Page:United States Statutes at Large Volume 110 Part 5.djvu/199

 PUBLIC LAW 104-264—OCT. 9, 1996 110 STAT. 3273 Airway Trust Fund any amount collected as a civil penalty under paragraph (4). "(6) REIMBURSEMENT.— The Secretary, acting through the Administrator, shall, as soon as practicable after any amount is collected from a sponsor under paragraph (4), cause to be transferred from the Airport and Airway Trust Fund to an airport affected by a diversion that is the subject of a civil action under paragraph (4), reimbursement in an amount equal to the amount that has been collected from the sponsor under paragraph (4) (including any amount of interest calculated under subsection (o)). "(7) STATUTE OF LIMITATIONS. — No person may bring an action for the recovery of funds illegally diverted in violation of this section (as determined under subsections (b) and (1)) or section 47133 after the date that is 6 years after the date on which the diversion occurred. " (o) INTEREST. — "(1) IN GENERAL. — Except as provided in paragraph (2), the Secretary, acting through the Administrator, shall charge a minimum eumual rate of interest on the amount of any illegal diversion of revenues referred to in subsection (n) in an amount equal to the average investment interest rate for tax and loan accounts of the Department of the Treasury (as determined by the Secretary of the Treasury) for the applicable calendar year, rounded to the nearest whole percentage point. "(2) ADJUSTMENT OF INTEREST RATES. —I f, with respect to a calendar quarter, the average investment interest rate for tax and loan accounts of the Department of the Treasury exceeds the average investment interest rate for the immediately preceding calendar quarter, rounded to the nearest whole percentage point, the Secretary of the Treasury may adjust the interest rate charged under this subsection in a manner that reflects that change. "(3) ACCRUAL.— Interest assessed under subsection (n) shall accrue from the date of the actual illegal diversion of revenues referred to in subsection (n). "(4) DETERMINATION OF APPLICABLE RATE.— The applicable rate of interest cheu-ged underparagraph (1) shall— "(A) be the rate in effect on the date on which interest begins to accrue under paragraph (3); and "(B) remain at a rate fixed under subparagraph (A) during the duration of the indebtedness, "(p) PAYMENT BY AIRPORT TO SPONSOR.— If, in the course of an audit or other review conducted under this section, the Secretary or the Administrator determines that an airport owes a sponsor funds as a result of activities conducted by the sponsor or expenditures by the sponsor for the benefit of the airport, interest on that amount shall be determined in the same manner as provided in paragraphs (1) through (4) of subsection (o), except that the amount of any interest assessed under this subsection shall be determined from the date on which the Secretary or the Administrator makes that determination.". (b) REVISION OF POLICIES AND PROCEDURES; DEADLINES.— 49 USC 47107 (1) IN GENERAL.— Not later than 90 days after the date note. of the enactment of this Act, the Secretary, acting through the Administrator, shall revise the policies and procedures established under section 47107(1) of title 49, United States

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