A. There is hereby created in the Department of the Treasury a special nonreverting fund that shall be part of the Transportation Trust Fund and shall be known as the Commonwealth Aviation Fund (the Fund). The Fund shall be established on the books of the Comptroller and any funds remaining in the Fund at the end of a biennium shall not revert to the general fund but shall remain in the Fund. Interest earned on the funds shall be credited to the Fund. The funds shall be allocated by the Board to the Virginia Aviation Board, to be allocated by the Virginia Aviation Board to any Virginia airport that is owned by the Commonwealth, a governmental subdivision thereof, or a private entity to which the public has access for the purposes enumerated in § 5.1-2.16, or is owned or leased by the Metropolitan Washington Airports Authority (MWAA), as set forth in subsection B:
B. Any new funds in excess of $12.1 million that are available for allocation by the Virginia Aviation Board shall be allocated as follows: 40 percent to air carrier airports as provided in subdivision 1 and 60 percent to MWAA, up to a maximum annual amount of $2 million. Except for adjustments due to changes in enplaned passengers, no air carrier airport sponsor, excluding MWAA, shall receive less funds identified under subdivision 1 than it received in fiscal year 1994—1995. Of the remaining amount:
1. Forty percent of the funds shall be allocated to air carrier airports that are not airports owned or leased by MWAA, based upon the percentage of enplanements for each airport to total enplanements at all air carrier airports that are not airports owned or leased by MWAA. No air carrier airport sponsor shall receive less than $50,000 nor more than $2 million per year from this provision.
2. Sixty percent of the funds shall be allocated as follows: a. For the first six months of each fiscal year, the funds shall be allocated as follows:
1. Forty percent of the funds shall be allocated by the Virginia Aviation Board for air carrier and reliever airports on a discretionary basis, except airports owned or leased by MWAA; and
2. Twenty percent of the funds shall be allocated by the Virginia Aviation Board for general aviation airports on a discretionary basis; and b. For the second six months of each fiscal year, all remaining funds shall be allocated by the Virginia Aviation Board for all eligible airports on a discretionary basis, except airports owned or leased by MWAA.