Under the provisions of § 52(c) of the City Charter, the Board of Public Utilities Commissioners is hereby granted the power to acquire, construct, operate, maintain, extend, manage and control works and property for the purpose of supplying the city and its inhabitants with revenue producing off-street automobile parking facilities, including off-street parking lots, parking garages, and all other type of off street parking facilities now, or hereafter developed; and to acquire and take by purchase, lease, condemnation or otherwise, and to hold in the name of the city any property situated within or without the city or within or without the state that may be necessary or convenient for such purposes; to borrow money for any or all such purposes of such terms and conditions prescribed by the Board, the indebtedness to be payable only out of the revenue funds pertaining to the off-street parking facilities operated by the Board.
(1995 Code, § 9.56.010)