(a) Parking Authority - Need. The council hereby declares that there is need for a parking authority to function in the city, and that there is a need for the city to exercise the power of parking authority.
(b) Name. The name of the parking authority shall be "City of Palo Alto Parking Authority," hereinafter referred to as "the authority."
(c) Organization. The council hereby declares itself to be the authority, and all of the rights, powers, duties, privileges and immunities, vested by law in the authority, except as otherwise provided in this section, shall be vested in the council as the parking authority.
(d) Source of Powers. This section is adopted pursuant to the municipal affairs provision of the charter of the city and the Parking Law of 1949. To the extent that any power granted to the authority herein is adjudged to be a state affair, the source thereof shall be deemed to be the Parking Law of 1949. To the extent that such power is adjudged to be a municipal affair, its source shall be deemed to be Article XI, Section 6 of the State Constitution and said municipal affairs provisions of the city charter.
(e) Powers - General. The authority shall have and may exercise all of the powers granted to a parking authority by the Parking Law of 1949. The authority shall also have and may exercise the powers hereinafter enumerated in this section.
(f) Method of Financing. The method of financing of a project may include any method authorized by the Parking Law of 1949, by any other applicable general law, or by this code, and may consist of all, or any combination, of said methods.
(g) Assessment Procedures. Prior to authorizing the execution of any documents which would obligate the city to make payments or rentals from the sources set forth in Section 13.12.060, the council shall conduct such proceedings under Chapter 13.12 as are necessary for the levy of assessments thereunder; provided, that if said proceedings are conducted pursuant to Section 13.12.040, the engineer's report shall consist only of the following items:
(1) A general plan of the proposed improvement sufficient to identify its general nature, location and extent;
(2) A statement of the rentals or payments proposed to be made, the sources of funds therefor, and the assessment formula or formulae proposed to be applied;
(3) Any other engineering or financial data required by law to sanction the levy of a legal and valid special assessment.
The mailed notices of hearing shall, to the extent possible, set forth the estimated annual assessments against the parcel covered by each notice.
Subsection (x) of Section 13.16.130 shall apply in the event of assessment delinquencies.
(h) Issuance and Sale of Bonds. Section 33138 of the Parking Law of 1949 shall not apply. The authority may issue and sell its bonds at public or private sale, at or below par, and at the interest rate fixed by the bid of the purchaser.
(Ord. 2571 § 1, 1970)