3-141. Same; disposition of moneys.
3-141
3-141. Same; disposition of moneys.
If the governing body of any city shall sell a municipal airport or
municipal field for aviation purposes as herein provided, the proceeds from
said sale shall be deposited in a special airport fund, and said city may
use said proceeds from said sale at any time within five years from the
date of said sale to purchase land for another municipal airport or
municipal field for aviation purposes, but if another municipal airport or
municipal field for aviation purposes is not purchased within said five
years' time, then said proceeds from said sale shall be deposited in a
sinking fund, to be used to retire any unretired airport or airfield bonds
originally issued by said city, in such proportion or manner as the
governing body shall by resolution direct. If there are no unretired
airport or airfield bonds of said city, then said funds shall be placed in
the general fund of said city.
History: L. 1943, ch. 7, § 3; March 13.