Chapter 15 - Capital Improvement

Sec. 15-1     CAPITAL IMPROVEMENT PROGRAM.  The Board shall prepare a five-year capital improvement program which shall be updated annually.  The program shall (a) inventory the Airport Authority's capital assets ; (b) determine the match between needs and resources; (c) plan for capital investments and maintenance of  existing facilities; (d) analyze the relationships between capital maintenance and operating spending; and (e) assist the Airport Authority in competing for its fair share of state and federal monies.

15-2     ANNUAL BUDGETS.  The Board may provide annual budgets for the capital improvement program.

15-3     ANNUAL APPROPRIATION.  Upon preparation of the capital improvement program, the Board may make an annual appropriation in its annual appropriation ordinance of an amount not to exceed three percent (3%) of the equalized assessed value of property subject to taxation by the DuPage Airport Authority.  The appropriation shall be for the purpose of making specified capital improvements, acquisitions, repairs or replacements of the DuPage Airport Authority's real property or equipment or tangible personal property.

15-4     CAPITAL IMPROVEMENT FUND.  The Board shall establish a capital improvement program fund, and the amount appropriated for making specified capital improvements, acquisitions, repairs or replacements of the DuPage Airport Authority's real property or equipment or tangible personal property shall be deposited into the capital improvement program fund.  Expenditures from the capital improvement program fund must be budgeted in the fiscal year in which the capital improvement, acquisition, repair or replacement will occur. 

15-5     REMOVAL OF CAPITAL IMPROVEMENT FUND.  The Board may not remove funds deposited into the capital improvement program fund for expenditures other than for the capital improvement program unless the Board shall have made a finding that the funds are not needed for any object for which the capital program fund was established.

15-6     SURPLUS FUNDS.  Any funds deemed surplus under paragraph 5 of this chapter shall be transferred into the DuPage Airport Authority's general corporate funds on the first day of the fiscal year following the abandonment or completion of the project or the discovery of the surplus funds..

15-7     SEVERABILITY.      Each section, subsection, paragraph, sentence or restriction established by this chapter, or any amendments hereto, are hereby declared to be separable and independent.  If any court of competent jurisdiction determines that any provision of this chapter is invalid, such judgment shall not affect any other provision of this chapter not specifically included in the judgment, and the balance of the chapter shall remain in full force and effect.