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Ordinance No. 2014 -21 <br />Page 2 of 4 <br />Such fund shall be used only for purposes of the acquisition, development, <br />and improvement of public off - street parking facilities located within the <br />general vicinity of the parking meters contributing to the fund, and for any <br />expenditures necessary or convenient to accomplish such purposes. For <br />purposes of this section, the term "off- street parking facilities" shall mean <br />public parking lots, garages, structures, buildings and appurtenances for <br />the parking of motor vehicles. <br />Section 2: Section 12.44.027 of the Newport Beach Municipal Code is hereby <br />amended to read as follows: <br />12.44.027 Neighborhood Enhancement Reserve. <br />A. Creation. <br />1. Pursuant to the authority contained in Section 1113 of the City <br />Charter, a special capital improvement fund, to be known as the <br />Neighborhood Enhancement Reserve, is created. <br />2. The City Council may, by ordinance, establish Neighborhood <br />Enhancement Areas and may, by resolution, direct revenue into the <br />Neighborhood Enhancement Reserve. <br />3. Such reserve shall be used for purposes of enhancing and <br />supplementing services to the neighborhood in the general vicinity of the <br />parking meters contributing to the fund and not supplanting existing <br />services. Enhancements may be in the form of capital improvements, <br />special services or extraordinary maintenance and shall include all <br />expenditures necessary or convenient to accomplish such purposes. <br />B. The following Neighborhood Enhancement Areas are hereby <br />established pursuant to the provisions of this chapter: <br />1. Area "A" - West Newport. This area is bounded by West Coast <br />Highway, Semeniuk Slough /Oxbow Loop, West Coast Highway, Newport <br />Boulevard, Newport Island Channel, Rialto Channel, 38th Street, the <br />Pacific Ocean, and Summit Street. <br />2. Area "B "- Balboa Peninsula. This area is bounded by West Lido <br />Channel, Newport Channel, the Harbor entrance, the Pacific Ocean, 38th <br />Street, Rialto Channel and Newport Island Channel. <br />Section 3: Chapter 12.44 of the Newport Beach Municipal Code is hereby amended <br />by adding Section 12.44.029 to read as follows: <br />