3-147. Same; how revenues kept and used.
3-147
3-147. Same; how revenues kept and used.
Revenues derived from the operation of any airport financed in whole or
in part by revenue bonds authorized by this act shall be paid into the
treasury of the city and kept in a separate fund and shall not be used
except for the purpose of paying the cost of operation, maintenance and
improvement of such utility, providing an adequate depreciation fund and
paying the principal of and the interest upon the revenue bonds issued
under this act. In the event the municipal airport operated by any such
city is operated by a board of park commissioners or an airport authority,
then revenue derived from the operation of such airport shall be paid into
the treasury of such board of park commissioners or such airport authority
subject to the limitations of this section.
History: L. 1951, ch. 174, § 3; L. 1975, ch. 5, § 12; July 1.