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BULLET St. Louis City Revised Code Chapter 18.12 Airport Revenue and Improvements

St. Louis City Revised Code (annotated) has been converted to electronic format by the staff of the St. Louis Public Library. This electronic version has been done for the interest and convenience of the user. These are unofficial versions and should be used as unofficial copies.

Official printed copies of St. Louis City Revised Code may be obtained from the Register's Office at the St. Louis City Hall.



Chapter 18.12
Airport Revenue and Improvements

Sections:

18.12.010 Accounting system.
18.12.020 Airport revenue fund--Deposits.
18.12.030 Airport revenue fund--Allocations.
18.12.040 Construction fund.
18.12.050 Investments.
18.12.060 Budget.

City Counselor Ops.: 8824, 9322, 9354

18.12.010 Accounting system.

It shall be the duty of the Director of Airports to install and maintain a modern airport accounting system under which revenues, expenses, and capital expenditures with their related fixed charges classified according to functional areas at the airport, as a guide to the airport management and to permit the determination of equitable rates and charges for use of the airport facilities. The accounts shall be audited by the City Comptroller and shall be open to examination by any member of the Board of Aldermen.
(Ord. 54999 9, 1968: 1960 C. 71.010.)

18.12.020 Airport revenue fund--Deposits.

All revenues derived from the operation and use of airports and airport properties, installations and facilities, including the net rentals derived from the lease or use of any lands acquired for airport purposes but which are not immediately being used for airport purposes shall be deposited in the city treasury to the credit of the airport revenue fund of the city. The revenues shall be deposited and held in a bank account or accounts separate from all other bank accounts of the city.
(Ord. 54999 10, 1968: 1960 C. 71.020.)

18.12.030 Airport revenue fund--Allocations.

Sums in the airport revenue fund shall be set aside for, allocated and credited to the following separate accounts by the city comptroller, and such allocations and credits shall be made on the first business day of each and every month.

A. To an account designated the airport operation and maintenance account there shall be credited a sum sufficient to pay the estimated cost of operating and maintaining the airports and airport facilities in good repair and working order during the month; the sum to be determined by the commission.

B. To an account designated the airport revenue bond account there shall be credited in each month sums at least equal to one-sixth of the amount of interest that will become due on all airport revenue bonds then outstanding on the then next interest payment date and, beginning twelve months prior to the first maturity date of any bonds issued for airport purposes, one-twelfth of the amount of principal that will become due on such bonds on the then next maturity date. Sums in the account shall be used only for the payment of the principal of and the interest on the airport revenue bonds of the city as the same shall become due.

C. Into an account designated the airport revenue bond reserve account there shall be deposited the sum of ten thousand dollars per month. The payments shall be continued until the amount deposited and held in account shall equal six hundred thousand dollars. When and as long as the sum of six hundred thousand dollars shall be on deposit in account, no further payments need be made, but should the account be reduced or depleted for any reason, including the payments of bonds or the interest thereon, additional deposits shall be made thereafter at the rate of ten thousand dollars per month until the account shall be replenished and shall have credited thereto not less than the aforesaid sum of six hundred thousand dollars. Sums in the account shall be deposited in a separate bank account, subject to the provisions of Section 18.12.050, and shall be used only for the payment of the principal of and the interest on the airport revenue bonds of the city, and only when and to the extent that other funds are not available for that purpose. Sums in the account shall not be used to pay bonds called for payment prior to maturity unless all bonds issued hereunder are then to be retired.

D. To an account designated the airport replacement, improvement, and contingent account there shall be credited the sum of fifteen thousand dollars per month. The credits shall be continued until the amount accumulated in the account shall equal six hundred thousand dollars. When and as long as the sum of six hundred thousand dollars shall be credited to the account, no further allocations need be made but should the account be reduced or depleted for the purposes hereinafter provided, additional credits shall be made thereafter at the rate of not less than fifteen thousand dollars per month until the account shall be replenished and shall have credited thereto not less than the aforesaid sum of six hundred thousand dollars. Sums in the account shall be expended for the making of replacements, extensions, and improvements to the airports and airport facilities, and for the purpose of meeting unforeseen contingencies and emergencies arising in the operation of the airports and airport facilities of the city.

E. At the end of each fiscal year any balance remaining in the airport revenue fund, after making the allocations and credits required under subsections A, B, C, and D of this section, shall be allocated and credited to an account designated the airport reserve account. Sums in the account shall be expended only for the following purposes and in the following order of priority:

1. For payment to the general revenue fund of the city out of the gross receipts derived from the operation of airports and airport facilities of the city during the fiscal year last ended (excluding therefrom all income derived from investment of airport funds as set forth in Sections 18.12.030 and 18.12.040) a sum equivalent to any gross receipts tax required to be paid to the city by privately owned utilities; however, in no event shall such sum be greater than the amount credited to the airport reserve account during such fiscal year.

2. For extensions and improvements to the airports and airport facilities, or

3. To pay and redeem airport revenue bonds of the city called for redemption according to the terms thereof, or to purchase such bonds in the open market, if obtainable at less than the call price.
(Ord. 54999 11, 1968: 1960 C. 71.030.)

18.12.040 Construction fund.

A construction fund shall be maintained in which shall be deposited:

A. The proceeds from the sale of Airport Revenue Bonds;

B. Reversions of unneeded balances in appropriation ordinances when such appropriation has been made from the construction fund;

C. Grants received from state, federal or other agencies; and

D. Any other airport development funds received, and from the construction fund appropriations may be made to pay the costs of airport acquisition, development, improvement and construction.
(Ord. 54999 12, 1968: 1960 C. 71.040.)

18.12.050 Investments.

All sums in the accounts created by Sections 18.12.030 and 18.12.040 shall be kept on deposit in a bank or banks which are members of the Federal Deposit Insurance Corporation and shall be secured continuously at all times as provided by the laws of the state for other funds of the city, or in the discretion of the board of estimate and apportionment, upon certification of the airport commission that funds are available for investment or reinvestment, such sums or any part thereof may be invested or reinvested in bonds or other obligations of the United States of America maturing or being redeemable at or prior to the time when the funds may be required for use under the terms of this ordinance [title]. All income and profits arising from any such investments shall be credited to the airport revenue fund referred to in section ten of Section 18.12.020.
(Ord. 54999 13, 1968: 1960 C. 71.050.)

18.12.060 Budget.

Prior to the commencement of each fiscal year the director of airports shall prepare a budget which shall be approved by the commission and which sets out the estimated receipts and expenditures of the airports and airport facilities of the city for the then ensuing fiscal year. This budget shall contain:

A. An estimate of the receipts expected to be derived from the operation of the airports and airport facilities;

B. A statement of the estimated cost of operating such airports and airport facilities during the next ensuing fiscal year;

C. A statement of any unusual and extraordinary expenses of operation or maintenance which might be reasonably anticipated and an estimate of the cost thereof;

D. A statement of what replacements to the airports and airport facilities may be anticipated and the estimated cost thereof;

E. A statement of the amount of interest to become due during the ensuing year on the airport revenue bonds then outstanding;

F. A statement of the principal of such bonds which will become due absolutely by their terms during the next ensuing fiscal year;

G. The amounts, if any, to be paid into the accounts established under Section 18.12.030 B, C, and D;

H. A statement of the total amount anticipated to be payable from the revenues of the airports and airport facilities during the next ensuing year.
(Ord. 54999 14, 1968: 1960 C. 71.070.)

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