Legislation
SECTION 6-I
Airport development and amortization funds
General Municipal (GMU) CHAPTER 24, ARTICLE 2
§ 6-i. Airport development and amortization funds. a. There shall be a
fund set up for each airport acquired, constructed or maintained by a
municipal corporation, which fund shall be known as the
"................ airport development fund". There shall be paid into
such fund all payments for leases, permits or other privileges at such
airport, received prior to its construction or to the commencement of
its operation. All moneys paid into such fund shall be used solely for
the acquisition, construction or physical development of such airport.
b. There shall be a fund set up for each airport hereafter acquired or
constructed by a municipal corporation, which fund shall be known as the
"................ airport amortization fund". There shall be paid into
such fund all revenues derived from the operation of such airport except
parking fees, sightseeing fees and rentals derived from leases of real
property at such airport not used exclusively for air transportation
operations. The moneys paid into such fund shall be applied to the
payment of interest on and the retirement of any outstanding
indebtedness incurred for the acquisition and construction of such
airport but any balance remaining beyond the amount required for such
purposes shall be paid into the general fund of such municipal
corporation for general municipal purposes.
fund set up for each airport acquired, constructed or maintained by a
municipal corporation, which fund shall be known as the
"................ airport development fund". There shall be paid into
such fund all payments for leases, permits or other privileges at such
airport, received prior to its construction or to the commencement of
its operation. All moneys paid into such fund shall be used solely for
the acquisition, construction or physical development of such airport.
b. There shall be a fund set up for each airport hereafter acquired or
constructed by a municipal corporation, which fund shall be known as the
"................ airport amortization fund". There shall be paid into
such fund all revenues derived from the operation of such airport except
parking fees, sightseeing fees and rentals derived from leases of real
property at such airport not used exclusively for air transportation
operations. The moneys paid into such fund shall be applied to the
payment of interest on and the retirement of any outstanding
indebtedness incurred for the acquisition and construction of such
airport but any balance remaining beyond the amount required for such
purposes shall be paid into the general fund of such municipal
corporation for general municipal purposes.