The Board shall be limited in its operation and authority as follows.
(A) The Board shall not enter into any lease of a term of more than three years without the prior permission of the City Council, following publication of notice and hearing as required by law.
(B) The Board shall not dispose of any real property without the prior approval of the City Council.
(C) The Board shall not have the power to borrow money, issue bonds or other obligations without the consent of the City Council. The Board shall have the authority to collect and use, for the purposes set out herein, all revenues generated from the operation of the municipal airport, except that no provision hereof shall in any way affect the validity of any outstanding revenue bonds relating to the municipal airport. To the extent any such revenue bonds are outstanding at the time of implementation of this subchapter, the revenues of the municipal airport reserved for the payment of any such revenue bonds prior to the enactment of this subchapter shall continue to be allocated of the payment of such bonds until they are completely and finally paid. The Board shall not have the power or authority to take any action contrary to the provisions of this division (C).
(Prior Code, § 2-9-5) (Ord. 203, passed 1-3-1977)