3-144k. Same; deposit of proceeds; use of funds.
3-144k
3-144k. Same; deposit of proceeds; use of funds.
Funds derived from the sale of said real estate as hereinbefore
authorized may be deposited in a special airport fund, and said city may
use proceeds from said sale or sales at any time within five (5) years from
the date of the resolution of the governing body of said city finding that
an existing airport or field is no longer needed, suitable, adaptable or
feasible, to purchase land for another airport or field for aviation
purposes, but, if another airport or field for aviation purposes is not
purchased within said five (5) years' time or at any time after depositing
the same in a special airport fund, the governing body of said city shall
not deem it necessary to maintain said special fund, then said proceeds
from said sale, shall be placed in the general fund of said city.
History: L. 1963, ch. 11, § 4; March 23.