3-147.   Same; how revenues kept and used.Revenues derived from the operation of any airport financed in whole orin part by revenue bonds authorized by this act shall be paid into thetreasury of the city and kept in a separate fund and shall not be usedexcept for the purpose of paying the cost of operation, maintenance andimprovement of such utility, providing an adequate depreciation fund andpaying the principal of and the interest upon the revenue bonds issuedunder this act. In the event the municipal airport operated by any suchcity is operated by a board of park commissioners or an airport authority,then revenue derived from the operation of such airport shall be paid intothe treasury of such board of park commissioners or such airport authoritysubject to the limitations of this section.

      History:   L. 1951, ch. 174, § 3; L. 1975, ch. 5, § 12; July 1.