(1) There is hereby created in the state treasury a fund to be known as the aviation fund, referred to in this article as the "fund", which shall consist of all revenues credited thereto pursuant to sections 24-46.6-103 (1)(b) and 39-27-112 (2)(b), C.R.S., and all revenues credited thereto in accordance with subsection (2) of this section within the total revenues prescribed by the general assembly pursuant to section 43-1-112.5. All interest derived from the deposit and investment of moneys in the fund shall be credited to the fund. At the end of any fiscal year, all unexpended and unencumbered moneys in the fund shall remain therein and shall not be credited or transferred to the general fund or any other fund, except as directed by the general assembly acting by bill and subject to the provisions of section 18 of article X of the Colorado constitution.

(2) (a) In accordance with section 18 of article X of the Colorado constitution, for the 1991-92 fiscal year, and each fiscal year thereafter, one hundred percent of the sales and use taxes collected during that fiscal year by the state pursuant to sections 39-26-104 and 39-26-202, C.R.S., on aviation fuels used in turbo-propeller or jet engine aircraft shall be credited to the aviation fund.

(b) Such credit shall be made by the state treasurer as soon as possible after the twentieth day of the month following the collection of such sales and use taxes.

(c) It is not the intent of the general assembly that the moneys available for expenditure pursuant to the provisions of this subsection (2) be used to supplant any federal moneys which may be available to airports, governmental entities operating FAA-designated public-use airports, or the division pursuant to federal law.

(3) The moneys in the fund are hereby continuously appropriated to the division for the purposes authorized by law. In each fiscal year, the transportation commission shall budget and allocate an amount not to exceed five percent of the total amount of revenues credited to the fund pursuant to section 39-27-112 (2)(b), C.R.S., and subsection (2) of this section during the preceding fiscal year to be used to defray any administrative costs incurred by the division and the board in implementing and administering the provisions of this article. The board shall recommend to the commission an amount to be allocated by the commission for administrative costs. Any monetary penalties collected pursuant to section 24-46.6-103 (1)(b), C.R.S., are continuously appropriated to the division to defray any administrative expenses incurred by the division and the board in enforcing the provisions of section 24-46.6-103 (1), C.R.S. The general assembly shall appropriate from the fund an amount to the department of revenue for the reasonable expenses incurred in administering section 39-26-715 (1)(a)(I) and (2)(a), C.R.S., and as provided in section 39-27-112 (2)(b), C.R.S.

(4) Repealed.