§8-29-15. Disposition of surplus of authorities.
If an authority should realize a surplus, whether from
operating the airport or leasing it for operation, over and above
the amount required for the equipping, improvement, maintenance and
operation of the airport and for meeting all required payments on
its obligations, it shall set aside such reserve for future
equipping, improvements, maintenance, operations and contingencies
as it shall deem proper and shall then apply the residue of such
surplus, if any, to the payment of any recognized and established
obligations not then due, and after all such recognized and
established obligations have been paid off and discharged in full,
the authority shall, at the end of each fiscal year, set aside the
reserve for future equipping, improvements, maintenance, operations
and contingencies, as aforesaid, and then pay the residue of such
surplus, if any, to the municipalities and counties in direct
proportion to their contribution of moneys and property.
Note: WV Code updated with legislation passed through the 2016 Regular Session
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