California Streets and Highways Code

§ 35700

SHC § 35700Div. 18 · Part 4 · Ch. 5

Statute text

Notwithstanding any agreement made pursuant to this part, as a covenant to bondholders or otherwise, to maintain parking meters on specified public ways in the district, parking meters need not be maintained:

(a)On any public way which has become a “freeway” or a “state highway” as defined in Sections 23.5 and 24.

(b)At any time and so long as both (1) the net revenues from the parking places of the district during each of the two next previous fiscal years and available for the payment of principal and interest on the bonds of the district equaled or exceeded one and one-half times the principal and interest which has or will come due during the current fiscal year, and (2) the money in the fund to pay principal and interest on the bonds equals or exceeds all amounts coming due on principal and interest during the next following 12 months.

…

Legislative history

Added by Stats. 1953, Ch. 192.