UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                               ------------------

                                    FORM 10-Q

                               ------------------




            X  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
           ---           SECURITIES EXCHANGE ACT OF 1934

                For the quarterly period ended September 30, 2002

                                       OR

              TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
          ---            SECURITIES EXCHANGE ACT OF 1934

                     For the transition period from ___ to ___


                                -----------------

                           Commission File No. 2-91762

                                -----------------



                         POLARIS AIRCRAFT INCOME FUND I

                        State of Organization: California
                   IRS Employer Identification No. 94-2938977
                201 High Ridge Road, Stamford, Connecticut 06927
                           Telephone - (203) 357-3776



Indicate  by check  mark  whether  the  registrant:  (1) has filed  all  reports
required to be filed by Section 13 or 15(d) of the  Securities  Exchange  Act of
1934 during the  preceding  12 months,  and (2) has been  subject to such filing
requirements for the past 90 days.



                              Yes  X          No
                                  ---            ---





                       This document consists of 18 pages.
<PAGE>


                         POLARIS AIRCRAFT INCOME FUND I

          FORM 10-Q - For the Quarterly Period Ended September 30, 2002




                                      INDEX



Part I.       Financial Information                                         Page

         Item 1.      Financial Statements

              a)  Balance Sheets - September 30, 2002 and
                  December 31, 2001...........................................3

              b)  Statements of Operations - Three and Nine Months
                  Ended September 30, 2002 and 2001...........................4

              c)  Statements of Changes in Partners' Capital
                  - Year Ended December 31, 2001
                  and Nine Months Ended September 30, 2002....................5

              d)  Statements of Cash Flows - Nine Months
                  Ended September 30, 2002 and 2001...........................6

              e)  Notes to Financial Statements...............................7

         Item 2.      Management's Discussion and Analysis of
                      Financial Condition and Results of Operations..........10

         Item 4.      Controls and Procedures................................11




Part II.      Other Information

         Item 1.      Legal Proceedings......................................12

         Item 6.      Exhibits and Reports on Form 8-K.......................13

         Signature...........................................................14

         Certifications Pursuant to Section 302 of the Sarbanes-Oxley
         Act of 2002.........................................................15


                                       2
<PAGE>


                          Part 1. Financial Information
                          -----------------------------

Item 1.       Financial Statements

                         POLARIS AIRCRAFT INCOME FUND I

                                 BALANCE SHEETS

                                                     September 30,  December 31,
                                                         2002           2001
                                                         ----           ----
                                                      (Unaudited)
                                                      -----------
ASSETS:

CASH AND CASH EQUIVALENTS                             $1,146,779    $2,445,482
                                                      ----------    ----------

        Total Assets                                  $1,146,779    $2,445,482
                                                      ==========    ==========



LIABILITIES AND PARTNERS' CAPITAL:

PAYABLE TO AFFILIATES                                 $   21,930    $   38,214

ACCOUNTS PAYABLE AND ACCRUED
LIABILITIES                                              354,184       368,821
                                                      ----------    ----------

        Total Liabilities                                376,114       407,035
                                                      ----------    ----------

PARTNERS' CAPITAL:

   General Partner                                        33,764       134,953
   Limited Partners, 168,707 units (168,729 in
      2001) issued and outstanding                       736,901     1,903,494
                                                      ----------    ----------

        Total Partners' Capital                          770,665     2,038,447
                                                      ----------    ----------

        Total Liabilities and Partners' Capital       $1,146,779    $2,445,482
                                                      ==========    ==========

        The accompanying notes are an integral part of these statements.


                                       3
<PAGE>


                         POLARIS AIRCRAFT INCOME FUND I

                            STATEMENTS OF OPERATIONS
                                   (Unaudited)


                                      Three Months Ended     Nine Months Ended
                                         September 30,         September 30,
                                         -------------         -------------

                                       2002        2001      2002         2001
                                       ----        ----      ----         ----
REVENUES:
   Gain on Sale of Aircraft
     Engines                        $    --     $  41,250  $    --     $  41,250
   Other income - Maintenance
     reserves                            --          --         --       631,316
   Interest                             4,911      19,389     16,663      60,008
   Lessee settlements (Notes 5
     & 6)                                 453        --          453      85,667
                                    ---------   ---------  ---------   ---------

           Total Revenues               5,364      60,639     17,116     818,241
                                    ---------   ---------  ---------   ---------

EXPENSES:
   Operating expenses                    --         1,600       --         5,900
   Administration and other            28,935      36,015    113,169     102,137
                                    ---------   ---------  ---------   ---------

           Total Expenses              28,935      37,615    113,169     108,037
                                    ---------   ---------  ---------   ---------

NET INCOME (LOSS)                   $ (23,571)  $  23,024  $ (96,053)  $ 710,204
                                    =========   =========  =========   =========

NET INCOME ALLOCATED
   TO THE GENERAL PARTNER           $   5,075   $     230  $  15,984   $  91,459
                                    =========   =========  =========   =========

NET INCOME (LOSS) ALLOCATED
   TO LIMITED PARTNERS              $ (28,646)  $  22,794  $(112,037)  $ 618,745
                                    =========   =========  =========   =========

NET INCOME (LOSS) PER LIMITED
   PARTNERSHIP UNIT                 $   (0.17)  $    0.14  $   (0.66)  $    3.67
                                    =========   =========  =========   =========


        The accompanying notes are an integral part of these statements.

                                       4
<PAGE>

                         POLARIS AIRCRAFT INCOME FUND I

                   STATEMENTS OF CHANGES IN PARTNERS' CAPITAL


                                           Year Ended December 31, 2001 and
                                         Nine Months Ended September 30, 2002
                                         ------------------------------------

                                          General       Limited
                                          Partner       Partners       Total
                                          -------       --------       -----


Balance, December 31, 2000              $   137,474   $ 2,152,316   $ 2,289,790

   Net income                                91,217       594,824       686,041

   Cash distributions to partners           (93,738)     (843,646)     (937,384)
                                        -----------   -----------   -----------

Balance, December 31, 2001                  134,953     1,903,494     2,038,447

   Net income (loss) (Unaudited)             15,984      (112,037)      (96,053)

   Cash distribution to partners
     (Unaudited)                           (117,173)   (1,054,556)   (1,171,729)
                                        -----------   -----------   -----------

Balance, September 30, 2002
  (Unaudited)                           $    33,764   $   736,901   $   770,665
                                        ===========   ===========   ===========

        The accompanying notes are an integral part of these statements.

                                       5
<PAGE>


                         POLARIS AIRCRAFT INCOME FUND I

                            STATEMENTS OF CASH FLOWS
                                   (Unaudited)


                                                 Nine Months Ended September 30,
                                                 -------------------------------

                                                          2002          2001
                                                          ----          ----
OPERATING ACTIVITIES:
   Net income (Loss)                                $   (96,053)  $   710,204
   Adjustments to reconcile net income (loss) to
      net cash (used in) provided by operating
        activities:
      Gain on Sale of Aircraft Engines                     --         (41,250)
      Changes in operating assets and liabilities:
        Decrease in other assets                           --           6,297
        Decrease in payable to affiliates               (16,284)      (44,175)
        Increase (decrease) in accounts payable
           and accrued liabilities                      (14,637)        3,973
        Decrease in maintenance reserves                   --        (631,316)
                                                    -----------   -----------

           Net cash (used in) provided by
             operating activities                      (126,974)        3,733
                                                    -----------   -----------

INVESTING ACTIVITIES:
    Proceeds from Sale of Aircraft Engines                 --         900,000
                                                    -----------   -----------

           Net cash provided by investing
             activities                                    --         900,000
                                                    -----------   -----------

FINANCING ACTIVITIES:
    Cash distributions to partners                   (1,171,729)     (937,383)
                                                    -----------   -----------

           Net cash used in financing activities     (1,171,729)     (937,383)
                                                    -----------   -----------

CHANGES IN CASH AND CASH
   EQUIVALENTS                                       (1,298,703)      (33,650)

CASH AND CASH EQUIVALENTS AT
   BEGINNING OF PERIOD                                2,445,482     2,469,034
                                                    -----------   -----------

CASH AND CASH EQUIVALENTS AT
   END OF PERIOD                                    $ 1,146,779   $ 2,435,384
                                                    ===========   ===========

        The accompanying notes are an integral part of these statements.

                                       6
<PAGE>


                         POLARIS AIRCRAFT INCOME FUND I

                          NOTES TO FINANCIAL STATEMENTS
                                   (Unaudited)


1.       Organization and the Partnership

Polaris Aircraft Income Fund I (the  "Partnership")  was formed on June 27, 1984
for the purpose of acquiring and leasing  aircraft.  It will  terminate no later
than December 2010. Upon organization,  both the General Partner and the initial
Limited  Partner  contributed  $500. The offering of Limited  Partnership  units
terminated on December 31, 1985, at which time the  Partnership had sold 168,729
units of $500, representing  $84,364,500.  All unit holders were admitted to the
Partnership on or before January 1, 1986. During the nine months ended September
30, 2002, 22 units were  abandoned.  At September  30, 2002,  there were 168,707
units outstanding.

Polaris Investment Management  Corporation ("PIMC"), the sole General Partner of
the Partnership (the "General Partner"), supervises the day-to-day operations of
the Partnership.  PIMC is a wholly-owned  subsidiary of Polaris Aircraft Leasing
Corporation  ("PALC").  Polaris Holding Company ("PHC") is the parent company of
PALC.  General  Electric  Capital  Corporation  ("GE Capital"),  an affiliate of
General Electric Company,  owns 100% of PHC's outstanding common stock. PIMC has
entered  into a  services  agreement  dated as of July 1, 1994  with GE  Capital
Aviation  Services,  Inc.  ("GECAS").  Amounts paid and  allocations  to related
parties are described in Notes 3 & 4.

At September 30, 2002, the Partnership owned certain inventoried aircraft parts,
which includes one engine, out of its original portfolio of eleven aircraft. The
remaining  inventory  of spare  parts,  including  one  engine,  has  been  made
available for sale such that the  Partnership  plans to liquidate all its assets
in an orderly manner, make a final  distribution,  and terminate the Partnership
thereafter;  however,  it is uncertain when this  liquidation will occur because
the General Partner is unable to predict when all of the Partnership's remaining
assets will be sold. These spare parts are carried at a book value of zero as of
September 30, 2002.


2.    Accounting Principles and Policies

In the opinion of management,  the financial statements presented herein include
all  adjustments,  consisting  only of  normal  recurring  items,  necessary  to
summarize fairly the Partnership's  balance sheets,  results of operations,  and
cash flows.  The financial  statements have been prepared in accordance with the
instructions of the Quarterly  Report to the Securities and Exchange  Commission
("SEC") Form 10-Q and do not include all of the information and note disclosures
required  by  accounting  principles  generally  accepted  in the United  States
("GAAP").  These  statements  should be read in  conjunction  with the financial
statements  and notes thereto for the years ended  December 31, 2001,  2000, and
1999 included in the Partnership's 2001 Annual Report to the SEC on Form 10-K.


3.    Related Parties

Under the Limited Partnership  Agreement,  the Partnership paid or agreed to pay
the following  amounts for the current quarter to the General Partner,  PIMC, in
connection with services rendered or payments made on behalf of the Partnership:

                                       7
<PAGE>


                                   Payments made during the
                                      Three Months Ended          Payable at
                                      September 30, 2002      September 30, 2002
                                      ------------------      ------------------


Out-of-Pocket Operating Expense
    Reimbursement                          $10,448                 $  --

Out-of-Pocket Administrative Expense
    Reimbursement                           20,331                  21,930
                                           -------                 -------

                                           $30,779                 $21,930
                                           =======                 =======


4.       Partners' Capital

The Partnership  Agreement (the  "Agreement")  stipulates  different  methods by
which revenue,  income and loss from  operations and gain or loss on the sale of
aircraft are to be allocated  to the General  Partner and the limited  partners.
Such  allocations are made using income or loss  calculated  under GAAP for book
purposes, which varies from income or loss calculated for tax purposes.

Cash  available  for  distributions,  including  the  proceeds  from the sale of
aircraft,  is  distributed  10% to the  General  Partner  and 90% to the limited
partners.

The different methods of allocating items of income, loss and cash available for
distribution  combined with the calculation of items of income and loss for book
and  tax  purposes  result  in  book  basis  capital   accounts  that  may  vary
significantly  from tax basis capital  accounts.  The ultimate  liquidation  and
distribution  of remaining cash will be based on the tax basis capital  accounts
following liquidation, in accordance with the Agreement.

5.       CanAir Bankruptcy Settlement

On June 27, 2001, the Partnership  received $8,897 in connection with the CanAir
Bankruptcy  Settlement,  which is  comprised  of  amounts  received  for  rents,
maintenance reserve obligations and accrued interest. Final payments relating to
this matter  amounting to $453 were received  during the quarter ended September
30, 2002.


6.       Braniff Bankruptcy Settlement

On January  16,  2001,  Braniff's  bankrupt  estate  made a $110,890  payment in
respect of the unsecured claims of the Partnership and other affiliates of PIMC,
of which $76,770 was allocated to the Partnership based on its pro rata share of
the total claims.


7.       Engine Lease Expiration

The lease for the three JT8D-9A engines to Royal Aviation, Inc. and Royal Cargo,
Inc.  (collectively,  "Royal Aviation")  expired on August 31, 2000. The engines
were  returned  on  September  7, 2000 and a security  deposit  of  $45,000  was
refunded  to Royal  Aviation  on  November  21,  2000.  The  Partnership  ceased

                                       8
<PAGE>

depreciating  these  assets and  reported  these assets at the lower of carrying
amount or fair value less cost to sell as of December 31, 2000.  Due to the fact
that the Partnership decided to sell the engines in an as-is-where-is  condition
in June 2001,  the net  maintenance  reserve  balance of $631,316 was taken into
income during the quarter ended June 30, 2001. The Partnership subsequently sold
the engines to  Aeroturbine,  Inc. on an  as-is-where-is  basis in July 2001, as
discussed below.


8.       Sale of Engines

On July 19, 2001 the  Partnership  sold the three  remaining  JT8D-9A engines to
Aeroturbine,  Inc., on an  as-is-where-is  basis for $900,000.  The  Partnership
received the proceeds for these engines in the third quarter of 2001.  This sale
resulted in a gain of $41,250.


                                       9
<PAGE>


Item 2.       Management's  Discussion  and Analysis of Financial  Condition and
              Results of Operations

Business Overview

At September 30, 2002, Polaris Aircraft Income Fund I (the "Partnership")  owned
certain  inventoried  aircraft  parts,  which  includes  one engine,  out of its
original portfolio of eleven aircraft.  The remaining  inventory of spare parts,
including one engine, has been made available for sale such that the Partnership
plans  to  liquidate  all  its  assets  in  an  orderly  manner,  make  a  final
distribution, and terminate the Partnership thereafter; however, it is uncertain
when this  liquidation  will  occur  because  the  General  Partner is unable to
predict when all of the Partnership's remaining assets will be sold. These spare
parts are carried at a book value of zero as of September 30, 2002.


Partnership Operations

The Partnership  recorded net loss of $23,571,  or $0.17 per limited partnership
unit, for the three months ended  September 30, 2002,  compared to net income of
$23,024, or $0.14 per limited partnership unit, for the same period in 2001. The
Partnership recorded net loss of $96,053, or $0.66 per limited partnership unit,
for the nine  months  ended  September  30,  2002,  compared  to net  income  of
$710,204,  or $3.67 per limited  partnership  unit, for the same period in 2001.
For the nine months ended  September  30, 2002 the decline in operating  results
was primarily due to the winding down of operations for the Partnership,  as the
remaining spare parts as of December 31, 2001 have not been sold as of September
30, 2002.

During the third  quarter  of 2001,  the  Partnership  sold  three  engines  and
recognized a gain of $41,250. There were no sales of aircraft engines recognized
during 2002.

Other income  decreased for the nine months ended September 30, 2002 as compared
to the same  period in 2001  primarily  due to  maintenance  reserves  that were
recognized  as income  during  the  second  quarter  of 2001.  During the second
quarter of 2001, the Partnership  held engines that were marketed for sale on an
as-is-where-is  basis  and  there was no  further  need to hold the  maintenance
reserves.  As a result, the maintenance reserves as of that time were recognized
as income  during the second  quarter  of 2001.  There was no similar  income in
2002.

Interest income  decreased  during the three and nine months ended September 30,
2002, as compared to the same periods in 2001  primarily  due to lower  interest
rates  and  a  decrease  in  the  average  cash   balances,   primarily  due  to
distributions.

Lessee settlements decreased during the nine months ended September 30, 2002, as
compared to the same period in 2001,  primarily due to the receipt of $76,770 on
January 16, 2001 related to the Braniff  bankruptcy  and $8,897 on June 27, 2001
related to the CanAir  bankruptcy.  During the period ended  September 30, 2002,
$453 was received related to the CanAir bankruptcy.

Operating  expenses  decreased  during the three and nine months ended September
30,  2002 as  compared to the same  periods in 2001,  primarily  due to expenses
incurred in the second quarter of 2001 in connection  with marketing the engines
for sale.

Administrative  and other  expenses  decreased  during  the three  months  ended
September 30, 2002,  as compared to the same period in 2001,  primarily due to a
decrease in tax accounting fees and a decrease in printing and postage expenses.

                                       10
<PAGE>

Administrative  and  other  expenses  increased  during  the nine  months  ended
September 30, 2002, as compared to the same period in 2001,  primarily due to an
increase  in legal fees  during  2002  primarily  incurred to comply with an SEC
prompted  court order  related to  transfers  of units to  entities  owned by an
investor.


Liquidity and Cash Distributions

Liquidity - PIMC, the General Partner,  has decided that the Partnership  should
maintain cash reserves as a prudent  measure to ensure that the  Partnership has
available  funds for  winding up the  affairs of the  Partnership  and for other
contingencies.  The  Partnership's  cash  reserves  will be monitored and may be
revised  from  time to time as  further  information  becomes  available  in the
future.

Cash  Distributions  - Cash  distributions  to limited  partners during the nine
months  ended  September  30,  2002  and  2001  were  $1,054,556  and  $843,646,
respectively.  Cash  distributions  per  Limited  Partnership  unit for the nine
months ended September 30, 2002 and 2001 were $6.25, and $5.00 respectively. The
timing and amount of the final cash  distribution  to  partners is not yet known
and will depend upon the  Partnership's  future cash requirements and the timing
of the sale and amount of proceeds from the sale of its  remaining  inventory of
spare parts including one engine.

Item 4.       Controls and Procedures

PIMC  management,  including  the Chief  Executive  Officer and Chief  Financial
Officer,  have  conducted  an  evaluation  of the  effectiveness  of  disclosure
controls and  procedures  pursuant to Exchange  Act Rule  13a-14.  Based on that
evaluation,  the Chief Executive  Officer and Chief Financial  Officer concluded
that the  disclosure  controls and procedures are effective in ensuring that all
material information required to be filed in this quarterly report has been made
known to them in a timely  fashion.  There have been no  significant  changes in
internal  controls,  or in factors  that  could  significantly  affect  internal
controls, subsequent to the date the Chief Executive Officer and Chief Financial
Officer completed their evaluation.


                                       11
<PAGE>

                           Part II. Other Information
                           --------------------------


Item 1.       Legal Proceedings

As  discussed  in Item 3 of Part I of  Polaris  Aircraft  Income  Fund  I's (the
"Partnership")  2001 Annual  Report to the  Securities  and Exchange  Commission
("SEC") on Form 10-K ("Form 10-K") and in Item 1 of Part II of the Partnership's
Quarterly Report to the SEC on Form 10-Q ("Form 10-Q") for the period ended June
30, 2002,  there are several pending legal actions or proceedings  involving the
Partnership. Except as described below, there have been no material developments
with respect to any such  actions or  proceedings  during the period  covered by
this report.

CanAir Cargo Ltd.  ("CanAir") Order under the Companies'  Creditors  Arrangement
Act of Canada - On March 20, 2002,  the receiver  appointed by the Ontario Court
of Justice on behalf of  CanAir's  creditors  issued a check for 3,250  Canadian
Dollars  (approximately  $2,053 U.S.  Dollars) to the GECAS  Parties (GE Capital
Aviation Services,  Inc., as agent for Polaris Holding Company, General Electric
Capital  Leasing  Canada,  Inc. and the  Partnership),  and of this amount,  277
Canadian Dollars  (approximately  $174 U.S. Dollars) was paid to the Partnership
on September 26, 2002. Additionally,  the GECAS Parties received a final payment
from  the  receiver  on May 7,  2002 in the  amount  of 5,188  Canadian  Dollars
(approximately  $3,278 U.S.  Dollars),  and of this amount, 442 Canadian Dollars
(approximately  $279 U.S.  Dollars) was paid to the Partnership on September 26,
2002.

Other Proceedings - Item 10 of Part III of the Partnership's  2001 Form 10-K and
Item 1 of Part II of the Partnership's Quarterly Reports to the SEC on Form 10-Q
for the period ended June 30, 2002 discuss certain actions which have been filed
against Polaris Investment Management  Corporation and others in connection with
the sale of interests in the Partnership and the management of the  Partnership.
The Partnership is not a party to these actions. Except as described in the last
sentence  below,  there have been no material  developments  with respect to any
such actions or proceedings during the period covered by this report.

Sara J.  Bishop,  et al. v.  Kidder,  Peabody & Co., et al.,  Superior  Court of
California,  County of Sacramento;  Wilson et al. v. Polaris  Holding Company et
al.,  Superior  Court  of  California,  County  of  Sacramento,  and  ten  other
California  Actions(1) - In the California actions filed in 1996,  approximately
4000  plaintiffs who purchased  limited  partnership  units in Polaris  Aircraft
Income Funds I through VI and other limited partnerships sold by Kidder, Peabody
named Kidder,  Peabody,  KP Realty  Advisors,  Inc.,  Polaris  Holding  Company,
Polaris Aircraft Leasing Corporation, Polaris Investment Management Corporation,
Polaris  Securities  Corporation,  Polaris Jet Leasing,  Inc., Polaris Technical
Services,  Inc., General Electric Company,  General Electric Financial Services,
Inc.,  General  Electric  Capital  Corporation,   and  General  Electric  Credit
Corporation  and Does 1-100 as defendants.  The  Partnership  was not named as a
defendant in these actions. The complaints all allege violations of state common
law, including fraud, negligent misrepresentation, breach of fiduciary duty, and
violations  of the rules of the National  Association of Securities Dealers. The

--------
1 The ten other actions are Abrams,  et al. v. Polaris Holding Company,  et al.,
Elphick,  et al. v. Kidder  Peabody & Co., et al.,  Johnson,  et al. v.  Polaris
Holding  Company,  et al.,  Kuntz, et al. v. Polaris  Holding  Company,  et al.,
McDevitt, et al. v. Polaris Holding Company, et al., Ouellette, et al. v. Kidder
Peabody & Co., et al., Rolph, et al. v. Polaris Holding  Company,  et al., Self,
et al. v. Polaris Holding Company,  et al.,  Tarrer,  et al. v. Kidder Peabody &
Co., et al.,  Zicos,  et al. v. Polaris  Holding  Company,  et al., all filed in
Superior Court of California, County of Sacramento.


                                       12
<PAGE>

complaints  seek to recover  compensatory  damages  and  punitive  damages in an
unspecified  amount,  interest,  and rescission with respect to Polaris Aircraft
Income Funds III-VI and all other limited partnerships alleged to have been sold
by Kidder Peabody to the plaintiffs.  The California  actions have been settled.
An  additional  settlement  was entered  into with  certain  plaintiffs  who had
refused to participate in the first settlement.  Plaintiffs' counsel advised the
Court that they would  withdraw from  representing  the remaining  plaintiffs --
approximately 330 -- who refused to participate in either of the settlements. In
July, 2000,  plaintiffs'  counsel  submitted to the Court motions to withdraw as
counsel  of record for all of the  actions.  The Court  indicated  that it would
grant such motions and thereafter would consider  dismissing each of the actions
if no  plaintiff  came  forward  to  prosecute.  On  August 2,  2001,  the Court
conducted a series of status  conferences in connection  with each of the twelve
California  actions  and at the  conferences  dismissed  most  of the  remaining
plaintiffs in those actions.  On November 9, 2001,  defendants moved for summary
judgment  against most of the remaining  plaintiffs  based upon a settlement and
bar order entered in a  multi-district  litigation in 1997. On March 1, 2002 the
judge granted the defendants'  summary judgment motions. On August 15, 2002, the
judge entered a judgment of dismissal in each of the California actions.


Item 6.       Exhibits and Reports on Form 8-K

a)       Exhibits (numbered in accordance with Item 601 of Regulation S-K)

         99.1 Certification of President.

         99.2 Certification of Chief Financial Officer.

b)       Reports on Form 8-K

         As described in greater  detail in Item 4 of the Current Report on Form
         8-K dated August 1, 2002 and first filed by the Partnership on or about
         August 2, 2002, the Partnership adopted a resolution  dismissing Arthur
         Andersen LLP ("Andersen") as the  Partnership's  auditors and appointed
         Ernst & Young LLP to replace Andersen.


                                       13
<PAGE>

                                    SIGNATURE



Pursuant to the  requirements of section 13 or 15(d) of the Securities  Exchange
Act of 1934,  the  Registrant  has duly  caused  this report to be signed on its
behalf by the undersigned thereunto duly authorized.

                               POLARIS AIRCRAFT INCOME FUND I
                               (Registrant)
                               By:   Polaris Investment
                                     Management Corporation,
                                     General Partner




      November 12, 2002             By: /S/Stephen E. Yost
    ---------------------               ----------------------------------------
                                        Stephen E. Yost, Chief Financial Officer

                                       14
<PAGE>

                         POLARIS AIRCRAFT INCOME FUND I

                           CERTIFICATIONS PURSUANT TO
                                 SECTION 302 OF
                         THE SARBANES-OXLEY ACT OF 2002

CERTIFICATION
-------------

I, William R. Carpenter, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Polaris Aircraft Income
Fund I;

2. Based on my  knowledge,  this  quarterly  report  does not contain any untrue
statement of a material fact or omit to state a material fact  necessary to make
the statements made, in light of the  circumstances  under which such statements
were made, not  misleading  with respect to the period covered by this quarterly
report;

3. Based  on  my  knowledge,  the  financial  statements,  and  other  financial
information  included in this quarterly  report,  fairly present in all material
respects the financial  condition,  results of operations  and cash flows of the
registrant as of, and for, the periods presented in this quarterly report;

4. The  registrant's  other  certifying  officers  and  I  are  responsible  for
establishing and maintaining  disclosure  controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:

         a) designed  such  disclosure  controls and  procedures  to ensure that
         material  information relating to the registrant is made known to us by
         others,  particularly  during the period in which this quarterly report
         is being prepared;

         b) evaluated the effectiveness of the registrant's  disclosure controls
         and  procedures as of a date within 90 days prior to the filing date of
         this quarterly report (the "Evaluation Date"); and

         c) presented  in  this  quarterly  report  our  conclusions  about  the
         effectiveness  of the disclosure  controls and procedures  based on our
         evaluation as of the Evaluation Date;

5. The registrant's other certifying officers and I have disclosed, based on our
most recent evaluation,  to the registrant's auditors and the audit committee of
registrant's board of directors (or persons performing the equivalent function):

         a) all significant  deficiencies in the design or operation of internal
         controls  which  could  adversely  affect the  registrant's  ability to
         record,   process,   summarize  and  report  financial  data  and  have
         identified  for the  registrant's  auditors any material  weaknesses in
         internal controls; and

         b) any fraud,  whether or not  material,  that  involves  management or
         other  employees  who  have a  significant  role  in  the  registrant's
         internal controls; and

                                       15
<PAGE>


6. The  registrant's  other  certifying  officers  and I have  indicated in this
quarterly  report  whether or not there  were  significant  changes in  internal
controls or in other factors that could  significantly  affect internal controls
subsequent to the date of our most recent  evaluation,  including any corrective
actions with regard to significant deficiencies and material weaknesses.

Date: November 12, 2002

By:    Polaris Investment Management Corporation,
       General Partner
/s/ William R. Carpenter
------------------------
William R. Carpenter
President


                                       16
<PAGE>


CERTIFICATION
-------------

I, Stephen E. Yost, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Polaris Aircraft Income
Fund I;

2. Based on my  knowledge,  this  quarterly  report  does not contain any untrue
statement of a material fact or omit to state a material fact  necessary to make
the statements made, in light of the  circumstances  under which such statements
were made, not  misleading  with respect to the period covered by this quarterly
report;

3. Based  on  my  knowledge,  the  financial  statements,  and  other  financial
information  included in this quarterly  report,  fairly present in all material
respects the financial  condition,  results of operations  and cash flows of the
registrant as of, and for, the periods presented in this quarterly report;

4. The  registrant's  other  certifying  officers  and  I  are  responsible  for
establishing and maintaining  disclosure  controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:

         a) designed  such  disclosure  controls and  procedures  to ensure that
         material  information relating to the registrant is made known to us by
         others,  particularly  during the period in which this quarterly report
         is being prepared;

         b) evaluated the effectiveness of the registrant's  disclosure controls
         and  procedures as of a date within 90 days prior to the filing date of
         this quarterly report (the "Evaluation Date"); and

         c) presented  in  this  quarterly  report  our  conclusions  about  the
         effectiveness  of the disclosure  controls and procedures  based on our
         evaluation as of the Evaluation Date;

5. The registrant's other certifying officers and I have disclosed, based on our
most recent evaluation,  to the registrant's auditors and the audit committee of
registrant's board of directors (or persons performing the equivalent function):

         a) all significant  deficiencies in the design or operation of internal
         controls  which  could  adversely  affect the  registrant's  ability to
         record,   process,   summarize  and  report  financial  data  and  have
         identified  for the  registrant's  auditors any material  weaknesses in
         internal controls; and

         b) any fraud,  whether or not  material,  that  involves  management or
         other  employees  who  have a  significant  role  in  the  registrant's
         internal controls; and

                                       17
<PAGE>


6. The  registrant's  other  certifying  officers  and I have  indicated in this
quarterly  report  whether or not there  were  significant  changes in  internal
controls or in other factors that could  significantly  affect internal controls
subsequent to the date of our most recent  evaluation,  including any corrective
actions with regard to significant deficiencies and material weaknesses.

Date: November 12, 2002

By:    Polaris Investment Management Corporation,
       General Partner
/s/ Stephen E. Yost
-------------------
Stephen E. Yost
Chief Financial Officer

                                       18