All money collected from parking meters and revenue from public off-street parking facilities of the City of Los Angeles, administered by the Department of Transportation or under its direction, shall be placed in a separate fund which shall be a special fund to be known as the "Special Parking Revenue Fund", which fund is hereby created and which fund together with all interest accruing thereon shall be devoted exclusively to the following purposes:
1. For the purchasing, leasing, installing, repairing, maintaining, operating, removing, regulating and policing of parking meters and parking meter spaces in the City of Los Angeles, for the collection of the receipts therefrom and for the payment of any and all expenses relating or incidental thereto. For purposes of this section, the policing of parking meters shall not include the routine and customary issuance of parking citations.
2. For the purchasing, leasing, acquiring, designing, constructing, improving, operating and maintaining of off-street parking facilities in the City of Los Angeles for the provision of parking for the public and for City employees; consistent with the purpose of the regulation of traffic and the prevention of congestion of the city streets, it is the intention of the City that off-street parking facilities be acquired or constructed within or in close proximity to the business district which parking meter zones are established, and paid for from the receipts of the off-street parking facilities and the parking meters installed on streets within or in proximity to said business districts; provided, that notwithstanding such intent, the City may pledge any and all funds in the Special Parking Revenue Fund to fund the acquisition, design, construction, operation and maintenance of a particular off-street parking facility within a parking meter zone anywhere in the City.
3. For the painting and marking of streets and curbs required for the parking of motor vehicles within parking meter zones.
4. For the repayment of any money borrowed from any other fund, or any money which has been advanced or which may be advanced by the City Council from any other fund with the intent that reimbursement be made from the Special Parking Revenue Fund.
5. For the payments of principal, interest, redemption premiums, prepayments, reserve fund replenishments, and certificate payments on any bonds, notes, other evidences of indebtedness, and certificates of participation (collectively, Financings) issued or incurred for the purposes specified in this Article and for the purpose of paying any related financing costs, including, but not limited to, bond insurance, credit enhancement, and costs of issuance. While any Financings are outstanding, first consideration for the use of money in the Special Parking Revenue Fund shall be given to the payments for the Financings, and second consideration to payments of the costs of operations and maintenance.
6. After paying, or setting aside cash for the payments of, the: (a) Financings as provided in subsection 5.; (b) costs of operations and maintenance and costs of activities in the preceding subsections 1. through 4., including the funding required for a 5-year Parking Operations and Maintenance Plan, proposed and updated annually or more often by the Department of Transportation and approved by Council, that includes the necessary maintenance, upgrades, technology and repairs of parking structures, meters, and related assets; and (c) establishment and replenishment of a contingency account for the Special Parking Revenue Fund, any residual money in the Special Parking Revenue Fund may be determined by the Council to be surplus funds for the fiscal year, beginning with Fiscal Year 2007-08, and at the direction of the Council may be transferred immediately to the Reserve Fund for any general governmental purposes. The Council shall make a determination of a surplus, if any, no later than the end of the third quarter of the subsequent fiscal year.
Notwithstanding any other provision of this section to the contrary, all fees paid to the City by City employees for parking privileges at off-street parking facilities shall be deposited in the City Employees Ridesharing Fund, as established by section 5.344 of this Code.*
* Note: This paragraph, added by Ord. No. 174,054 in 2001, was inadvertently removed from this section when the Administrative Code was republished in 2002.
SECTION HISTORY
Based on Municipal Code, Secs. 88.09 and 88.59.
Added by Ord. No. 143,157, Eff. 5-4-72.
Amended by: New Para. 5 added, former Para. 5 number changed to Para. 6, Ord. No. 148,168, Eff. 5-3-76; Para. 5, Ord. No. 149,963, Eff. 8-20-77; First Para., Ord. No. 165,007, Eff. 8-5-89. Renumbers Subsec. 6 as 8 and Subsecs. 6. and 7. added, Ord. No. 168,235, Eff. 10-16-92; Item 9 added, Ord. No. 170,606, Eff. 8-17-95; Para. 2 amended, Para. 10 added, Ord. No. 172,281, Eff. 12-14-98; In Entirety, Ord. No. 172,695, Eff. 8-9-99, Oper. 7-1-00; Para. 2, amended, Last Unnumbered Para. added, Ord. No. 174,054, Eff. 8-6-01; Subsec. 6. added, Ord. No. 176,072, Eff. 8-10-04; First Unnumbered Para. and Subsec. 5. amended, Subsec. 7 added, Ord. No. 180,460, Eff. 2-8-09; Subsec. 7 amended, Ord. No. 180,723, Eff. 7-13-09, Oper. 6-30-09; Subsec. 7 amended, Ord. No. 181,337, Eff. 11-12-10; Subsec. 7 amended, Ord. No. 182,145, Eff. 7-12-12; Subsec. 6 deleted and former Subsec. 7 amended and renumbered as Subsec. 6, Ord. No. 182,251, Eff. 10-23-12.