                                 CODE OF VIRGINIA

COMMONWEALTH AVIATION FUND (§ 33.2-1526.6)

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 &#xA7; 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.

HISTORY: 2020, cc. 1230, 1275.