50-7-15. Cooperative financing agreements. The department, on behalf of the commission, may enter into cooperative agreements with the governing body of a governmental agency, whereby, the initial expenditures for making authorized airport improvements may be paid from any moneys that may be available to the commission and the governmental agency's share of the expenditure may be reimbursed to the commission over a period of three years. The reimbursements shall be paid into the special aviation internal service fund created by § 50-2-16 and used for airport improvement purposes, or shall be paid into the specific fund used to make the initial expenditures. Any governmental agency may enter into a cooperative financing agreement upon the adoption of a resolution authorizing the governing body to enter into the agreement.
Source: SL 1966, ch 4; SL 1992, ch 60, § 2; SL 1997, ch 16, § 15; SL 2014, ch 222, § 54.
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