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

(1)  Amounts which are so pledged, charged orencumbered;

(2)  Amounts otherwise required to be applied to thepayment of principal of and interest on revenue bonds or other revenueobligations; and

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

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

 

Cross References

 

  Airport revenue fund, see §248-8.