(1) Any city by ordinance may create motor vehicle parking authorities, or at any time, the legislative body of a city by ordinance and the fiscal court of the county containing the city may enter into an agreement to form a joint city -county motor vehicle parking authority. Such parking authorities shall have the power of acquisition, creation and operation of public street and off -street parking facilities. The fees charged need not be limited to the cost of operation and administration but may be for revenue. (2) If a city, already having a motor vehicle parking authority in existence, enters into an agreement to form a joint parking authority with the county, the agre ement shall provide for the assumption of the debts and liabilities of the existing parking authority by the joint parking authority and the transfer of any assets of the existing parking authority, including real property and improvements, to the joint pa rking authority. (3) The termination of an agreement between a city and county to form a joint parking authority will not result in the continued existence of a city motor vehicle parking authority, unless specifically provided for in the agreement.
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