in the
location of on -street parking meters or in the rates or charges made
for on -street parking in a manner that will not materially reduce the
revenues at the time being derived by the City from the operation of said
off-street parking facilities and on -street parking meters.
(g) The City will not sell, mortgage, pledge or otherwise en-
cumber said off-street parking facilities and parking meters, or any
part thereof, or any extensions or improvements thereto, nor will the
City take any action in relation to said off-street parking facilities
and parking meters which would affect unfavorably the security of the
Public Parking Facility Revenue Bonds, Series PA -1, of the City, herein
authorized, or the prompt payment of the principal of and interest on
said bonds.
(h) The City will carry and maintain such reasonable amount of
insurance, including public liability and workmen's compensation in-
surance on said off-street parking facilities and on its operation thereof
as would normally be carried by a private corporation engaged in a
similar activity. All of the cost of such insurance shall be paid as
an operating cost out of the revenues of the public parking stations and
the parking meters of the City. In the event the City shall lease any
of said off-street parking facilities to any person or corporation for
the purpose of operating the same, it shall require such lessee to carry
and maintain all such insurance.
(i) The City shall keep proper books, records and accounts
(separate from all other records and accounts of the City) in which com-
plete and correct entries will be made of all transactions relating to said
on -street parking meters and said off-street parking facilities of the
E City. Said books will be kept by the City according to standard account-
ing practice as applicable to the operation of such facilities by mun-
icipalities. Annually at the end of each calendar or fiscal year, the
City will cause an audit to be made by a competent firm of independent
certified public accountants of the operation of said facilities. If
said audit shall disclose that proper provision has not been made for
all of the requirements of this ordinance and of the laws of the State of
Kansas, then the governing body of the City will promptly proceed to cause
to be char-ged for the services and facilities of said off-street parking
facilities of the City acquired with the proceeds def the Public Parking
Facility Revenue Bonds, Series PA -1, herein authorized, such rates and
charges as will adequately provide for the requirements hereinbefore set
forth. Within thirty (30) clays after the completion of said audit, a copy
of the same will be filed with the City Clerk and will be open to public
inspection and a copy thereof will be mailed to the original purchasers
of the Public Parking Facility Revenue Bonds, Series PA -1, of the City
herein authorized. Copies of said audit shall also be :furnished to the
holder of any of the bonds herein authorized upon the written request of
such holder. In the event that said City leases said off-street parking
facilities to any persons or corporation for the purpose of operating
the same the City shall require any such lessee to r�:aintain proper books,
records and accounts relating to such operation and tohake an annual
audit made thereof by independent certified public accountants at the end
of each calendat or fiscal year. A copy of said audit will be filed with
the City Clea: and a copy thereof will be mailed to the purchaser of the
q Revenue Bonds herein authorized.
(j) The City will not issue any bonds or other obligations payable
out of or secured in any manner by the revenues derived from on -street
parking meters which will materially affect adversely the security of the
Public Parking Facility Revenue Bonds, Series PA -1, herein authorized.
(K_) The City will not establish any other off-street parking facilities
which will materially reduce the net revenues derived by the City from the
operation of the off-street parking facilities to be acquired and inproved
with the proceeds of the Public Parking Facility Revenue Bonds, Series PA -1
herein authorized.
(1) The City will punctually perforin all duties with respect to
the operation of said off-street parking facilities of the City imposed
upon the City by the Statutes of the State of Kansas, and by the pro-
visions of this ordinance.
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Section 10. The City of Salina, Kansas hereby covenants and agrees that so long
as any of the public Parking Facility Revenue Bonds, Series PA -1 herein authorized, remain
outstanding and unpaid, said City will not issue any additional bonds or other obligations
payable out of the revenues of the public parking facilities of said City acquired with the
proceeds of the revenue bonds herein authorized.
Section 11. The provisions of this rodinance shall constitute a contract between
the Cit- 11 of Salina, Kansas, and the holders of the Public Parking Facility Revenue Bonds,
Series PA -1, of said City, dated December 1, 195+, herein authorized, and the holder of any
one or more of said bonds may, by suit, action, mandamus, injunction or other proceedings,
either at law or in equity, enforce or compel performance of all duties and obligations re-
quired by this ordinance to be done or performed by said City. Nothing contained in this
ordinance, however, shall be construed as imposing on said City any duty of obligation to
levy any taxes either to meet any obligation contained herein or to pay the principal of or
the interest on the Public Parking Facility Revenue Bonds, Series PA -1, of the City herein
authorized.
Section 12. That this ordinanee shall take effect and be in full force from and
after its passage, approval and publication in the official City paper.
Passed by the Board of Commissioners of the City of Salina, Kansas, this
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day of �1.� L, a.� ,195#1
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APPROVED, 11955.
ATTEST:
I City Clerk
Mayor