Sec. 721. INNOVATIVE FINANCING TECHNIQUES

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## SEC. 721 INNOVATIVE FINANCING TECHNIQUES Section 47135 of title 49, United States Code, is amended— ####

(1)by striking subsections

(a)and

(b)and inserting the following: > > ### “(a) Authority > > > #### “(1) In general > > The Secretary of Transportation may approve an application by an airport sponsor to use grants received under this subchapter for innovative financing techniques related to an airport development project that is located at an airport that is not a large hub airport. > > > #### “(2) Approval > > The Secretary may approve not more than 30 applications described under paragraph

(1)in a fiscal year. > > > ### “(b) Purposes > > The purpose of grants made under this section shall be to— > > > #### “(1) > > provide information on the benefits and difficulties of using innovative financing techniques for airport development projects; > > > #### “(2) > > lower the total cost of an airport development project; or > > > #### “(3) > > expedite the delivery or completion of an airport development project without reducing safety or causing environmental harm.” > ; and ####

(2)in subsection (c)(2)— #####

(A)in subparagraph

(C)by striking “and” at the end; #####

(B)in subparagraph

(D)by striking the period at the end and inserting “; and”; and #####

(C)by adding at the end the following: > > ##### “(E) > > any other techniques that the Secretary determines are consistent with the purposes of this section.” > .