[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.]
GENERAL REFERENCES
Vehicles and traffic — See Ch. 235.
As used in this local law, the following terms shall have the meanings
indicated:
The Endicott Parking Authority.
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.
