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The TPC shall make recommendations to the Common Council regarding policies on all transit and parking matters and shall be the official body which shall constitute a public utility within the meaning of Sec. 66.066 and 66.068 and a transit commission within the meaning of Sec. 66.943, State Stats., and shall function as a parking utility for the operation of the parking utility system for the city, a transit utility for the operation of the transit system for the city, and a utility capable of issuing revenue bonds for Council approval. MGO 3.14 revised - committee dissolved. Creating 33.55 and 33.56.