Pursuant to the provisions of subsection 6(c), Section 13, Article 10 of the Constitution of this State, in order to provide funds to pay a portion of the costs of (1) acquiring land, (2) constructing, enlarging, improving, extending, renovating, and equipping suitable air carrier hub terminal facilities to be located in this State, (3) purchasing equipment, ground support equipment, machinery, special tools, maintenance, boarding facilities, and any and all additional necessary, real or personal property for the operation of air carrier hub terminal facilities, and (4) to pay a portion or all of the costs of any insurance required to guarantee the payment of, or any credit enhancement facility utilized in connection with, obligations issued by a special purpose district or other political subdivision of this State, not exceeding fifty million dollars of general obligation bonds of this State, may be issued in the manner provided in this article and by law upon their authorization in a state capital improvement bond bill as permitted by Section 2-7-105.

As a further condition to the issuance of these bonds after their authorization in a state capital improvement bond bill, the special purpose district or other political subdivision requesting bonds to be issued pursuant to this article must have entered into a binding contract with an air carrier committing the air carrier to use the air carrier hub terminal facility for a period of ten years or the period of time needed to retire any indebtedness incurred by the special purpose district or other political subdivision to construct the air carrier hub terminal facility, whichever is less. Upon receipt of a certified copy of the executed contract, the Secretary of Commerce shall consider an air carrier's financial ability, willingness, and commitment to serve this State and other factors considered relevant by the Secretary of Commerce. If the Secretary of Commerce determines that it is in the best interest of this State for the State to assist in the providing of suitable air carrier hub terminal facilities, the Secretary of Commerce shall recommend that the Budget and Control Board consider recommending the issuance of bonds of this State for the purposes authorized in this article and shall forward his written approval and request to the Budget and Control Board.

After review by the Joint Bond Review Committee, the board may allocate bond proceeds for the purposes authorized in this article to match on a dollar for dollar basis, local funds expended by any special purpose district or other political subdivision of this State. Local funds may include user fees and other monies made available by the special purpose district or political subdivision, but may not include federal grants made available to the special purpose district or other political subdivision for runway construction.