3-408.   Certain second-class cities authorized to use moneys derivedfrom joint operation of airport for industrial building; lease.The provisions of this act shall apply to any two (2) cities of thesecond class which own and hold as tenants in common lands which are usedas an airport, and which airport is jointly operated, controlled, andmaintained by such cities. Whenever, in the opinion of the governing bodiesof such two (2) cities, the public services and welfare can be advancedthereby, such governing bodies may use any moneys which have been derivedfrom the joint operation of an airport which they shall determine are notnecessary to be used for the joint operation, control, maintenance,improvement, or development of such airport, for the construction,equipment, and maintenance of a building to be used for industrialpurposes, which building shall be located on part of the lands owned oracquired for airport purposes, but which portion of land is not needed forairport purposes. The governing bodies of such cities may jointly lease anyindustrial building so constructed and equipped for such terms and uponsuch conditions as the governing bodies of such cities jointly shall fix.The governing bodies of such cities may enter into contracts or agreementswith each other, duly authorized by such governing bodies, for their jointconstruction, equipment, maintenance, operation, control, and improvementof any such industrial building.

      History:   L. 1957, ch. 137, § 1; June 29.