§ 4.60.460. Disposition of property—Proceeds.

A.

The board, by 4/5 vote of all of its members, may determine that any parcel of property acquired from the proceeds of the bonds, or any improvements, extensions or replacements thereof or additions thereto, are no longer needed for off-street parking purposes or such facilities may be otherwise better provided. Subject to the provisions of the city Charter, the property may thereafter be sold, leased or otherwise disposed of, either during or after the term of the bonds. The proceeds of the sale, lease or disposal shall be used for the following purposes and in the following order of priority:

1.

For the purchase of other off-street parking places or facilities for the parking district, or for improvements, additions and extensions to the existing facilities thereof;

2.

To pay the principal of and interest on the parking bonds of this issue or any additional parking bonds of the district then outstanding;

3.

To make the refunds provided for in Section 35705 in the Act.

B.

No property shall be sold, leased or disposed of until after proceedings for changes and modifications have been had as provided in the Act.

(Ord. 5226 § 23, 1975)