5.1-51 - Special fund accumulated from taxes, fees, etc.
§ 5.1-51. Special fund accumulated from taxes, fees, etc.
All funds accumulated from any special sales tax, excise tax or use tax, nowor which may hereafter be imposed under the laws of this Commonwealth onaviation motor fuel purchased or used in this Commonwealth in the propulsionof aircraft, and all funds heretofore or hereafter accumulated from any feesfor licensing or registering of airmen, aircraft and airports, now orhereafter imposed under the laws of this Commonwealth, and all fundsheretofore, and which may hereafter be, appropriated to the Department forthe purpose of the promotion and development of aviation and airports,including the expense of the administration by the Department of the lawspertaining to aviation, as now or as may be hereafter enacted, and thejurisdiction for the administration thereof conferred on the Department, arehereby constituted a special fund within the Commonwealth Transportation Fundfor the administration of the aviation laws, heretofore or hereafter enacted,insofar as the administration has been, or shall be, imposed upon theDepartment, for the construction, maintenance and improvement of airports andlanding fields and for the promotion of aviation in the interest of operatorsand in the interest of the public. However, of the moneys expended for theconstruction, maintenance and improvement of airports at least thirty-fivepercent thereof computed over a period of three years shall be expended oncarrier and reliever airports. Beginning July 1, 1998, any balances remainingin this fund at the end of the year shall be available for use in subsequentyears for the purposes set forth in this chapter, and any interest income onsuch fund shall accrue to the fund.
In considering or evaluating the application for or award of any grant ofmoneys under this section, the Board shall take into account the capacitiesof all airports within the affected geographic region.
(Code 1950, § 5-42; 1966, c. 576; 1970, c. 717; 1974, c. 388; 1979, c. 272;1997, c. 423; 1998, c. 480.)