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Residential permit parking areas must be initiated by petition. The petition must state the problems caused by nonresident parking; the specific area requested to be restricted; the requested restricted time period; and be signed by at least one owner of record for each of the parcels of real estate constituting in excess of seventy-five (75) pement of the parcels of real estate adjacent to the block of the public street involved. The petition shall be addressed to the traffic commission for its review. The traffic commission shall make an investigation and submit its recommendation to the city council, which may thereafter take whatever action it deems appropriate, including establishing a residential parking permit area with conditions that are consistent with this section. Restricted hours shall not exceed six consecutive hours daily to be specifically recommended by the traffic commission after consideration of legitimate business and residential needs. Individual permits for residents of the restricted area shall be obtained by application to an officer designated by the city manager. Unless exempt, applicants for individual permits must possess a valid University City occupancy permit for an address on the designated block (s), and a current and lawful state motor vehicle registration certificate for each permit requested. The motgr vehicle must be registered or leased to an individual listed on the occupancy permit. The number of permits shall not exceed the number of vehicles owned by the resident. A maximum of two transferable visitor permits shall be made available to each residence regardless of whether the resident owns an automobile. No permit issued under this section shall guarantee or reserve to the holder a particular parking space within the restricted area, but shall allow to the holders of permits general parking in said area during the restricted hours specified by this section and so posted. This section shall not apply to corporations or individuals who are performing commemial services, repairs, or emergency assistance for any resident living in the specified area. It is unlawful for any owner or operator to park any vehicle on any street designated to be a residential parking permit area, during the restricted hours, without having a current and lawful residential permit displayed on the vehicle, unless exempt as provided in subsection J of this section. Residential permit parking areas may be established from time to time; and when established, the provisions of this section shall apply to them. Section 2. This ordinance shall not be construed so as to relieve any person, firm or corporation from any penalty heretofore incurred by the violation of Chapter 10.40, Section 10.40.030, nor bar the prosecution for any such violation.