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Full Text of this Amendment
At the appropriate place, insert the following:
SEC. __. LOST NATION AIRPORT, OHIO.
(a) Approval of Sale.--The Secretary of Transportation may approve the sale of Lost Nation Airport from the City of Willoughby, Ohio to Lake County, Ohio, if Lake County--
(1) meets all applicable requirements for sponsorship of the airport;
(2) agrees to assume the obligations and assurances of the grant agreements relating to the airport executed by the City of Willoughby under chapter 471 of title 49, United States Code; and
(3) agrees to operate and maintain the airport in accordance with such obligations and assurances.
(1) IN GENERAL.--The Secretary may use funds made available under section 48103 of title 49, United States Code, to award a grant to Lake County, Ohio to assist in the purchase of the Lost Nation Airport under subsection (a).
(2) FEDERAL SHARE.--The Federal share of the grant under this subsection shall be equal to the lesser of--
(A) 90 percent of the purchase price for the Lost Nation Airport; and
(3) APPROVAL.--The Secretary may not award a grant under this subsection unless the Secretary receives written assurances required under section 47107 of title 49, United States Code, with respect to such grant and the Lost Nation Airport.
(c) Treatment of Sale Proceeds.--To the extent necessary to allow the City of Willoughby to use the proceeds from the sale approved under subsection (a) for any purpose authorized by the City of Willoughby, the Secretary may waive--
(1) the provisions of sections 47107 and 47133 of title 49, United States Code;
(2) any obligations to which the City of Willoughby is subject as a result of a grant received from the Federal Aviation Administration; and
(3) any regulation or policy of the Federal Aviation Administration.
(As printed in the Congressional Record for the Senate on May 1, 2008.)