Section 27-115-110 - Disposition of funds(a) All revenues derived from the levying of the Arkansas Gross Receipts Tax, as amended, § 26-52-101 et seq., upon aircraft and aviation fuel, aviation services, aircraft parts and accessories, and other gross receipts taxes remitted by aircraft dealers, airports, and flying fields shall be reported to the Secretary of the Department of Finance and Administration in a manner and on forms as he or she shall direct.(b) The Division of Aeronautics is authorized to accept donations and grants of all property, whether real or personal.(c) Tax proceeds and grants and donations of money shall be special revenues and shall be deposited into the State Treasury to the credit of the Division of Aeronautics Fund to be used for constructing and improving airports, civil airways, and other air navigation facilities and for preserving the history of aviation in the state.(d) The division shall administer the funds so deposited and shall use the funds for the sole purpose of building airports, civil airways, and other air navigation facilities in this state in those cities or towns as the division, in coordination with the Arkansas Economic Development Council, shall determine would attract the greatest volume of industry to this state.(e) The funds may also be used for the purpose of:(1) Matching funds with any federal funds made available for the purpose of this section;(2)(A) Establishing or supporting aviation museums to preserve the history of aviation in the state.(B) Assistance for the establishment or support of aviation museums shall not exceed a total of twenty thousand dollars ($20,000); or(3) Distributing grants to qualifying applicants as determined by the Director of the Division of Aeronautics and the Aeronautics Commission for any purpose related to: (A) The development of aeronautics;(B) The promotion of aeronautics; or(f)(1) All revenues derived from the levying of the compensating use tax under the Arkansas Compensating Tax Act of 1949, § 26-53-101 et seq., upon aircraft and aviation fuel, aviation services, and aircraft parts and accessories remitted by aircraft dealers, airports, and flying fields shall be reported to the Director of the Division of Aeronautics in a manner and on forms as he or she shall direct.(2) All state use tax derived shall be special revenues and shall be deposited into the State Treasury to the credit of the fund to be used for the purposes set forth in this subsection.Amended by Act 2019, No. 152,§ 2, eff. 7/24/2019.Amended by Act 2019, No. 910,§ 643, eff. 7/1/2019.Acts 1967, No. 449, §§ 1, 2; 1977, No. 733, § 1; 1983, No. 474, §§ 1, 2; A.S.A. 1947, §§ 74-214, 74-215; Acts 1997, No. 540, §§ 62, 93; 1997, No. 924, § 1.