(1) (a) In accordance with section 18 of article X of the Colorado constitution, moneys in the fund shall be used exclusively for aviation purposes. (b) Repealed. (2) (a) (I) The board shall transfer from the fund, on a monthly basis, to the airport operating fund of the governmental or airport entity operating the FAA-designated public-use airport an amount equal to four cents per gallon of gasoline, as defined in section 39-27-101 (12), C.R.S., sold at such airport and an amount equal to sixty-five percent of any sales and use taxes collected by the state on aviation fuel sold for use at such airport by turbo-propeller or jet engine aircraft and credited to the fund pursuant to section 43-10-109 (2). (II) If an intergovernmental agreement is entered into pursuant to the provisions of article 46.5 of title 24, C.R.S., the portion of the sales and use tax revenues that would otherwise be transferred to the governmental entity operating an airport in the state at which commercial passenger service is provided and that has entered into an intergovernmental agreement under article 46.5 of title 24, C.R.S., shall be transferred to the Colorado business incentive fund created in section 24-46.5-102, C.R.S. If such an intergovernmental agreement is entered into, moneys shall be transferred by the state treasurer for the length of the intergovernmental agreement, and, following the conclusion of the agreement, or if no agreement is entered into, the moneys shall be transferred to such governmental entity in accordance with the provisions of this section. (b) The transfer of moneys pursuant to this subsection (2) shall be based upon monthly reports made by the department of revenue, pursuant to the provisions of sections 39-26-715 (1)(a)(I) and (2)(a) and 39-27-102 (1)(a)(IV)(C), C.R.S., and transmitted to the division. Such moneys shall only be used for aviation purposes. Moneys in the fund derived from the sale of gasoline and aviation fuel at airports not qualified to receive revenue pursuant to the provisions of this subsection (2) shall remain in the fund. (3) Moneys in the fund not transferred to a governmental or airport entity operating an FAA-designated public-use airport as provided in subsection (2) of this section and not allocated for administrative expenses shall be used by the board exclusively for aviation purposes, including the awarding of grants pursuant to the state aviation system grant program established by the general assembly pursuant to section 43-10-108.5 and including the awarding of contracts as authorized in this article.
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