From and after the effective date of the dissolution of the
Authority, the parking system and properties comprising said parking
system obtained by the City through the dissolution of the Authority,
and the services rendered through the employment of said properties
to certain residents, commercial enterprises and visitors to the City,
shall be known and designated as the "City of Hoboken Transportation
and Parking Utility."
The City of Hoboken Transportation and Parking Utility shall
be operated in accordance with statutes applicable thereto under the
Local Budget Law, N.J.S.A. 40A:4-1 et seq. (40A:4-33 to 35 and 62)
and the Local Bond Law, N.J.S.A. 40A:2-1 et seq. (40A:2-45 to 48)
and the regulations promulgated by the Local Finance Board in the
Division of Local Government Services in the Department of Community
Affairs of the State of New Jersey.
The City of Hoboken Transportation and Parking Utility shall
assume all the obligations and receive all of the revenues arising
from all contracts and service charges to provide parking services
heretofore entered into or imposed by the Authority.
It shall be the function of the City of Hoboken Transportation
and Parking Utility to construct, maintain, improve and operate the
parking system in the City, which parking system shall include, but
shall not be limited to, existing or to-be-constructed or to-be-acquired
parking lots, parking structures, parking meters, parking signage,
parking signals, traffic signals, striping and signage, including
street and curb markings and street signs related to parking and transportation
or other functionally related real or personal property; to construct,
reconstruct, alter, provide, renew and maintain streets, roadways,
sidewalks, and points of ingress and egress to and from City streets,
roadways and sidewalks; to acquire, install, maintain and operate
traffic signals, striping and signage, including street and curb markings
and street signs related to transportation on City streets and roadways;
to acquire equipment for the operation and maintenance of the parking
system and for the construction, reconstruction, maintenance, care,
custody and control of City streets, roadways, sidewalks, and points
of ingress and egress to and from City streets, roadways and sidewalks;
to construct, reconstruct, alter, provide, renew and maintain buildings
or other structures and equipment and provide for the care, custody
and control thereof in the operation of the City of Hoboken Transportation
and Parking Utility; to raise money necessary to pay for the lands,
rights or interest therein acquired for the parking system and those
streets, roadways, sidewalks and points of ingress and egress within
the boundaries of the City or, as necessary, beyond such boundaries
as provided by applicable law; to raise money necessary to pay for
the costs and expenses necessary for the construction, reconstruction,
alteration, renewal and maintenance of streets, roadways, sidewalks,
and points of ingress and egress to and from City, including the costs
of the installation, maintenance and operation of traffic signals,
striping and signage related to transportation on City streets and
roadways; to acquire equipment for the operation and maintenance of
the parking system and for the construction, reconstruction, maintenance,
care, custody and control of City streets, roadways, sidewalks, and
points of ingress and egress to and from City streets and for improving
and equipping the same; to pay or make provision for the payment of
the reasonable expenses in each fiscal year of the City of Hoboken
Transportation and Parking Utility; to pay to those persons entitled
thereto the interest and principal on notes and bonds of the City
of Hoboken Transportation and Parking Utility; and to deposit and
accumulate reserve funds or reserves.
The City of Hoboken Transportation and Parking Utility may,
from time to time, acquire such real property as may be authorized
by the City Council by duly adopted ordinances according to the laws
of the State of New Jersey.
All costs and expenses, direct or indirect, attributable or
allocable to the operation of the City of Hoboken Transportation and
Parking Utility shall be charged to it, including debt service on
obligations issued or to be issued on account of capital improvements
heretofore or hereafter made to the parking system or streets, roads,
sidewalks and points of ingress and egress within the City as part
of the City's pedestrian and vehicular transportation network.
The City of Hoboken Transportation and Parking Utility shall
have authority to charge and collect monies for the use of the City
of Hoboken Transportation and Parking Utility's facilities, whether
they be user charges, rental fees, or lease payments, for the operation
of the City of Hoboken Transportation and Parking Utility as a self-liquidating
enterprise as provided in N.J.S.A. 40A:2-45.
The City shall appoint and employ all necessary employees for
the City of Hoboken Department of Transportation and Parking Utility.
Salaries of the employees will be in accordance with classification
and salary ordinances duly adopted by the City Council.
The City of Hoboken Transportation and Parking Utility shall be under the administration, operation and control of the Director of the Department of Transportation and Parking as set forth in Chapter
64A of the Code of the City of Hoboken.