Item 477 | First Year - FY2003 | Second Year - FY2004 |
|---|---|---|
| Airport Assistance (65400) | $19,082,965 | $19,978,765 |
| Financial Assistance to Airports (65401) | FY2003 $18,680,470 | FY2004 $19,576,270 |
| Navigational Aid Services (65403) | FY2003 $402,495 | FY2004 $402,495 |
| Fund Sources: | ||
| Commonwealth Transportation | FY2003 $19,082,965 | FY2004 $19,978,765 |
Authority: Title 5.1, Chapters 3 and 5; Title 58.1, Chapter 6, Code of Virginia.
A. It is declared to be legislative intent that the Department of Aviation match federal funds for Airport Assistance to the maximum extent possible. However, the legislative intent expressed herein shall not be construed to prohibit the Virginia Aviation Board from allocating funds for promotional activities in the event that federal matching funds are unavailable.
B. Out of the amounts for Financial Assistance to Airports, the Department of Aviation is authorized to transfer from the Commonwealth Transportation Fund an amount not to exceed $3 million to the Smithsonian Institution to assist in planning, marketing, fundraising, and design of the expansion of the National Air and Space Museum at Washington Dulles International Airport. The Smithsonian Institute should complete repayment of these state funds not later than June 30, 2003.
C.1. Subject to the approval of the Governor, the Virginia Aviation Board is hereby authorized to issue debt or other obligations, in order to secure debt obligations of the Virginia Resources Authority, in an amount not to exceed $15,000,000, including all financing costs, to provide funding for capital improvements for the South Corporate Development Zone project at the Newport News/Williamsburg International Airport in connection with the Aviation World’s Fair 2003.
2. In addition, and notwithstanding § 58.1-638, A3, Code of Virginia, an amount equal to the annual debt service payments on this obligation shall be set aside for payment from the Commonwealth Airport Fund prior to any distribution by the Virginia Aviation Board from the Fund pursuant to the cited Code section.