The powers of the Bi-State Authority shall be as follows:
(A) Govern, control, operate, manage, maintain and improve Lawrenceville-Vincennes Municipal Airport and any other facilities, improvements and property as it shall obtain in connection therewith.
(B) Enter into an agreement with the City of Lawrenceville, Illinois, with the concurrence of the Federal Aviation Agency, leasing from the city the airport for a period and upon those terms and conditions as the Bi-State Authority and that city may agree.
(C) Receive from the City of Lawrenceville, take control of and manage all funds of the City of Lawrenceville belonging to the airport or appropriated or earmarked for or committed to the purposes of the airport, subject however, to all valid contracts, agreements, commitments and obligations of the City of Lawrenceville with respect to the airport and the use of its funds. The custody and accountability for the funds are hereby authorized and directed to be set over to the Bi-State Authority and the Bi-State Authority is hereby established as succeeding to the position heretofore held by that city with respect to all contracts, agreements, commitments and obligations except, however, those as between the United States of America and the city under the terms and provisions of the quitclaim deed identified in § 34.01.
(D) Assume, perform and carry out all valid and existing contracts of the City of Lawrenceville with respect to the airport and to receive on behalf of the airport all moneys, funds, rents, royalties and profits due the City of Lawrenceville or the airport under any contracts, agreements, leases or other arrangements with respect to the airport, and to sue for and collect any sums lawfully due and to require specific performance of any such contracts. To enter into contracts for the operation, maintenance, repairs and improvement of the airport and any of its facilities.
(E) Appropriate and expend those funds of the airport as the Bi-State Authority shall deem necessary or advisable for the proper maintenance, care, operation, control and improvement of the airport and its facilities.
(F) Lease portions of the airport premises and facilities on those terms and conditions as the Bi-State Authority shall deem proper, and to sell, encumber or dispose of any personal property, fixtures and improvements as shall be in the best interests of the airport; provided, that all valid and subsisting leases and contracts of the City of Lawrenceville shall be kept by the Bi-State Authority and that no lease, sale or other disposition of any of the airport property or facilities shall be made in conflict with any other valid and subsisting contracts or in conflict with any of the restrictions, exceptions or reservations contained in the quitclaim deed from the United States of America to the City of Lawrenceville or contrary to the regulations and policies of the Federal Aviation Agency.
(G) Borrow money for the purpose of improvement of the airport or its facilities and to issue revenue bonds for those purposes. To lease the farm land on the airport or any portions thereof under farm rental agreements, subject however to the terms of the current farm management contract of the City of Lawrenceville, and to lease the lands and portions thereof for exploration and development of the mineral resources and such other purposes, also subject to any existing leases, and to receive on behalf of the airport all farm rentals, royalties, profits and other considerations therefor, and to pay out all reasonable and necessary expenses in connection with any such agreements and operations.
('71 Code, § 43.08) (Ord. 1214, passed 4-9-64)