Town of West New York, NJ Agreement as to Parking Areas on Van Buren Place and Madison Street

For the purpose of aiding and cooperating with the Parking Authority of the Town of West New York in the planning, undertaking or operating of parking projects within the area in which the Parking Authority is authorized to act, the parties mentioned in the title hereof shall enter into the following agreement:

This agreement made and entered into by and between the Town of West New York, a municipal corporation of the State of New Jersey, located in the County of Hudson (hereinafter called the "town"), and the Parking Authority of the Town of West New York (hereinafter called the "Authority") a public body corporate and politic created pursuant to the provisions of the Parking Authority Law_ of the State of New Jersey;

WITNESSETH:

WHEREAS, the Town of West New York is authorized to aid and cooperate with the Authority in the planning, undertaking or operation of parking projects within the area in which the Authority is authorized to act; and

WHEREAS, The Board of Commissioners in accordance with the power granted by Sections 22 and 23 of the Parking Authority Law (Chapter 198, Laws of 1948 -- Chapter 11A of Title 40 of the Revised Statutes) is desirous of turning over the operation and maintenance of the two public parking areas now operated, maintained and owned by the town, one of which is located on Van Buren Place and the other on Madison Street, each in the Town of West New York, together with the facilities and equipment now or hereafter owned by the town on such off-street public parking facilities;

Now, therefore, for and in consideration of the premises and the mutual promise hereinafter contained, and for good and valuable considerations, the parties hereto agree as follows:

Section 1. The Town of West New York, as of March 1, 1964, hereby turns over to the Authority the operation and maintenance of the two public parking areas now owned, operated and maintained by the town, one of which is located on Van Buren Place and the other on Madison Street, and the Authority does hereby agree to operate and maintain such off-street parking areas as public parking areas.

Section 2. The town on and after March 1, 1964, will continue to operate and maintain on behalf of the Authority all parking meters located on said off-street parking areas, and all moneys and receipts derived from the operation of such meters shall be revenues of the Authority as herein provided. The town agrees to continue to operate and maintain such parking meters for the Authority and that the town will, commencing with March 1, 1964, and as such revenues are collected thereafter, deposit such revenues in a trust account for the Parking Authority.

Section 3. The Authority agrees to pay operating and maintenance expenses of the off-street parking meters including the cost of collecting the moneys derived from the use of such meters. The town agrees to take all steps necessary to enforce the laws and ordinances of the town in respect to the use of said parking meters and to pay the expense of enforcing such ordinances. All fines and forfeitures collected as a result of such enforcement shall be retained by the town.

Section 4. The town agrees to make and maintain such traffic regulations as may be necessary to provide adequate access to and egress from said off-street parking facilities.

Section 5. The Authority agrees to use the off-street parking revenues turned over to it by the town for the operation and maintenance of said off-street parking facilities including the parking meters before using them for any other corporate purpose and shall not pledge or otherwise encumber such revenues to any other person, corporation or purpose.

This agreement shall take effect on March 1, 1964, or upon its execution or the taking effect of the ordinance authorizing its execution, whichever date is latest, and shall continue in effect and be binding upon and inure to the benefit of the parties hereto so long as such facilities are used for the public parking of motor vehicles and the other conditions of this agreement are complied with.