Sec. 115.
Before the beginning of each fiscal year, the board shall prepare a budget containing an itemized statement of the estimated current operational expenses and the expenses for capital outlay including funds for the operation and development of the airport under the jurisdiction of the board, and the amount necessary to pay the principal and interest of any outstanding bonds or other obligations of the authority maturing during the ensuing fiscal year or which have previously matured and are unpaid, and an estimate of the revenue of the authority from all sources for the ensuing fiscal year. The board shall adopt that budget in accordance with the uniform budgeting and accounting act, 1968 PA 2, MCL 141.421 to 141.440a.
History: Add. 2002, Act 90, Imd. Eff. Mar. 26, 2002
Structure Michigan Compiled Laws
Act 327 of 1945 - Aeronautics Code of the State of Michigan (259.1 - 259.208)
Section 259.108 - Short Title of Chapter.
Section 259.109 - Definitions.
Section 259.115 - Preparation of Annual Budget.
Section 259.118 - Operational Jurisdiction Over Airport; Transfer to Authority; Effect.
Section 259.119 - Election by Employees to Transfer to Authority; Requirements.
Section 259.120 - Sources of Revenue.
Section 259.121 - Other Publicly Owned Airports; Transfer of Operational Jurisdiction.
Section 259.122 - Issuance of Bonds by Authority.
Section 259.123 - Borrowing Money and Issuing Municipal Securities.
Section 259.124 - Bonds or Other Evidence of Indebtedness; Tax Exemption.
Section 259.125 - Legislative Body of Local Government; Actions.
Section 259.125a - Interest Rate Exchange or Agreement.
Section 259.125b - Contract Between Authority and Bond Holder; Provisions.