Page:United States Statutes at Large Volume 110 Part 5.djvu/150

 110 STAT. 3224 PUBLIC LAW 104-264—OCT. 9, 1996 (1) Payment of interest. (2) Commercial bond insurance and other credit enhancement associated with airport bonds for eHgible airport development. (3) Flexible non-Federal matching requirements. (e) EXPIRATION OP AUTHORITY. —The authority of the Secretary to carry out the demonstration program shall expire on September 30, 1998. SEC. 149. PILOT PROGRAM ON PRIVATE OWNERSHIP OF AIRPORTS. (a) ESTABLISHMENT OF PROGRAM.— (1) IN GENERAL.— Subchapter I of chapter 471, as amended by section 804 of this Act, is further amended by adding after section 47133 the following: "§ 47134. Pilot program on private ownership of airports "(a) SUBMISSION OF APPLICATIONS.— If a sponsor intends to sell or lease a general aviation airport or lease any other type of airport for a long term to a person (other than a public agency), the sponsor and purchaser or lessee may apply to the Secretary of Transportation for exemptions under this section. "(b) APPROVAL OF APPLICATIONS.—The Secretary may approve, with respect to not more than 5 airports, applications submitted under subsection (a) granting exemptions from the following provisions: "(1) USE OF REVENUES.— "(A) IN GENERAL.— The Secretary may grant an exemption to a sponsor from the provisions of sections 47107(b) and 47133 of this title (and any other law, regulation, or grant assurance) to the extent necessary to permit the sponsor to recover from the sale or lease of the airport such amount as may be approved— "(i) by at least 65 percent of the air carriers serving the airport; and "(ii) by air carriers whose aircraft landing it the airport during the preceding calendar year had a total landed weight during the preceding calendar year of at least 65 percent of the total landed weight of all aircraft landing at the airport during such year. Regulations. "(B) LAI>IDED WEIGHT DEFINED. —In this paragraph, the term landed weight' means the weight of aircraft transporting passengers or cargo, or both, in intrastate, interstate, and foreign air transportation, as the Secretary determines under regulations the Secretary prescribes. "(2) REPAYMENT REQUIREMENTS. —The Secretary may grant an exemption to a sponsor from the provisions of sections 47107 and 47152 of this title (and any other law, regulation, or grant assurance) to the extent necessary to waive any obligation of the sponsor to repay to the Federal Government any grants, or to return to the Federal Government any property, received by the airport under this title, the Airport and Airway Improvement Act of 1982, or any other law. "(3) COMPENSATION FROM AIRPORT OPERATIONS.— The Secretary may grant an exemption to a purchaser or lessee from the provisions of sections 47107(b) and 47133 of this title (and any other law, regulation, or grant assurance) to the extent

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