(a) Creation of Fund. All fees, charges, rentals and revenue from every source collected by the Department of Airports in connection with its possession, management and control of the Airport Assets shall be deposited in the City Treasury to the credit of the Airport Revenue Fund. However, there shall be excluded from the Airport Revenue Fund any revenues received or to be received for the payment of any special purpose indebtedness of the Department payable solely out of the monies received or collected by the Department for the use or operation of special purpose facilities. This fund shall be exempt from the end of year transfer provisions of Section 344.
The Board may create for each airport, heliport and related facility operated by the Department, one or more separate revenue and expense accounts within the Airport Revenue Fund. The Board may place in said account all or a portion of the revenues, income and expenses derived from or allocated to one or more airports owned, operated or controlled by the Department. If separate accounts are created in the Airport Revenue Fund, the Board may create corresponding separate accounts in the Maintenance and Operation Reserve Fund. With respect to one or more airports, the Board may choose to fund Maintenance and Operation Reserve Fund and to pay debt service and maintenance and operations expenses attributable to said airport or airports solely from the monies placed in a specified account or accounts in the Airport Revenue Fund or may choose to pay such amounts and expenses from any monies held in the Airport Revenue Fund or in any account or subaccount thereof, all in such manner as the Board shall determine. Notwithstanding anything to the contrary herein, if separate accounts are created in the Airport Revenue Fund and/or Maintenance and Operation Reserve Fund, the Board shall have the power to direct that such monies can be used solely for a specified purpose related to the airport, heliport and related facility from which such monies are derived or to which such monies have been allocated. The implementation or subsequent modification of any of the foregoing provisions of this paragraph shall be subject to approval by ordinance.
(b) Use of Funds. The money in the Airport Revenue Fund may not be appropriated or expended for any purpose except the following:
(1) Operation and Maintenance. For the necessary expenses of operating the Department of Airports, including the operation, promotion and maintenance of the Airport Assets for Departmental Purposes.
(2) Development of Assets. For the acquisition, construction, completion and maintenance of airport improvements, works, utilities, facilities, services and aircraft for Departmental Purposes, and for the acquisition or taking by purchase, lease, condemnation or otherwise of any property, real or personal, or other interest necessary or convenient for Departmental Purposes.
(3) Payment of Debt. For the payment of the principal and interest of bonds issued by the department or by the City for Departmental Purposes.
(4) Pension Contributions. For defraying the expenses of any pension or retirement system applicable to the employees of the department.
(5) Reimbursements. For reimbursement to another department or office of the City on account of services rendered, or materials, supplies or equipment furnished to support Departmental Purposes.
(6) Discretionary Transfer to General Fund. For transfer to the General Fund of money determined by the board to be surplus, but only to the extent not inconsistent with federal or state law, regulation or contractual obligations.