Tennessee § 4-3-2313 - Aeronautics economic development fund.

§ 4-3-2313. Aeronautics economic development fund.

There is hereby created a segregated account within the state treasury to be known as the aeronautics economic development fund. The aeronautics economic development fund is composed of: Funds appropriated by the general assembly for the aeronautics economic development fund; and Gifts, grants, and other donations received by the department of transportation for the aeronautics economic development fund. Money in the aeronautics economic development fund may be used by the department of transportation for program administration, marketing expenses, and program evaluation; provided, however, such expenses shall not exceed five percent (5%) of the total amount appropriated for the program in any fiscal year. Subject to the availability of revenue at the end of each fiscal year, the commissioner of finance and administration is authorized to carry forward any amounts remaining in the aeronautics economic development fund or transfer any part of the fund to the revenue fluctuation reserve. Moneys in the aeronautics economic development fund shall be invested by the state treasurer pursuant to title 9, chapter 4, part 6, for the sole benefit of the aeronautics economic development fund, and interest accruing on investments and deposits of such fund shall be returned to such fund and remain part of the aeronautics economic development fund. It is the legislative intent that new commitments made by the commissioner of transportation for grants from the aeronautics economic development fund shall not exceed the appropriations made for the purposes of the aeronautics economic development fund. It is further the legislative intent that in each fiscal year the aeronautics economic development fund be managed so that actual expenditures and obligations to be recognized at the end of the fiscal year shall not exceed any available reserves and appropriations of the aeronautics economic development fund. Acts 2016, ch. 1027, § 1. Effective Dates. Acts 2016, ch. 1027, § 5. July 1, 2016.