(a) In general.- The Board of Supervisors of the Association shall maintain a Maintenance and Replacement Fund for the replacement and repair of the major equipment of the Association.
(b) Rate set by Board.- The State Board of Pilots shall determine a percentage of the pilotage fees collected by the Association to be set aside in the Fund.
(c) Approval of expenditures.- The Board of Supervisors of the Association shall obtain written approval from the State Board of Pilots for any expenditures from the Fund.
(d) Maximum balance.-
(1) Except as provided in paragraph (2) of this subsection, the balance in the Fund shall remain at or above $500,000.
(2) (i) The balance of the Fund may fall below $500,000 for expenditures authorized by the Board.
(ii) The balance of the Fund may not remain below $500,000 for more than 10 consecutive years.
(iii) At no time shall the balance of the Fund fall below $100,000.
(e) Payment into fund.- The Board of Supervisors of the Association shall deposit the moneys authorized under subsection (b) of this section into the Maintenance and Replacement Fund.
(f) Fund held in trust, management.-
(1) The Board of Supervisors of the Association shall hold the Maintenance and Replacement Fund in trust.
(2) The Association:
(i) may invest or hold the Fund in any manner that the Association finds desirable, in light of the nature and purpose of the Fund;
(ii) may place control and management of the Fund, or a part of the Fund, with a bank or trust company that is subject to State or federal regulation; and
(iii) is not limited to investments in property that has been designated, under any law of the State, as strictly suitable for investment of a trust fund.
(g) Fund not subject to attachment or execution.- Assets held in trust under this section are not subject to attachment or execution.
(a) In general.- The Board of Supervisors of the Association shall maintain a Maintenance and Replacement Fund for the replacement and repair of the major equipment of the Association.
(b) Rate set by Board.- The State Board of Pilots shall determine a percentage of the pilotage fees collected by the Association to be set aside in the Fund.
(c) Approval of expenditures.- The Board of Supervisors of the Association shall obtain written approval from the State Board of Pilots for any expenditures from the Fund.
(d) Maximum balance.-
(1) Except as provided in paragraph (2) of this subsection, the balance in the Fund shall remain at or above $500,000.
(2) (i) The balance of the Fund may fall below $500,000 for expenditures authorized by the Board.
(ii) The balance of the Fund may not remain below $500,000 for more than 10 consecutive years.
(iii) At no time shall the balance of the Fund fall below $100,000.
(e) Payment into fund.- The Board of Supervisors of the Association shall deposit the moneys authorized under subsection (b) of this section into the Maintenance and Replacement Fund.
(f) Fund held in trust, management.-
(1) The Board of Supervisors of the Association shall hold the Maintenance and Replacement Fund in trust.
(2) The Association:
(i) may invest or hold the Fund in any manner that the Association finds desirable, in light of the nature and purpose of the Fund;
(ii) may place control and management of the Fund, or a part of the Fund, with a bank or trust company that is subject to State or federal regulation; and
(iii) is not limited to investments in property that has been designated, under any law of the State, as strictly suitable for investment of a trust fund.
(g) Fund not subject to attachment or execution.- Assets held in trust under this section are not subject to attachment or execution.
(a) In general.- The Board of Supervisors of the Association shall maintain a Maintenance and Replacement Fund for the replacement and repair of the major equipment of the Association.
(b) Rate set by Board.- The State Board of Pilots shall determine a percentage of the pilotage fees collected by the Association to be set aside in the Fund.
(c) Approval of expenditures.- The Board of Supervisors of the Association shall obtain written approval from the State Board of Pilots for any expenditures from the Fund.
(d) Maximum balance.-
(1) Except as provided in paragraph (2) of this subsection, the balance in the Fund shall remain at or above $500,000.
(2) (i) The balance of the Fund may fall below $500,000 for expenditures authorized by the Board.
(ii) The balance of the Fund may not remain below $500,000 for more than 10 consecutive years.
(iii) At no time shall the balance of the Fund fall below $100,000.
(e) Payment into fund.- The Board of Supervisors of the Association shall deposit the moneys authorized under subsection (b) of this section into the Maintenance and Replacement Fund.
(f) Fund held in trust, management.-
(1) The Board of Supervisors of the Association shall hold the Maintenance and Replacement Fund in trust.
(2) The Association:
(i) may invest or hold the Fund in any manner that the Association finds desirable, in light of the nature and purpose of the Fund;
(ii) may place control and management of the Fund, or a part of the Fund, with a bank or trust company that is subject to State or federal regulation; and
(iii) is not limited to investments in property that has been designated, under any law of the State, as strictly suitable for investment of a trust fund.
(g) Fund not subject to attachment or execution.- Assets held in trust under this section are not subject to attachment or execution.
