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Full Text of this Amendment
At the end of title II, add the following:
SEC. 224. REPAYMENT OF FEDERAL GRANTS BEFORE PRIVATIZATION OF AIRPORTS.
Section 47134(b)(2) is amended to read as follows:
"(2) REPAYMENT REQUIREMENTS.--
"(A) IN GENERAL.--Before a sponsor that has received an exemption under this section sells or leases an airport as described in subsection (a), the sponsor shall repay to the Secretary--
"(i) the Federal share of the fair-market value of any land that is part of the airport and that was purchased after September 3, 1982, with a Federal grant; and
"(ii) the lesser of--
"(I) the Federal share of the remaining unamortized portion, as determined by the Secretary, of any grant made under this subchapter after September 3, 1982, for improvements to the airport; or
"(II) the Federal share of the value of the improvements to the airport made with the grant described in subclause (I).
"(B) DETERMINATION OF VALUE OF IMPROVEMENTS.--For purposes of subparagraph (A)(ii)(II), the value of the improvements to the airport shall be the value of the improvements at the time of the sale or lease of the airport approved under subsection (a), as determined by the Secretary.
"(C) EFFECT OF AMOUNT OF COMPENSATION.--A sponsor shall repay the amounts required by subparagraph (A) without regard to the amount of compensation received pursuant to the sale or lease of the airport approved under subsection (a).
"(D) EFFECT OF REPAYMENT ON CERTAIN OBLIGATIONS.--The repayment of the amounts required under subparagraph (A) shall not terminate--
"(i) any obligation of the Federal Government to operate the airport; or
"(ii) any obligation of the sponsor, or owner or lessee of the airport, with respect to--
"(I) funding airport land or improvements to the airport; or
"(II) any Federal land conveyed to be used for airport purposes.".
(As printed in the Congressional Record for the Senate on Feb 3, 2011.)