READING PARKING AUTHORITY
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The Reading Parking Authority was incorporated in 1957 by the City of Reading under the Commonwealth of Pennsylvania’s Parking Authorities Law of1947. The first parking structure financed and erected by the Authority was the Franklin Plaza Garage in 1962. Financed by a conventional construction loan, this was to be the first in a series of parking structures commissioned by the Authority within the City of Reading. Overall, the Authority is responsible for over 6,000 off-street and 1,100 on-street parking spaces.
The Parking Authority was initially established for a term of fifty (50) years. As bonds in the name of the Reading Parking Authority were issued to finance various projects, the term was extended to cover the life of the bonds (i.e., in 1988 the term was extended to the year 2008, etc.). With the issuance of the 1993 series bonds, the term of the Parking Authority was extended to the year 2020, at which point after presumably having discharged itself of all debt, the Authority may be dissolved by a joint resolution of City Council and the Authority Board of Directors.