28-8202. State aviation fund

A. The state aviation fund is established consisting of the following:

1. Aviation fuel taxes or motor vehicle fuel taxes deposited by the department.

2. Monies deposited by the department as a result of the sale of an abandoned aircraft as defined in section 28-8243 or seized aircraft.

3. The amount of flight property tax that the department of revenue has deposited pursuant to section 42-14255.

4. Registration fees, license taxes and penalties collected pursuant to article 4 of this chapter.

5. Monies received by the department from the operation of airports under this article and articles 2 through 5 of this chapter.

6. The amount of jet fuel excise tax and jet fuel use tax that the department of revenue has deposited pursuant to section 42-5353.

B. On notice from the department, the state treasurer shall invest and divest monies in the state aviation fund as provided by section 35-313, and monies earned from investment shall be credited to the fund.

C. The department shall administer monies that are appropriated by the legislature from the state aviation fund.

D. The board shall distribute monies appropriated to the department from the state aviation fund for planning, design, development, acquisition of interests in land, construction and improvement of publicly owned and operated airport facilities in counties, incorporated cities and towns and Indian reservations. The board shall distribute these monies according to the needs for these facilities as determined by the board. No more than ten percent of the average annual revenue that the fund received for the past three years may be awarded to any one airport in grants in any fiscal year. For the purposes of this subsection, " publicly owned and operated airport facility" means an airport and appurtenant facilities in which one or more agencies, departments or instrumentalities of this state, a city, town or county of this state or an Indian tribe or tribal government holds an interest in the land on which the airport is located that is clear of any reversionary interest, lien, easement, lease or other encumbrance that might preclude or interfere with the possession, use or control of the land for public airport purposes for a minimum period of twenty years.