§ 22-49. Annual budget; use of funds of revolving fund.

The aviation board shall prepare, in accordance with its accounting records, adopt and submit annually to the council, not later than November 1 in each year, a budget of revenues and expenditures for the following calendar year, which shall be first approved by the council before any disbursements are made therefrom. This annual budget may, from time to time, be amended by the board. Funds placed in the revolving fund of the board shall be used exclusively:

(1)

First, for the payment of the expenses of administering, operating and maintaining the municipal airports and aviation facilities in accordance with the annual or amended budget of revenues and expenditures adopted by the board after publication thereof in the official journal of the city and after approval thereof by the council;

(2)

Second, for the further development of any municipally-owned airports and aviation facilities; and

(3)

Third, for the retirement in principal and interest of any bonds issued by the city in accordance with the vote of the property taxpayers of the city for the construction or further development of any airport or airports or aviation facilities belonging exclusively to the city.

(Code 1956, § 4-12.8)