Sec. 3. As used in this chapter, "derelict aircraft" means any aircraft:
(1) that is located or stored on the premises of:
(A) a public-use airport; or
(B) a fixed-base operator;
for a period of at least one hundred fifty (150) days; and
(2) that, throughout the period described in subdivision (1):
(A) is not in a flyable condition;
(B) is not in compliance with applicable Federal Aviation Administration regulations allowing the aircraft to be operated in flight; and
(C) does not have a written repair plan approved and signed by:
(i) a Federal Aviation Administration certified airframe and power plant mechanic; or
(ii) a person authorized to perform maintenance on the aircraft in accordance with Federal Aviation Administration regulations.