This text of Indiana § 8-22-4-3 (Funding; revenue bonds; loans; budget; expenses and costs; records) is published on Counsel Stack Legal Research, covering Indiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
(a)A party state is not obligated to appropriate
funds of the state for the development, support, and maintenance of the
airport authority. All revenue received from the air facility and the
property, both real and personal, within the jurisdiction and control of
the airport authority must be applied to the maintenance and
development of the air facility. All limitations upon expenditures,
which may be an element of title to the real estate held by the airport
authority, must be observed.
(b)Revenue bonds to be retired exclusively from income received
from the operation of the air facility may be issued by the airport
authority and in the name of the authority in accordance with the
statutes of the state in which the air facility is located that prescribe the
terms and conditions for the
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(a) A party state is not obligated to appropriate
funds of the state for the development, support, and maintenance of the
airport authority. All revenue received from the air facility and the
property, both real and personal, within the jurisdiction and control of
the airport authority must be applied to the maintenance and
development of the air facility. All limitations upon expenditures,
which may be an element of title to the real estate held by the airport
authority, must be observed.
(b) Revenue bonds to be retired exclusively from income received
from the operation of the air facility may be issued by the airport
authority and in the name of the authority in accordance with the
statutes of the state in which the air facility is located that prescribe the
terms and conditions for the issuance of revenue bonds by airport
authorities.
(c) The airport authority may secure loans from private financing
and offer as collateral those assets, real, personal or mixed, in
accordance with the statutes of the state in which the airport is located.
(d) Each year the airport authority shall prepare a budget of its
estimated expenditures for the fiscal year beginning on January 1 of the
succeeding year and shall before July 2 submit a copy of the report to
the various combining governmental units. The estimated expenditures
must be allocated and pro rated equally between the various combining
governmental units and a statement of the allocated amount must be
included in the copy of the budgetary report submitted to the
combining governmental units. To provide funds to pay its share of the
proposed expenditures, each combining governmental unit may
annually levy a tax on property located within the governmental unit at
a rate sufficient to raise funds to pay its pro rated share of estimated
expenditures. The tax shall be levied and collected in the same manner
as other property taxes are levied and collected by the governmental
unit and in accordance with the statutes of the state in which the unit
is located. The money raised by the tax levy shall be appropriated and
distributed to the airport authority by the governmental unit. Funds so
appropriated shall be used exclusively for the development and
maintenance of the air facility.
(e) The airport authority may meet any of its obligations, in whole
or in part, with funds made available to it under section 2 of this
chapter. However, the airport authority must take specific action to set
aside those funds before incurring an obligation to be met in whole or
in part in this manner.
(f) The expenses and other costs for each member of the airport
authority shall be met by the airport authority in accordance with the
standards and procedures that it establishes under its bylaws, rules, and
regulations.
(g) The airport authority shall keep accurate records of all receipts
and disbursements. The receipts and disbursements of the airport
authority are subject to an annual audit and accounting procedures
established under its bylaws. All receipts and disbursements of funds
handled by the airport authority shall be audited by a qualified public
accountant and the report of the audit shall be incorporated into and
become a part of the annual report of the airport authority.
(h) The accounts of the airport authority shall be kept open to
inspection by the general public at any reasonable times.
[Pre-Local Government Recodification Citation:
19-6-5-3.]
As added by Acts 1980, P.L.8, SEC.73.