N.Y. General Municipal Law § 6-i: Airport development and amortization funds

§ 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.

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.