§ 6-i. Airport development and amortization funds. a. There shall be a fund set up for each airport acquired, constructed or maintained by a municipal corporation, which fund shall be known as the "……………. airport development fund". There shall be paid into such fund all payments for leases, permits or other privileges at such airport, received prior to its construction or to the commencement of its operation. All moneys paid into such fund shall be used solely for the acquisition, construction or physical development of such airport.

Terms Used In N.Y. General Municipal Law 6-I

  • Amortization: Paying off a loan by regular installments.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.

b. There shall be a fund set up for each airport hereafter acquired or constructed by a municipal corporation, which fund shall be known as the "……………. airport amortization fund". There shall be paid into such fund all revenues derived from the operation of such airport except parking fees, sightseeing fees and rentals derived from leases of real property at such airport not used exclusively for air transportation operations. The moneys paid into such fund shall be applied to the payment of interest on and the retirement of any outstanding indebtedness incurred for the acquisition and construction of such airport but any balance remaining beyond the amount required for such purposes shall be paid into the general fund of such municipal corporation for general municipal purposes.

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