                                 CODE OF VIRGINIA

TRANSPARENCY AND ACCOUNTABILITY IN THE USE OF COMMONWEALTH AVIATION FUND
REVENUES (§ 5.1-2.2:3)

A. By November 1 of each year, the Board shall report to the Governor and the
General Assembly on the use of Commonwealth Aviation Fund revenues the previous
fiscal year. The report shall include at a minimum the following:

   1. The use of entitlement funds allocated pursuant to subdivision B 1 of
   &#xA7; 33.2-1526.6 by each air carrier airport, including the amount of funds
   that are unobligated;

   2. The award and use of discretionary funds allocated for air carrier and
   reliever airports pursuant to subdivision B 2 a (1) of &#xA7; 33.2-1526.6 by
   every such airport;

   3. The award and use of discretionary funds allocated for general aviation
   airports pursuant to subdivision B 2 a (2) of &#xA7; 33.2-1526.6 by every such
   airport; and

   4. The award and use of discretionary funds allocated for all airports
   pursuant to subdivision B 2 b of &#xA7; 33.2-1526.6 by every such airport.
   				Such report shall also include the status of ongoing projects funded in
   whole or in part by the Commonwealth Aviation Fund pursuant to &#xA7;
   33.2-1526.6.

B. Each year prior to the release of entitlement funds allocated pursuant to
subdivision B 1 of &#xA7; 33.2-1526.6, each air carrier airport shall submit a
plan that outlines the planned use of such funds for the upcoming fiscal year to
the Board for review and approval. The Board shall approve such plan provided
that the use of funds is in accordance with Board policies. An airport may
modify its plan during a fiscal year by submitting a revised plan to the Board
for review.

C. The Board shall have the right to withhold entitlement funds allocated
pursuant to subdivision B 1 of &#xA7; 33.2-1526.6 in the event that the
entitlement utilization plan is not approved by the Board or the airport uses
the funds in a manner that is inconsistent with the approved plan.

HISTORY: 2017, c. 709; 2018, c. 506; 2020, cc. 1230, 1275.