AERONAUTICS:FUNDS-REGISTRATION

Amends the State Finance Act to create the Federal/State/Local Airport Fund. Amends the Illinois Aeronautics Act. Provides that all federal monies accepted for disbursement by the Department of Transportation under certain portions of the Act shall be deposited into the Federal/State/Local Airport Fund (instead of deposited with the State Treasurer as ex-officio custodian). Requires the annual (instead of biennial) registration of certain aircraft and their operators. Replaces the Aeronautics Fund with the Federal/State/Local Airport Fund. Provides that all moneys received by this State or by the Department for and on its behalf, under any of the laws of this State pertaining to aeronautics, including all moneys obtained for certificates, permits or licenses, shall be deposited in the Federal/State/Local Airport Fund. Provides that notwithstanding any other provision of law, in addition to any other transfers that may be provided by law, on July 1, 2012, or as soon thereafter as practical, the State Comptroller shall direct and the State Treasurer shall transfer the remaining balances from the Aeronautics Fund and the Federal/Local Airport Fund into the Federal/State/Local Airport Fund. Provides that upon completion of the transfers, the Aeronautics Fund and the Federal/Local Airport Funds are dissolved and any future deposits due to either fund and any outstanding obligations or liabilities of those Funds pass to the Federal/State/Local Airport Fund. Provides that on July 1, 2012, or as soon thereafter as practical, the State Comptroller shall order and the State Treasurer shall transfer $6,300,000 from the Road Fund to the Federal/State/Local Airport Fund. Effective immediately.