§ 947 — Joint funds

(a) For the purpose of providing funds for necessary expenditures in carrying out the joint operations, a joint fund shall be created and maintained, into which each of the political subdivisions involved shall deposit its proportionate share as provided by the joint agreement, such funds to be provided for by bond issues, tax levies and appropriations made by each political subdivision in the same manner as though it were acting separately under the authority of this chapter, and into which shall be paid the revenues obtained from the ownership, control and operation of the airports and other air navigation facilities jointly controlled, to be expended as provided in § 926 of this title. Revenues in excess of cost of maintenance and operating expenses of the joint properties shall be divided as provided in the original agreement for the joint venture.

(b) All disbursements from the joint fund shall be made by order of the board in accordance with such rules and regulations and for such purposes as the appointing governing bodies, acting jointly, shall prescribe.

Legislative History

Code 1935, c. 167; 45 Del. Laws, c. 300, § 11(10), (11) ; 2 Del. C. 1953, § 947