A.
A fund titled "Parking Fund"[1] is hereby established for the purpose of receiving and
aggregating funds which shall be used for the development and management
of off-street parking in the downtown area. The fund shall be accounted
for in accordance with generally accepted accounting principles as
applicable to enterprise funds.
B.
The Bel Air Board of Town Commissioners shall be the
Trustees of the Parking Fund.
The Parking Fund's equity shall consist of three
separate reserve accounts each of which shall serve a specific purpose
and function as follows:
A.
Development Account.
(1)
Purpose. This account shall be expended exclusively
for capital improvements to Town-owned off-street parking lots or
structures, including but not limited to the purchase of land, paving,
drainage, parking meters, safety and control devices, maintenance
and operation and multi-deck construction.
(2)
Allocation of moneys. The Board of Town Commissioners
shall have the authority to allocate moneys to the Development Account
from Town of Bel Air revenue sources, including but not limited to
real property taxes, grants, special assessments, gifts, donations,
revenue surpluses and proceeds from the sale of Town obligations.
(3)
Bond proceeds. All moneys derived from the sale of
general obligation bonds, revenue bonds, bond anticipation notes or
other obligations of the Town of Bel Air shall be placed in the Development
Account to the extent that such moneys have been appropriated for
the purpose of said account.
(4)
Investment of moneys. Moneys allocated to the Development
Account may be invested only in obligations of the United States or
State of Maryland or in interest-bearing accounts of financial institutions
insured by the United States or the State of Maryland, and all income
derived from such investments shall be added to said account and shall
be used for no other purpose, except that all interest from the temporary
investment of money derived from the sale of bonds, bond anticipation
notes or other obligations of the Town shall be placed in the Debt
Service Account as established herein.
B.
Debt Service Account.
(1)
Purpose. This account shall be expended exclusively
for debt service on bonds or obligations of the Town issued for development
of off-street parking so long as the interest and principal of such
obligations shall be outstanding.
(2)
Allocation of moneys. There shall be paid into the
Debt Service Account the following moneys:
(a)
All interest earned by the temporary investment of
money derived from the sale of bonds or obligations of the Town issued
for the development of off-street parking.
(b)
All parking revenues of the Town, whether derived
from parking meters, fines, leases, fees or any other source.
(c)
General tax revenues of the Town intended to be expended
for debt service on bonds or obligations of the Town issued for the
development of off-street parking.
(3)
Investment of moneys. Moneys allocated to the Debt
Service Account may be invested only in obligations of the United
States or State of Maryland or in interest-bearing accounts of financial
institutions insured by the United States or the State of Maryland,
and all income derived from such investments shall be added to said
account.
(4)
Nonarbitrage. In all events, at least once a year
the amounts in the Debt Service Account will be depleted to an amount
not greater than 1/12 of annual debt service on the bonds, any money
deposited in the Debt Service Account will be spent within a thirteen-month
period beginning on the date of deposit, and any amount received from
investment of moneys held in the Debt Service Account will be spent
within a one-year period beginning on the date of receipt. In the
event that amounts in excess of those permitted in the immediately
preceding sentence shall remain in the Debt Service Account, such
excess amounts will be transferred to the general fund of the Town
where such amounts will be commingled with tax and other revenues
of the Town.
C.
Parking Impact Fees Account.
(1)
Purpose. This account shall contain moneys, to be
known as "in-lieu-of fees," collected from property owners in the
Town Center Overlay District, defined in the Town of Bel Air, Maryland,
Development Regulations. These fees are paid by the property owners
in lieu of providing off-street parking required by the Development
Regulations.
(2)
Establishment of fees. The amount of the in-lieu-of
fee shall be established by resolution of the Board of Town Commissioners
and shall be changed at such time as the Board deems necessary.
(3)
Use and investment of funds. Moneys deposited in this
account shall be invested only in interest-bearing accounts of financial
institutions insured by the United States or the State of Maryland.
Separate subaccounts shall be maintained in the name of each depositor
to facilitate the accounting of interest. All income derived from
such investments shall be deposited in this account. The proceeds
of this account shall be used exclusively to develop parking improvements
which serve properties located in the Town Center Overlay District.
(4)
Collection of fees. In-lieu-of parking fees shall
be collected from property owners located in the Town Center Overlay
District only if buildings are expanded or a use is changed so as
to require additional parking. In that event, fees will be collected
at the time of building permit application and only for those parking
spaces required for expansion or change of use. Fees may be paid in
lump sum or in annual payments over a ten-year period.
(5)
Refund of fees. If fees deposited in this account
are not used for the designated purpose within 10 years of collection,
such fees are to be refunded to the person or persons who actually
contributed them or to that person's successors, heirs or assigns.
Any refunds shall include interest actually received by the Town on
moneys contributed and invested over the ten-year period.
