Parking meter revenue shall be deposited at least once each week in such bank, and to the credit of such account, as prescribed by ordinance or resolution of the common council.
(Ord. passed 5-11-2021)
Editors’s note:
Article III, (3)C of the parking revenue bond ordinance adopted December 7,1970, (which is on file in the office of the City Clerk), provides:
“C. OFF-STREET PARKING REVENUE FUND: The entire gross revenues derived from the operation of said Off-Street Parking Facilities, and all parts thereof, as well as revenues from on-street meters necessary to meet bond and interest payments, shall be deposited in a special fund in a bank in the City of Weston, which is eligible to receive deposits of municipal funds, which fund is hereby created and designated as ‘Off-Street Parking Revenue Fund - Water Street and River Avenue Lots.’ Such fund shall constitute a trust fund for the purposes provided in this Ordinance and shall be kept separate and distinct from all other funds of the City and used only for the purposes and in the manner provided in this Ordinance. The ordinance of December 7, 1970, constitutes a contract between the city and the bondholders that cannot be changed by subsequent ordinance without the consent of the bondholders.”