§ 1865 - Purchase of parking lots; revenue - Vermont Statutes

§ 1865. Purchase of parking lots; revenue

(a) A municipality may purchase, own, use and operate a parking lot off highways, and may borrow money to pay therefor by pledging the credit of such municipality derived from the anticipated income from the operation of parking meters upon its streets or in public parking lots including any lot or lots purchased hereunder; and shall have the right of eminent domain to condemn land necessary for the establishment of the same, subject to the restrictions of section 2805 of this title and section 5318 of Title 18.

(b) All revenue received therefrom shall be kept separate and used only for the following purposes, and not for any general expenses of the municipality:

(1) To purchase parking lot or lots;

(2) To purchase and install meters and equipment, and to repair and operate same;

(3) To collect the coin deposits, to sort and wrap and account for same;

(4) To police, light and maintain the meters and such parking lots including painting of parking lines;

(5) To control and regulate traffic or any combination of the foregoing purposes within the parking meter area.

(6) To pay the principal and interest obligations of any bonds issued hereunder.