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(a) Establishment. There is hereby established a special, separate and permanent fund which shall be known and referred to as the Parking Meter Fund. The Director of Finance is hereby authorized and directed forthwith to take such action and to make such records as may be necessary to establish the Parking Meter Fund and thereafter to show its existence and condition at all times upon the proper records of the City.
(b) Use of Revenues. There shall be paid directly into the Parking Meter Fund, when and as received, all income from parking meter operation. The Parking Meter Fund shall be used only to defray the expense of regulation of traffic upon the public streets of the City; to pay the cost of supervision, regulation and control of the parking of vehicles in parking meter zones; to pay the cost of leasing, purchasing, supervision, protection, inspection, installation, operation, maintenance, control and use of parking meters; and to pay the cost, when authorized by resolution or ordinance of Council, of acquiring and developing off-street parking areas.
(c) Supervision of Fund. The Director of Finance shall have possession and custody of the Parking Meter Fund and the supervision of all accounts with respect thereto. No further bond shall be required of the Director of Finance because of the Fund but the Parking Meter Fund shall be under the protection of any bond heretofore given or that may be given by the Director of Finance.
(d) Annual Report. On or as soon after July 15 as is possible in each year, or upon request by Council, the Director of Finance shall transmit to Council, for inclusion in the budget, the amount of income expected from parking meter operation during the next following year, the amount expected to be required for the making of necessary repairs, the purchase of replacement or additional parking meters and such other and further information with respect to the Parking Meter Fund and expected expenditures therefrom as may be requested by Council or required by statute or ordinance.
(e) State Inspection Bureau Approval. The Director of Finance is hereby authorized and directed on behalf of the City to make application to the Bureau of Inspection and Supervision of Public Offices for its approval of the establishment of the Parking Meter Fund and to forward to the Bureau a copy of this section. Conditioned upon, and upon the receipt of approval by the Bureau of Inspection and Supervision of Public Offices for the establishment of such special Fund as herein provided, the Director of Finance shall forthwith establish, maintain and treat the Parking Meter Fund as provided in this section.
(Ord. 4723. Passed 2-19-51.)