Amend the committee amendment, as and if amended, page [3918-3] by striking lines 11-41 and inserting:
/ Section 55-5-280. (A)(1) All monies received from licensing of airports, landing fields, or
(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 five million dollars, the revenues in excess of five million dollars must be directed to the State Aviation Fund; however, any revenue in excess of ten 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. /
Amend the committee amendment further, as and if amended, page [3918-4], by striking lines 6-8 and inserting:
/ Section 55-5-290.
Any moneys or fees coming into the hands of the division may be used for the necessary expenses of the division essential to the carrying out of this chapter but no overdraft shall be created by reason of any such expenditures. Reserved " /
Renumber sections to conform.
Amend title to conform.