Chap. 1.—An ACT to amend and reenact Section 6, Section 7 and Section 12,
of Chapter 22 of the Acts of Assembly of 1946, approved February 18, 1946,
relating to the creation of a commission known as “The Peninsula Airport
Commission”, and providing for the establishment and operation of airports
and air navigation facilities by such commission, and prescribing the rights,
powers, duties and functions of such commission, and of the counties, cities
and towns for which such commission was created. [S 4

Approved January 23, 1948

Be it enacted by the General Assembly of Virginia:

1. That section six, of chapter twenty-two of the Acts of
Assembly of nineteen hundred forty-six, approved February
eighteen, nineteen hundred forty-six, be amended and reenacted as
follows:

Section 6. The commission shall prepare annually and submit
to the governing bodies of the respective counties, cities and towns
for which it is formed for their approval, a budget showing the
estimated revenues it may reasonably expect to receive for such
year, and its estimated expenses for all purposes for such period.
After the approval of such budget the commission shall be limited
in its expenditures for such year to the estimated expenses shown
therein, and shall not commit the participating subdivisions beyond
appropriations actually made. If the estimated expenditures exceed
the estimated revenue from the operation of the commission for
such year the governing bodies of the participating local subdivi-
sions shall appropriate, in the proportions in which they are
financially interested in the operations of the commission, the
funds necessary to supply the deficiency. If the actual revenue re-
ceived shall be less than the estimated revenue as approved in the
budget, the governing bodies of the participating local subdivisions
may appropriate, in the same manner, the funds necessary fo supply
the deficiency.

In the event that the commission does not seek any appropria-
tions from the participating subdivisions for a calendar year, then
the commission shall not be required to submit a budget for such
year to the participating subdivisions for their approval, but shall
make an annual financial report in lieu thereof. The commission
may expend any and all funds received from the participating sub-
divisions and any and all revenues derived from the airport or
derived from revenue-producing operations of the commission, with-
out obtaining the approval of the participating subdivisions, but the
commission shall not commit the participating subdivisions beyond
appropriations actually made by the governing bodies of said
subdivisions.
2. That section seven, of chapter twenty-two of the Acts of
Assembly of nineteen hundred forty-six, approved February
eighteen, nineteen hundred forty-six, be amended and reenacted
as follows:

Section 7. After July first, nineteen hundred fifty-three, if the
funds received by the commission in any year, including money ap-
propriated for its use by the participating subdivisions, shall exceed
its appropriations for such year, the surplus shall be set aside for
capital improvements, extensions and operational expenses. When-
ever any such surplus fund shall amount to one hundred thousand
dollars any additional revenue in any year in excess of operating
costs shall be applied towards repaying proportionately the parti-
cipating counties, cities and towns in the amounts contributed by
them to the commission for their appropriations for capital outlay
in establishing airports and airport facilities. Thereafter, any profits
derived from the operation of the commission shall be distributed
to the participating subdivisions in proportion to their respective
financial interest in the operation of the commission, if, within
thirty days from the end of the fiscal year of the commission, any
one or more of the participating subdivisions request such distribu-
tion of such profits.

3. That section twelve, of chapter twenty-two of the Acts of
Assembly of nineteen hundred forty-six, approved February
eighteen, nineteen hundred forty-six, be amended and reenacted as
follows:

Section 12. Any county, city or town creating the commission
may withdraw therefrom upon giving one year’s notice to the
commission and to all other participating counties, cities and towns.
The political subdivision so withdrawing shall forfeit its rights to
any further revenue from the operations of the commission and to
the repayment of any funds appropriated by it for capital expendi-
ture. The operations of the commission may be discontinued at any
time and its property disposed of by the unanimous action of all
participating counties, cities and towns due regard being had for
existing contracts and obligations. Upon the cessation of its activi-
ties all of the assets of the commission shall be distributed to the
counties, cities and towns participating therein at the time of
liquidation in the proportion in which they are financially interested
in such activities.

Any county, city or town participating in the commission shall
automatically be excluded from the commission on June thirtieth,
nineteen hundred forty-eight, if said county, city or town prior to
said date has not paid to the commission its proportionate share
of the cost of participation, provided that said county, city or town
has been notified by the commission prior to May first, nineteen
hundred forty-eight, of its failure to pay its agreed proportional
share.

4. An emergency is hereby declared to exist and accordingly
this act shall be in force from its passage.