MI SB0425

Amends the state aeronautics law to establish a qualified airport fund separate from the existing state aeronautics fund, with money appropriated for qualified airport operators on a quarterly basis.

Qualifies airport operators receive disbursements proportional to taxable gallons of fuel sold at their airport relative to all qualified airports during the preceding fiscal year.

Requires qualified airport operators to prioritize fund use for revenue bond payments for capital improvements to landing areas, then for direct capital improvement costs including runway/taxiway work, lighting, drainage, land acquisition, and noise mitigation systems.

Mandates qualified airport operators file annual reports by April 1st describing how disbursed funds were spent during the preceding calendar year.

Takes effect 90 days after enactment, contingent upon simultaneous enactment of Senate Bills 418, 426, 612, 613, and 614 of the 98th Legislature.