§ 6-I — Airport development and amortization funds

New York § 6-I

• Jurisdiction: New York
• Law GMU: General Municipal
• Art. 2: General Municipal Finances

Text

§ 6-i. Airport development and amortization funds. a. There shall be a\nfund set up for each airport acquired, constructed or maintained by a\nmunicipal corporation, which fund shall be known as the\n"................ airport development fund". There shall be paid into\nsuch fund all payments for leases, permits or other privileges at such\nairport, received prior to its construction or to the commencement of\nits operation. All moneys paid into such fund shall be used solely for\nthe acquisition, construction or physical development of such airport.\n b. There shall be a fund set up for each airport hereafter acquired or\nconstructed by a municipal corporation, which fund shall be known as the\n"................ airport amortization fund". There shall be paid into\nsuch fund all revenues derived from the operation of such airport except\nparking fees, sightseeing fees and rentals derived from leases of real\nproperty at such airport not used exclusively for air transportation\noperations. The moneys paid into such fund shall be applied to the\npayment of interest on and the retirement of any outstanding\nindebtedness incurred for the acquisition and construction of such\nairport but any balance remaining beyond the amount required for such\npurposes shall be paid into the general fund of such municipal\ncorporation for general municipal purposes.\n