Sec. 20-107. Use of revenue.
All receipts from the operation of parking meters, gates or other devices for the collection of parking fees shall be credited to the parking fund, except those moneys collected from that portion of Municipal Parking Lot No. 1 between the extension of Washington Street and the westerly edge of Municipal Wharf No. 2, which shall be credited to the Marina fund. Money in such parking fund shall be expended as follows:
a.First for payments due for the acquisition and installation of parking meters.
b.75% of the balance of such funds for the acquisition by purchase or lease of off-street parking facilities and for their improvement or maintenance.
c.25% of the balance of such fund shall be transferred to the general fund for the operation, maintenance and repair of parking meters, expenses incidental thereto and for general municipal purposes, including traffic enforcement, traffic engineering, street signs and signals, the purchase, maintenance and improvement of off-street parking facilities and for traffic enforcement officer’s salaries.
The provisions of this Section shall not apply to receipts from the operation of parking meters which are allocated and pledged to the payment of bonds and the interest thereon, to the payment of operation and maintenance costs of parking facilities or to the establishment and maintenance of any reserve funds, sinking funds or other funds designed for securing or paying bonds and the interest thereon in any proceedings for the creation of any vehicle off-street parking district or the issuance of bonds thereof. In such cases, the allocations and pledges made in such proceedings shall apply.