2. Such residential parking permit system may only be established within the area of the city consisting of the following roadways:

1. (a) Pine Street, from Carroll Street to Liberty Street;
2. (b) Henry Street, from Carroll Street to Liberty Street;
3. (c) Fayette Street, from Court Street to Henry Street;
4. (d) Carroll Street, from Court Street to Henry Street; and
5. (e) Liberty Street, from Court Street to Henry Street.

4. The local law or ordinance providing for such residential parking system shall:

1. (a) set forth factors necessitating the enactment of such parking system; and
2. (b) provide that motor vehicles registered pursuant to section four hundred four-a of this chapter shall be exempt from any permit requirement; and
3. (c) provide the times of the day and days of the week during which permit requirements shall be in effect; and
4. (d) make not less than twenty percent of all spaces within the permit area available to non-residents and shall provide for short-term parking of not less than ninety minutes in duration in such area; and
5. (e) provide the schedule of fees to be paid for such permits; and
6. (f) provide that such fees shall be credited to the general fund of the city.