The airport authority is hereby declared to be a “municipality” within the meaning of the Revenue Bond Act of 1938 having the power to issue revenue bonds for airport purposes under and pursuant to the provisions thereof. In addition to the power conferred upon the airport authority by the Revenue Bond Act to issue revenue refunding bonds for the purposes set forth in said act, the airport authority is hereby authorized to issue revenue refunding bonds under the Revenue Bond act for the purpose of refunding any revenue bonds then outstanding which shall have been issued under the provisions of the Revenue Bond Act or any bonds, notes, or other securities then outstanding which shall have been issued under the provisions of this act, or any combination thereof, including the payment of any redemption premium thereon and any interest accrued or to be accrued to the date of redemption of such bonds, notes, or other securities, and, if deemed advisable by the board of directors, to provide for the issuance of revenue refunding bonds under the Revenue Bond Act for the combined purpose of (a) refunding any bonds then outstanding which shall have been issued under the provisions of the Revenue Bond Act or any bonds, notes, or other securities then outstanding which shall have been issued under the provisions or this act, or any combination thereof, and (b) financing in whole or in part the reconstruction, improvement, betterment, or extension of the undertaking or facility for which the bonds, notes or other securities to be refunded shall have been issued, or the acquisition, construction, reconstruction, improvement, betterment, or extension of any undertaking or facility combined or to be combined with the undertaking or facility for which the bonds, notes, or other securities to be refunded shall have been issued. The issuance of any such revenue refunding bonds by the airport authority under the provisions of the Revenue Bond Act shall be governed by the provisions of the Revenue Bond Act insofar as the same may be applicable. The powers contained in the Revenue Bond Act and hereby conferred on the airport authority shall be deemed to be in addition to and not in substitution for the powers conferred on the airport authority by this act so that the airport authority may, at its option, proceed under the Revenue Bond act without regard to any restrictions or limitations imposed by this act or proposed under this act without regard to any restrictions or limitations imposed by the Revenue Bond Act; provided, however, that in no event shall any bonds, notes, or other securities, including any revenue bonds issued under the Revenue Bond Act, be issued by the airport authority without the approval of the board of commissioners for the County of Dare.
(Sess. Laws 1971, ch. 503, § 5.)