South Carolina Statutes
§ 55-11-660 — Disposition of revenues derived from facilities.
All revenues derived by the authority from the operation of any revenue-producing facility which may not be required to operate, maintain, enlarge, and improve its airport facilities, or to create any necessary reserves for them, or to pay obligations incurred in the issuance of any revenue bonds sold pursuant to the resolution or resolutions adopted by it in connection with the issuance of the bonds may, in the discretion of the authority, either:
(1)create surplus revenues to be used for future capital projects of the authority;
(2)used to reduce the outstanding bonded indebtedness of the authority; or (3) otherwise be used for purposes permitted by FAA policy and applicable procedures, as they now exist or may hereafter be adopted.
Free access — add to your briefcase to read the full text and ask questions with AI
South Carolina § 55-11-660 (Disposition of revenues derived from facilities.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
HISTORY: 1990 Act No. 545, SECTION 3; 1998 Act No. 365, SECTION 1, eff June 10, 1998; 2012 Act No. 270, SECTION 5, eff June 18, 2012. Effect of Amendment The 1998 amendment rewrote this section. The 2012 amendment made no apparent changes.
Nearby Sections
15
§ 55-11-10
Powers of board of trustees.§ 55-11-140
Powers and duties of Commission.§ 55-11-150
Issuance of revenue bonds.§ 55-11-160
Disposition of unpledged revenues.§ 55-11-180
Property and income exempt from taxes.§ 55-11-190
Obligations not to be impaired.§ 55-11-200
Contributions by counties equalized.