South Carolina § 55-11-660 - Disposition of revenues derived from facilities.

§ 55-11-660. Disposition of revenues derived from facilities.

All revenues derived by the authority from the operation of any revenue-producing facility which may not be required to operate, maintain, enlarge, and improve its airport facilities, or to create any necessary reserves for them, or to pay obligations incurred in the issuance of any revenue bonds sold pursuant to the resolution or resolutions adopted by it in connection with the issuance of the bonds may, in the discretion of the authority, either:

(1) create surplus revenues to be used for future capital projects of the authority;

(2) used to reduce the outstanding bonded indebtedness of the authority; or

(3) otherwise be used for purposes permitted by FAA policy and applicable procedures, as they now exist or may hereafter be adopted.

HISTORY: 1990 Act No. 545, SECTION 3; 1998 Act No. 365, SECTION 1, eff June 10, 1998; 2012 Act No. 270, SECTION 5, eff June 18, 2012.

Effect of Amendment

The 1998 amendment rewrote this section.

The 2012 amendment made no apparent changes.