Sec. 557. Study on airport revenue diversion
212 words·~1 min read·
/bill/115/hr/4/pcs/section-557A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Not later than 180 days after the date of enactment of this Act, the Comptroller General of the United States shall initiate a study of— the legal and financial challenges related to repealing the exception in section 47107(b)(2) of title 49, United States Code, for those airports the Federal Aviation Administration has identified are covered by the exception; and measures that may be taken to mitigate the impact of repealing the exception. The study required under subsection
(a)shall address— the level of revenue diversion at the airports covered by the exception described in subsection (a)(1) and the uses of the diverted revenue; the terms of any bonds or financial covenants an airport owner has issued relying on diverted airport revenue; applicable local laws or ordinances requiring use of airport revenue for non-airport purposes; whether repealing the exception would improve the long-term financial performance of impacted airports; and any other practical implications of repealing the exception for airports or the national aviation system. Not later than 18 months after the date of enactment of this Act, the Comptroller General shall submit to the Committee on Transportation and Infrastructure of the House of Representatives and the Committee on Commerce, Science, and Transportation of the Senate a report on the results of the study.