(a) There is established an account to be known as the “Connecticut airport and aviation account” which shall be a separate, nonlapsing account within the Grants and Restricted Accounts Fund established pursuant to § 4-31c. The account shall contain any moneys required by law to be deposited in the account. Moneys in the account shall be expended by the executive director of the Connecticut Airport Authority, with the approval of the Secretary of the Office of Policy and Management, for airport and aviation-related purposes.

(b) Notwithstanding the provisions of § 13b-61a, on and after the effective date of this section, the Commissioner of Revenue Services shall deposit into said account seventy-five and three-tenths per cent of the amounts received by the state from aviation fuel sources from the tax imposed under § 12-587.