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All moneys collected from parking meters shall be placed in a special fund which is created, established and designated as the “Parking Meter Fund,” which fund shall be used exclusively for the following purposes:

A. To defray the cost of purchasing, leasing, acquiring, installing, operating, inspecting, repairing, maintaining, supervising, regulating and controlling the parking meters described in this chapter;

B. The purchasing, leasing, or otherwise acquiring of off-street parking facilities for the use of the public within the city, and the operation, maintenance, supervision, regulation and control thereof;

C. For the purpose of payment of the principal of and interest on or otherwise securing any off-street parking revenue bonds issued under Sections 33.1, 33.2 and 33.3 of the Charter of the city and under any resolution adopted by the council pursuant to the sections, or for any other legal purpose provided for in any such resolution. (Prior code § 11.12.100)