The City Council shall have the authority to declare any street a special event street for the limited purpose of using that street as a thoroughfare for special events such as a parade or other activity that would be beneficial to the City. When such a street is so designated, authorized signs shall be erected indicating that no person shall drive a vehicle on such street or a portion of it, except drivers of vehicles having business – or whose residence is within – the closed area, and then any said driver shall exercise the greatest care in driving on any such street or portion thereof. The City may require a deposit for extraordinary law enforcement costs and damage costs in accordance with Section 60.08(2).