§ 50–2510. Parking System Fund.

(a) There is established a special fund to be known as the Parking System Fund (“Fund”).

(b) The Authority shall administer the Fund.

(d) Monies in the Fund shall derive from the following sources:

(1) An administrative fee to be determined by the Authority and collected from each parking district which is based upon the administrative expenses associated with the specific parking district;

(2) A system fee paid by each parking district to the Authority which is based on a percentage of the outstanding debt or a percentage of the total costs of operation or maintenance associated with the specific parking district;

(3) Proceeds from the sale of bonds issued by the Authority;

(4) Interest earnings;

(5) Monies made available by the District or other governmental entities;

(6) Parking fees collected by the Authority from the parking districts;

(7) Ad valorem taxes collected on behalf of the Authority; and

(8) Federal grants, private monies, or other sources of monies for parking facilities.

(e) The Fund shall be used for the following purposes:

(1) To collect proceeds of operation from each parking district;

(2) To pay the principal, interest, redemption premiums, costs, fees, and penalties for borrowings of the Authority either when due or in anticipation of a shortfall in revenue in any funding source identified or pledged to any parking district;

(3) To make inter-fund loans to any 1 or more of the parking districts established pursuant to § 50-2511;

(4) To fund capital projects of the Authority including costs of acquiring property, developing, constructing, renovating, altering, maintaining, improving, repairing, or expanding any public parking facility; and

(5) To pay the administrative costs of the parking districts.

(f) After the purposes described in subsection (e) of this section have been satisfied, funds may be held in a general purpose account as working capital repair and renovation reserve funds, or retained earnings.

(g) The Fund shall maintain separate accounts for each parking district to account fully for:

(1) Cash receipts and disbursements;

(2) Loans to and from other parking districts in the parking system fund;

(3) Revenue by source of revenue;

(4) Expenses and expenditures by line item and purpose; and

(5) Revenue and bond proceeds.

(h) Monies in each separate parking district account shall derive from the following sources:

(1) Any monies made available by the District or other governmental entity for specific application within a parking district;

(2) All parking fees collected by the Authority within a parking district;

(3) Ad valorem taxes collected on behalf of the Authority within a parking district; and

(4) All proceeds from the sale of bonds issued for public parking facilities within a parking district.

(i) Except as provided in § 50-2511(h), monies in each separate parking district account shall be used for the following purposes:

(1) To pay the principal, interest, redemption premiums, and other costs, fees, or penalties associated with debt service on facilities within a parking district;

(2) To establish and maintain debt service reserve funds;

(3) To pay the costs associated with the development of, land acquisition for, and construction of capital improvements to existing and future public parking facilities located within a parking district;

(4) To pay the costs of repairing and renovating public parking facilities within a parking district;

(5) To pay the costs of administering, operating, and maintaining facilities located within a parking district; and

(6) To pay the administrative and system fees as determined by the Authority to the Fund.

(j) Annual financial statements for the Fund shall be prepared and submitted to the Mayor and the Council.