[HISTORY: Adopted by the Board of Commissioners of the Borough of Collingswood 8-16-1971 by Ord. No. 662 as Ch. 20 of the 1971 Code; amended in its entirety at time of adoption of Code; see Ch. 1, General Provisions, Art. I. Subsequent amendments noted where applicable.]
In accordance with the provisions of N.J.S.A. 40:5-2.11 and any amendments thereof or supplements thereto, all revenues heretofore or hereafter derived from parking meters in excess of the cost of purchase, installation, maintenance, overtime parking enforcement and operation thereof are hereby dedicated to the sole and exclusive purpose of the creation, purchase, construction and maintenance of off-street parking facilities.
All such excess revenues shall be deposited in a special bank account to be known as "Parking Meter Account," or invested in such securities as may be permitted by law.
All such funds shall be used and expended for the creation, purchase, construction, maintenance and enforcement of parking facilities in the Borough of Collingswood.
Nothing in this chapter shall be construed to prevent either the use of such funds in conjunction with other funds of this borough for any of such purposes or for use as a down payment under any improvement ordinance which shall provide for such off-street parking facilities.