28-8423 - Arizona Statutes

28-8423. Airport land lease; nonprofit corporation A. If the department, in the operation and maintenance of the Grand Canyon national park airport, or if a city, town or county has leased or leases land owned by it to a nonprofit corporation for airport or air terminal purposes pursuant to a lease agreement that provides that title to all buildings, structures and additions made or added to the leased premises by the nonprofit corporation vests in the state, city, town or county in the manner and subject to the restrictions contained in the agreement, the agreement as it exists or as it may be amended, renewed or extended is binding and effective pursuant to its terms. B. An amendment, renewal or extension to the agreement is binding and effective if the agreement complies with section 28-8425, subsection A, paragraph 1 whether or not: 1. It resulted or results in a renewal or extension of the original term in excess of twenty-five years. 2. Any bidding, notice or other requirements of section 28-8425 have or have not been met. C. If a lease between the department and a nonprofit corporation for the operation and maintenance of the Grand Canyon national park airport is terminated, the department may spend any airport revenues, including both those unexpended and unencumbered revenues returned by the lessee and those revenues received after the termination of the lease for the operation of the airport, until the airport is leased to another nonprofit corporation or for the remainder of the then current biennial budget cycle, whichever occurs first.