§36-28.5 - Transfer from airport revenue fund.
[§36-28.5] Transfer from airport revenue fund. Any law to the contrary notwithstanding, there shall be deducted from time to time by the director of finance for the purpose of defraying the prorated estimate of central service expenses of government in relation to the airport revenue fund five per cent of all receipts and deposits in the airport revenue fund after deducting therefrom any amounts pledged, charged, or encumbered for the payment of bonds or interest thereon during the current year, from which receipts or deposits no deduction of five per cent has previously been made. The deductions shall be transferred to the general fund of the State and become general realizations of the State. For the purpose of this section, the term "any amounts pledged, charged, or encumbered for the payment of bonds or interest thereon during the current year" shall include:
(1) Amounts which are so pledged, charged or encumbered;
(2) Amounts otherwise required to be applied to the payment of principal of and interest on revenue bonds or other revenue obligations; and
(3) Amounts required by law to be paid from the airport revenue fund into the general fund of the State to reimburse the general fund for bond requirements for general obligation bonds issued for airport purposes.
The director of transportation shall cooperate with the director of finance in effecting the transfer. [L 1970, c 14, §1]
Cross References
Airport revenue fund, see §248-8.