Sec. 135. GRANT ASSURANCES

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## SEC. 135 GRANT ASSURANCES ###

(a)General Written Assurances Section 47107(a)(16)(D)(ii) is amended by inserting before the semicolon at the end the following: “, except in the case of a relocation or replacement of an existing airport facility that meets the conditions of section 47110(d)”. ###

(b)Written Assurances on Acquiring Land ####

(1)Use of proceeds Section 47107(c)(2) is amended— #####

(A)in subparagraph (A)— ######

(i)in the matter preceding clause

(i)by striking “purpose—” and inserting “purpose (including land serving as a noise buffer either by being undeveloped or developed in a way that is compatible with using the land for noise buffering purposes)—”; ######

(ii)in clause

(iii)by striking “paid to the Secretary” and all that follows before the semicolon and inserting “reinvested in another project at the airport or transferred to another airport as the Secretary prescribes under paragraph (4)”; and #####

(B)in subparagraph (B)(iii) by striking “reinvested, on application” and all that follows before the period at the end and inserting “reinvested in another project at the airport or transferred to another airport as the Secretary prescribes under paragraph (4)”. ####

(2)Eligible projects Section 47107(c) is amended by adding at the end the following: > > #### “(4) > > In approving the reinvestment or transfer of proceeds under paragraph (2)(A)(iii) or (2)(B)(iii), the Secretary shall give preference, in descending order, to the following actions: > > > ##### “(A) > > Reinvestment in an approved noise compatibility project. > > > ##### “(B) > > Reinvestment in an approved project that is eligible for funding under section 47117(e). > > > ##### “(C) > > Reinvestment in an approved airport development project that is eligible for funding under section 47114, 47115, or 47117. > > > ##### “(D) > > Transfer to a sponsor of another public airport to be reinvested in an approved noise compatibility project at that airport. > > > ##### “(E) > > Payment to the Secretary for deposit in the Airport and Airway Trust Fund established under section 9502 of the Internal Revenue Code of 1986. > > > #### “(5) > > > #####

(A)> > A lease at fair market value by an airport owner or operator of land acquired for a noise compatibility purpose using a grant provided under this subchapter shall not be considered a disposal for purposes of paragraph (2). > > > ##### “(B) > > The airport owner or operator may use revenues from a lease described in subparagraph

(A)for an approved airport development project that is eligible for funding under section 47114, 47115, or 47117. > > > ##### “(C) > > The Secretary shall coordinate with each airport owner or operator to ensure that leases described in subparagraph

(A)are consistent with noise buffering purposes. > > > ##### “(D) > > The provisions of this paragraph apply to all land acquired before, on, or after the date of enactment of this paragraph.” > .