(A)(1) All monies received from licensing of airports, landing fields, or funds appropriated for aviation grants, the tax on aviation fuel, and fees for other licenses issued under this chapter must be paid into the State Treasury and credited to the fund known as the "State Aviation Fund".
(2) The fund also may receive gifts, grants, and federal funds and shall include earnings from investments of monies from the fund.
(3) A fund balance at the close of the fiscal year shall not lapse but must be carried forward to the next fiscal year.
(4) The revenue credited to the State Aviation Fund pursuant to this subsection must be used solely as provided in subsection (C).
(B) In any fiscal year in which the tax levied by the State pursuant to Section 12-37-2410, et seq., exceeds two and one-half million dollars, the revenues in excess of two and one-half million dollars must be directed to the State Aviation Fund; however, any revenue in excess of five million dollars must be credited in equal amounts to the general fund and the State Aviation Fund.
(C) The State Aviation Fund must be used solely for:
(1) maintenance and repairs of the division's aircraft; or
(2) maintenance, rehabilitation, and capital improvements to public use airports, which may include use as matching funds for FAA Airport Improvement Grants, provided that those airports receiving grants meet the requirements set forth by the division.
(3) The State Aviation Fund must not be used for operating expenses of the division.
(D) The division may promulgate regulations governing the eligibility requirements and procedures for disbursements from the State Aviation Fund.
HISTORY: 1962 Code Section 2-75; 1952 Code Section 2-75; 1942 Code Section 7112-20; 1935 (39) 447; 1937 (40) 595; 1938 (40) 1835; 1993 Act No. 181, Section 1289, eff July 1, 1993; 2005 Act No. 11, Section 1.F, eff upon approval (became law without the Governor's signature on January 13, 2005); 2012 Act No. 270, Section 3, eff June 18, 2012; 2016 Act No. 239 (H.4577), Section 1, eff June 5, 2016.
Editor's Note
2016 Act No. 239, Section 2, provides as follows:
"SECTION 2. This act takes effect upon approval by the Governor and first applies to Fiscal Year 2016-2017."
Effect of Amendment
The 1993 amendment reprinted this section with no apparent change.
The 2005 amendment added "funds appropriated for aviation grants,".
The 2012 amendment rewrote the section.
2016 Act No. 239, Section 1, in (B), twice substituted "two and one-half million dollars" for "five million dollars" and substituted "five million dollars" for "ten million dollars".