(a) There is herby established a separate and permanent reserve fund which shall be
known as the Parking Meter Reserve Fund. The Director of Budget and Finance is hereby authorized and directed to take such action and to make such records as may be necessary to establish the parking meter reserve fund and thereafter to show its existence and condition at all times upon the proper financial records of the City.
(b) There shall be paid into the Parking Meter Reserve Fund, when and as received, all income from parking meter operation. The Parking Meter Reserve Fund shall be used to defray the expense of the regulation and control of parking of traffic on public streets and regulation and control of parking traffic in the parking meter zones established by Section 358.02 and to cover the cost of operating and maintaining the parking meters in the parking meter zones described herein. (Ord. 2014-122. Passed 10-15-14.)