§ 2-161. Definitions.

The following words, terms and phrases, when used in this division, shall have the meanings ascribed to them in this section, except where the context clearly indicates a different meaning:

Authority means the City of Madison Airport Authority as created by the provisions of this division.

Cost of the project embraces the cost of construction, the cost of all lands, properties, rights, easements and franchises acquired, the cost of all machinery, equipment, financing charges, interest prior to and during construction, the cost of engineering, architectural, fiscal and legal expenses, the cost of plans and specifications, and such other expenses as may be necessary or incident to the financing authorized in this division, the construction and improving of any project, and the placing of the project in operation. Any obligation or expense incurred for any of the foregoing purposes shall be regarded as a part of the cost of the project and may be paid or reimbursed as such out of any funds of the authority, including the proceeds from any revenue bonds issued under the provisions of this division for any project.

Project means and includes the acquisition, construction, equipping, maintenance, improving, and operation of public airports and landing fields for the use of aircraft and related buildings and the usual and convenient facilities appertaining to such facilities, acquiring the necessary property, both real and personal, and the lease and sale of any part of all such facilities, including real and personal property, so as to assure the efficient and proper development, maintenance and operation of such airports and landing fields for the use of aircraft deemed by the authority to be necessary, convenient or desirable.

Revenue bonds, bonds or obligations means revenue bonds as defined and provided for in the Revenue Bond Law (1957 Ga. Laws, page 36) amending the law formerly known as the Revenue Certificate Law of 1937 (1937 Ga. Laws, page 761); and such type of obligations may be issued by the authority as authorized under the Revenue Bond Law and, in addition, shall also mean obligations of the authority, the issuance of which are hereinafter authorized in this division.

Self-liquidating, in regard to any project, means that, in the judgment of the authority, the revenues and earnings to be derived by the authority from the project, and all properties used, leased and sold in connection with the project will be sufficient to pay the cost of operating, maintaining and repairing, and improving and extending the project, and to pay the principal and interest of the revenue bonds which may be issued to finance, in whole or in part, the cost of a project.

(Code 1991, § 16-106)

Cross reference

Definitions generally, § 1-2.