7-14-4624. Powers of commission related to financial management.
7-14-4624. Powers of commission related to financial management. Each parking commission, subject to the limitations imposed by this part, shall have the following powers:
(1) to receive, control, and order the expenditure of any and all money and funds pertaining to parking facilities or related properties, including, without limiting the generality of this provision:
(a) all revenues derived from operations of the commission;
(b) all money appropriated or made available by the city pursuant to this section or otherwise;
(c) the proceeds of all financial aid or assistance by the city, federal, or state governments;
(d) the proceeds of levied assessments;
(e) the proceeds of all revenue bonds issued pursuant to this part by the city for parking facilities;
(2) to invest any funds held in reserve or sinking funds or any funds not required for immediate disbursement in property or securities in which cities may legally invest funds subject to their control, but no such investment shall be made in contravention of any covenant or agreement made with the holders of any revenue bonds of the commission theretofore issued and then outstanding.
History: En. Sec. 7, Ch. 223, L. 1951; amd. Sec. 4, Ch. 77, L. 1975; R.C.M. 1947, 11-3707(part).