Ordinance 13-14

This ordinance established the Parking Facilities Fund with revenue generated by and collected for the parking of vehicles in off-street parking facilities. As long as any revenue bonds are outstanding, the Fund may only be used to: pay the cost of operation, maintenance, and repair of the parking facilities of the City; pay the principal of and interest on revenue bonds issued or to be issued for the facilities; provide a reserve for the revenue bonds as a margin of safety and protection against default and retirement before maturity; pay the cost of repairs, replacements, and additions to, or remodeling of, the parking facilities; or finance the construction of additional parking facilities.