(a) A municipality must provide, by ordinance, that:

1. (1) all license fees collected from parking meters shall be deposited with the municipal fiscal officer;
2. (2) the fees shall be deposited to the credit of the municipality in a special fund; and
3. (3) disbursements from the special fund may be made only on orders of the municipal works board, or board of transportation, and only for the purposes listed in subsection (b).

(b) Disbursements from the special fund may be made only to pay:

1. (1) the purchase price, rental fees, and cost of installation of the parking meters;
2. (2) the cost of maintenance, operation, and repair of the parking meters;
3. (3) incidental costs and expenses in the operation of the parking meters, including the cost of clerks and bookkeeping;
4. (4) the cost of traffic signal devices used in the municipality;
5. (5) the cost of repairing and maintaining any of the public ways, curbs, and sidewalks where the parking meters are in use, and all public ways connected with them in the municipality;
6. (6) the cost of acquiring, by lease or purchase, suitable land for offstreet parking facilities to be operated or leased by the municipality;
7. (7) the principal and interest on bonds issued to acquire parking facilities and devices;
8. (8) the cost of improving and maintaining land for parking purposes and purchasing, installing, and maintaining parking meters on that land; and

9. (9) the cost of providing approved school crossing protective facilities, including the costs of purchase, maintenance, operation, and repair, and all other incidental costs.

   [Pre-Local Government Recodification Citations: 18-4-10-3 part; 18-6-13-3; 19-5-3-3.]

   As added by Acts 1981, P.L.309, SEC.85.