(a) Any municipality in the State of Arkansas owning and operating parking meters may use the net revenues derived from this ownership and operation for:
(1) The purchase of real estate to be used for parking lots;
(2) The purchase of rights-of-way for the construction of public streets, alleys, and boulevards or for the construction of, widening, straightening, paving, resurfacing, lighting, or otherwise improving streets, alleys, and boulevards;
(3) The purchase, development, and improvement of public parks located within or without the corporate limits of the municipality;
(4) The purchase of fire fighting apparatus and fire alarm systems;
(5) The purchase of sites for, construction of, and equipment of city halls and prisons;
(6) Buildings for housing of fire fighting apparatus;
(7) Buildings for the police department; and
(8) The construction and equipment of any municipal complex.
(b) Nothing in this section shall be construed to authorize any municipality to use these revenues, to issue or sell revenue bonds, or to use the proceeds thereof to purchase, condemn, or otherwise acquire any utility, plant, property, or facilities owned or operated by any regulated utility.