§ 8-10-5-16 — Budget; rates and charges

The board of directors of a port authority shall
annually prepare a budget for the port authority.
Rents and charges received by the port authority shall be used for
the general expenses of the port authority and to pay interest,
amortization, and retirement charges on money borrowed. If there
remains, at the end of any calendar year, any surplus of such funds after
providing for the above uses, the board of directors may pay such
surplus into the general funds of the political subdivisions creating and
comprising the port authority in proportions to the taxable value of all
property within the port authority which shall be listed on the general
tax lists for the respective subdivisions.
Formerly: Acts 1959, c.343, s.15.