ATLANTIC CITY AIRPORT.

SEC. 312. ATLANTIC CITY AIRPORT. (a) Limitation on Funding or Transfers of Property.— Notwithstanding any other provision of law, with regard to the Atlantic City Airport, at Pomona, New Jersey, the Federal Aviation Administration shall not convey any interest in property (pursuant to section 516 of the Airport and Airway Improvement Act of 1982) to any municipality or any other entity operating such airport, nor shall any funds authorized to be appropriated for fiscal year 1987 by such Act be available to such municipality or entity for any planning, study, design, engineering, or construction of a runway extension, new runway, new passenger terminal, or improvements to or expansion of the existing passenger terminal at such airport, until such time as— (1) the master plan update for Atlantic City Airport and Bader Field, prepared pursuant to Federal Aviation Administration Contract FA–EA–2656, is completed and released; and (2) the Administrator finds that a public entity has been created to operate and manage the Atlantic City Airport, which entity has the following characteristics: (A) the authority to enter into contracts and other agreements, including contracts, leases, cooperative agreements, or other transactions with any agency or instrumentality of the United States; (B) the standing to sue and be sued in its own name; (C) the authority to hire and dismiss officers and employees; (D) the power to adopt, amend, and repeal bylaws, rules, and regulations governing the manner in which its business 101 STAT. 1529may be conducted and the powers vested in it may be exercised; (E) the authority to acquire, in its own name, an interest in such real or personal property as is necessary or appropriate for the operation and maintenance of the airport; (F) the power to acquire property by the exercise of the right of eminent domain; (G) the power to borrow money by issuing marketable obligations, or such other means as is permissible for public authorities under the laws of the State of New Jersey; (H) adequate financial resources to carry out all activities which are ordinarily necessary and appropriate to operate and maintain an airport; (I) a governing board which includes (but need not be limited to) voting representatives of the city of Atlantic City, the county of Atlantic, and the municipalities which are adjacent to or are directly impacted by the airport; (J) a charter which includes (i) a requirement that members of the governing board have expertise in transportation, finance, law, public administration, aviation, or such other qualifications as would be appropriate to oversee the planning, management, and operation of an airport, and (ii) procedures which protect the research and development mission of the Federal Aviation Technical Center at Pomona, New Jersey, and the defense functions of the Air National Guard; and (K) the authority to carry out comprehensive transportation planning to minimize the traffic congestion and facilitate access to and from the airport. (b) Safety Funds Not Subject to Limitation.— The limitation on funds set forth in subsection (a) shall not apply to any expenditure which the Administrator determines is needed for safety purposes. (c) Availability of Restricted Funds.— Notwithstanding any other provision of law, the funds restricted under subsection (a) shall become available at such time as the conditions set forth in subsection (a) are satisfied.