§ 12. Transfer of assets and liabilities.

The former Jacksonville Port Authority shall take all actions necessary to convey, assign, transfer, and set over:

(1)

All of the rights, title, and interests of the former Jacksonville Port Authority in and to its airport facilities, including, without limitation, its real and personal property and any interests therein, books, records, contracts, leases, and all other property of any kind or nature related to the operation of the airport, by operation of this act (and its predecessor act), and without further act, to the authority.

(2)

All contracts and leases relating to the former Jacksonville Port Authority's airport operations, shall, by operation of this act (and its predecessor act), and without further act, become contracts and leases of the authority.

(3)

All accounts receivable, accounts payable, and cash on hand relating to the former Jacksonville Port Authority's airport operations shall, by operation of this act (and its predecessor act), and without further act, be transferred or delivered to the authority.

(4)

All operating expenses, including taxes of all kinds and all revenue and expense accruals of the former Jacksonville Port Authority's airport operations shall be transferred to the authority, on the effective date at transfer.

(5)

The conveyances specified in this section shall be effective as of October 1, 2001.

(Laws of Fla., Ch. 2004-464, § 1)