s.20Receipts of the Authority
20
Section 20Part 4 — Financial Provisions

Receipts of the Authority

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The receipts of the Authority shall be classified under the following heads of receipt —
dues, rents and charges received under this Law;
departure tax received under section 4 of the Travel (Departure Tax and Environmental Protection Fee) Law (2003 Revision);
security tax received under the Airports (Security Tax) Regulations (2003 Revision);
amounts borrowed by the Authority;
miscellaneous receipts, including interest on and service of investments; and
aircraft landing and parking fees,
and such receipts shall, within seven days of receipt thereof, be paid into a bank account approved by resolution by the Board.
The receipts of the Authority shall be applied to meet the following heads of expenditure —
reimbursement to the Government of all sums certified by the Financial Secretary as having been borrowed by the Government for airport purposes and the repayment of which is outstanding at the 15th June, 2004, and the arrangements for reimbursing such sums shall be such as may be determined by the Governor;
reimbursement to the Government of all loans certified by the Financial Secretary as having been borrowed by the Government for airport purposes and the repayment of which is outstanding at the 15th June, 2004, and the arrangements for reimbursing such sums shall be such as may be determined by the Governor;
repayment of funds provided by the Governor under this Law;
repayment of overdraft, if any, on current account;
interest on loans;
sinking fund on loan redemption;
repairs and maintenance of buildings and equipment, and other current expenses;
reserve funds for depreciation, bad debts and renewals;
salaries, pensions, gratuities and other benefits of persons employed by the Authority;
training of employees of the Authority;
general reserve fund; and
any other expenditure, capital or otherwise, approved by the Authority.
The Authority shall make an annual payment into the general revenue of the Islands, calculated by a formula determined by the Financial Secretary after consulting the Authority and the Minister, and the balance shall be carried forward to the account of the Authority.
No receipts under subsection (1)(d) shall be taken into account in calculating the amount of any annual payment into the general revenue of the Islands under subsection (3).

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