Any municipality which has authorized the purchase and installation of parking meters under the provisions of RSA 249, and acts in amendment thereof which has incurred indebtedness or may incur indebtedness for the purchase and installation of such meters and the acquisition, construction and improvement of public parking facilities may have such indebtedness to an amount not exceeding
1/2 of one percent of its last assessed valuation computed under the provisions of N.H. Rev. Stat. § 33:4 excluded from the debt limit prescribed in N.H. Rev. Stat. § 33:4 if upon application to the commissioner of revenue administration, after hearing, the commissioner of revenue administration finds that the revenues from such sources may reasonably be expected to be adequate to retire such indebtedness and the costs connected therewith in accordance with the terms by which said indebtedness was incurred. Every such municipality shall annually in April report to the commissioner of revenue administration such information as the commissioner may require relative to the revenues from such sources, the costs of operation of such parking facilities and the amount of outstanding indebtedness for such purposes. If, at any time, the commissioner of revenue administration shall find the revenues available for retiring the debt are insufficient for the purpose, then the remaining amount of outstanding indebtedness shall be included in the limit of indebtedness prescribed by N.H. Rev. Stat. § 33:4.