The proceeds derived from the use of offstreet city parking lots shall be used exclusively for the purpose of making such regulation effective and for the expenses incurred by the city in the regulation and limitation of vehicular parking. The proceeds derived from the use of such offstreet parking lots may also be used to provide for the acquisition, construction, reconstruction, improvement, betterment or extension and operation of offstreet parking facilities, as defined in G.S. 160-414(d), and may be pledged to amortize bonds or other evidence of debts issued for such purposes.
(Code 1965, § 28-132)
Editor's note(s)—Chapter 160 of the General Statutes of North Carolina has been repealed. For a city's authority to establish and operate offstreet parking facilities, see G.S. 160A-302.