MUNICIPAL CORPORATIONS-EXPENDITURE OF FUNDS ACCRUING FROM PARKING METERS

Panama City proposed to issue bonds to finance the reconstruction, paving, and improvement of city streets. The bonds were to be secured by and payable from the revenue of the city's parking meters. A petition for validation of the bond issue was submitted and was refused. On appeal, held, affirmed.

The city may not use the revenue from the parking meters to finance the reconstruction, paving and improvement of streets since this bears no reasonable relation to the regulation of parking and is therefore an illegal exercise of the police power. Panama City v. State, (Fla. 1952) 60 S. (2d) 658.