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Ch. 481 Session Laws—1967
"Sec. 14.6. Airport Fund. There is hereby created a separate fund to
be known as the Airport Fund, said fund to be maintained and expended
in the following manner:
"(a) Separate Account. The Airport Fund shall be a separate account,
based on a fiscal year basis beginning on July 1 and ending June 30 of
each year.
"(1) Appropriated Funds. All sums appropriated by the city to the
Airport Authority for the maintenance of the airport, said funds to be
immediately transferred by the finance officer of the city from the general
funds of the city to the Airport Fund upon its due appropriation by the
City Council.
"(2) Income from Operations. All sums received by the Airport Au-thority
from leases or contracts made, rents or fees charged or otherwise
obtained by the Airport Authority through its operation of the airport.
"(3) Government and Private Use. All federal, State, or private funds
received by the city or the Airport Authority for use in the enlargement,
improvement, maintenance, equipment, or operation of the airport.
"(4) Miscellaneous. Any and all other moneys received by either the
city or the Airport Authority which are exclusively or primarily for the
benefit and improvement of the airport.
"(b) Expenditures. All sums at any time in the fund may be expended
by the Airport Authority in such manner as it, in its bylaws, rules or
regulations shall provide.
"(c) Liability of City Limited. The liability of the city upon any
contract, lease or agreement made by the Airport Authority or on ac-count
of any other action taken by the Airport Authority shall be limited
to the extent of the Airport Fund, and in no manner may the Airport
Authority pledge the credit of the city to any greater extent.
"(d) Annual Report and Budget. At the time of making its annual
report as provided for in Section 14.3(e) and as a part thereof, the
Airport Authority shall make a complete financial report, setting forth
all receipts, from whatever source received, which were put into the
Airport Fund during the first nine months of the current fiscal year, and
setting forth all disbursements, to whatever source made, which were
made from the Airport Fund, and setting forth all assets and liabilities
of the Airport Authority at that time. The Airport Fund shall be subject
to an annual audit by a certified public accountant as provided by the city
and approved by the local government commission. Such audit shall be
made at the close of each fiscal year. Along with the May report, the
Airport Authority shall submit a budget for the forthcoming year, from
which the City Council can determine the amount of money necessary to
be appropriated to the Airport Fund for the forthcoming year.
"(e) Refund to the City. If at any time it shall appear to the City
Council that the Airport Fund is greater than necessary to carry out the
duties and plans of the Airport Authority, it may require the Airport
Authority to pay over into the general funds of the city such amount as
may be therein specified; provided, however, that such transfer shall not
be in such a sum as to leave the Airport Fund less than the outstanding
current liabilities of the Airport Authority, without providing for the
payment of such liabilities.
494
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Description
| Title | Page 554 |
| Full Text | Ch. 481 Session Laws—1967 "Sec. 14.6. Airport Fund. There is hereby created a separate fund to be known as the Airport Fund, said fund to be maintained and expended in the following manner: "(a) Separate Account. The Airport Fund shall be a separate account, based on a fiscal year basis beginning on July 1 and ending June 30 of each year. "(1) Appropriated Funds. All sums appropriated by the city to the Airport Authority for the maintenance of the airport, said funds to be immediately transferred by the finance officer of the city from the general funds of the city to the Airport Fund upon its due appropriation by the City Council. "(2) Income from Operations. All sums received by the Airport Au-thority from leases or contracts made, rents or fees charged or otherwise obtained by the Airport Authority through its operation of the airport. "(3) Government and Private Use. All federal, State, or private funds received by the city or the Airport Authority for use in the enlargement, improvement, maintenance, equipment, or operation of the airport. "(4) Miscellaneous. Any and all other moneys received by either the city or the Airport Authority which are exclusively or primarily for the benefit and improvement of the airport. "(b) Expenditures. All sums at any time in the fund may be expended by the Airport Authority in such manner as it, in its bylaws, rules or regulations shall provide. "(c) Liability of City Limited. The liability of the city upon any contract, lease or agreement made by the Airport Authority or on ac-count of any other action taken by the Airport Authority shall be limited to the extent of the Airport Fund, and in no manner may the Airport Authority pledge the credit of the city to any greater extent. "(d) Annual Report and Budget. At the time of making its annual report as provided for in Section 14.3(e) and as a part thereof, the Airport Authority shall make a complete financial report, setting forth all receipts, from whatever source received, which were put into the Airport Fund during the first nine months of the current fiscal year, and setting forth all disbursements, to whatever source made, which were made from the Airport Fund, and setting forth all assets and liabilities of the Airport Authority at that time. The Airport Fund shall be subject to an annual audit by a certified public accountant as provided by the city and approved by the local government commission. Such audit shall be made at the close of each fiscal year. Along with the May report, the Airport Authority shall submit a budget for the forthcoming year, from which the City Council can determine the amount of money necessary to be appropriated to the Airport Fund for the forthcoming year. "(e) Refund to the City. If at any time it shall appear to the City Council that the Airport Fund is greater than necessary to carry out the duties and plans of the Airport Authority, it may require the Airport Authority to pay over into the general funds of the city such amount as may be therein specified; provided, however, that such transfer shall not be in such a sum as to leave the Airport Fund less than the outstanding current liabilities of the Airport Authority, without providing for the payment of such liabilities. 494 |
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