(1) There is an airport grant account in the state special revenue fund. Revenue from the aviation fuel tax must be deposited in the account to the credit of the department pursuant to 67-1-301 (3)(b).
(2) Money in the account is statutorily appropriated, as provided in 17-7-502, and with the approval of the board may be used to provide grants to local governments for airport development or improvement programs and to provide navigational aids, safety improvements, weather reporting services, and other aeronautical services for airports and landing fields and for the state's airways.
(3) The board shall establish procedures for the awarding of grants. The grant procedures must include a provision allowing a grant for the entire local match required for a project funded with federal funds.