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360.68 AIRPORT JOINTLY OWNED; REVENUE CERTIFICATES.
Any city of the second, third, or fourth class, statutory city, or county which now or hereafter
owns a public airport licensed as such by the Minnesota Department of Transportation or any city
of such class and a county acting jointly in the ownership of a public airport so licensed may issue
and sell revenue certificates to provide the money for the construction or purchase of hangars,
repair shops, and other buildings on the airport site designed for the repair, reconstruction,
servicing, and storage of aeroplanes when authorized to do so by an ordinance or resolution
adopted by a vote of 60 percent of the members of the governing body of the municipality and
in the case of joint ownership of a public airport by a city and county then by an ordinance or
resolution adopted by a vote of 60 percent of the governing body of each. At or before the time
that any such revenue certificates are issued, the governing body or bodies as the case may be
shall by ordinance or resolution establish an airport building revenue certificate fund into which
the proceeds from the sale of such certificates shall be placed and any revenue certificates issued
under the provisions of sections 360.68 to 360.73 shall be payable solely from and constitute an
obligation only of such fund and shall not constitute an indebtedness of the issuing city or county
under any applicable law or charter provision, but shall confer on the holder all other rights of a
holder of a negotiable instrument. In any case where a municipality has a commission or board or
where a county and city have entered into an agreement for joint ownership and maintenance of a
public airport and have created a commission or board having any control over the public airport
where such hangar, shop, or other building is to be erected, no airport building revenue certificate
fund shall be established and no revenue certificates issued under sections 360.68 to 360.73 unless
such commission or board shall also by resolution adopted by a vote of three-fourths of the
membership of such commission or board also approve such establishment and issuance.
History: 1949 c 590 s 1; 1973 c 123 art 5 s 7; 1976 c 166 s 7

Official Publication of the State of Minnesota
Revisor of Statutes