(A) The coins required to be deposited in parking meters as provided in this chapter are levied and assessed as fees to provide for the proper regulation and control of traffic vehicles in the parking meter zones created pursuant to this chapter and to cover the cost of the purchasing, leasing, acquiring, installation, operation, maintenance, supervision, regulation, and control of the parking meters described in this chapter.
(B) The Board of Public Works and Safety shall, with the ratification of the Common Council, designate collectors and methods as are necessary to properly collect all coins deposited in the meter boxes. The collectors shall be only employees as are duly bonded in a sum not less than an amount as set by the city from time to time for the faithful performance of their duties. All money so collected shall be deposited with the controller of the city; provided, that a separate fund or accounting shall be maintained at all times for the money so deposited. The money collected from parking meters shall be used for street repairs.
(C) All penalty fees collected by the Cafeteria Court of the city shall be deposited with the Controller of the city and credited to the General Fund.
(Prior Code, § 73.11) Penalty, see § 73.999