[§36-28.5]  Transfer from airport revenue
fund.  Any law to the contrary notwithstanding, there shall be deducted
from time to time by the director of finance for the purpose of defraying the
prorated estimate of central service expenses of government in relation to the
airport revenue fund five per cent of all receipts and deposits in the airport
revenue fund after deducting therefrom any amounts pledged, charged, or
encumbered for the payment of bonds or interest thereon during the current
year, from which receipts or deposits no deduction of five per cent has
previously been made.  The deductions shall be transferred to the general fund
of the State and become general realizations of the State.  For the purpose of
this section, the term "any amounts pledged, charged, or encumbered for
the payment of bonds or interest thereon during the current year" shall
include:



(1)  Amounts which are so pledged, charged or
encumbered;



(2)  Amounts otherwise required to be applied to the
payment of principal of and interest on revenue bonds or other revenue
obligations; and



(3)  Amounts required by law to be paid from the
airport revenue fund into the general fund of the State to reimburse the
general fund for bond requirements for general obligation bonds issued for airport
purposes.



The director of transportation shall cooperate
with the director of finance in effecting the transfer. [L 1970, c 14, §1]



 



Cross References



 



  Airport revenue fund, see §248-8.