[HISTORY: Adopted by the Board of Trustees of the Village of Endicott 9-28-1959 by L.L. No. 1-1959 (Ch. A220 of the 1989 Code). Amendments noted where applicable.]
Vehicles and traffic — See Ch. 235.
As used in this local law, the following terms shall have the meanings indicated:
- The Endicott Parking Authority.
- PARKING METER REVENUES
- The revenues derived by the Village from fees imposed for the privilege of parking in streets in the Village and collected through the operation of parking meters.
- The Village of Endicott, New York.
Any provisions of the Village Law or any other law to the contrary notwithstanding, the Board of Trustees of the Village may, by resolution, authorize the execution of a contract by and between the Village and the Authority, providing for the pledge and payment to the Authority of all or a portion of the parking meter revenues of the Village, to be used by the Authority for its corporate purposes. Any such contract may contain such terms and conditions with respect to such pledge and payments as said Board of Trustees may determine, including specifically that the provisions of such pledge shall be valid and effective so long as any bonds of the Authority are outstanding and unpaid. Such contract may also provide for the rights and duties of the Authority and the Village as to matters as authorized by the Endicott Parking Authority Act and may also include a covenant by the Village that during the term of such contract it will not substantially reduce the number of parking meters which may be used on the streets of the Village. The terms and conditions of any such contract may be changed, amended or abrogated with the mutual consent of the Village and the Authority, to be evidenced in writing, specifically stating the changes, amendments or abrogations; provided, however, that no such change, amendment or abrogation shall be made which diminishes or adversely affects any pledge of the parking meter revenues made by the Authority to the holders of its bonds or notes, in any resolution or other instrument adopted or executed by the Authority authorizing the issuance of such bonds or notes or providing for the security thereof, so long as any of such bonds or notes are outstanding and paid.
This local law is adopted subject to a referendum on petition as provided in § 16 of the Municipal Home Rule Law and shall take effect as provided in such section.