RELEASE OF CERTAIN CONDITIONS.

SEC. 313. RELEASE OF CERTAIN CONDITIONS. (a) Stapleton International Airport, Denver, Colorado.— (1) Authority to grant release.— Notwithstanding section 16 of the Federal Airport Act (as in effect on the date of each conveyance referred to in this subsection) with respect to such conveyance, the Secretary is authorized, subject to the provisions of section 4 of the Act of October 1, 1949 (63 Stat. 700; 50 U.S.C. App. 1622c), and the provisions of paragraph (2) of this subsection, to grant release— (A) from any of the terms, conditions, reservations, and restrictions contained in each deed of conveyance under which the United States conveyed property to the city and county of Denver, Colorado, on winch any portion of Stapleton International Airport is located; and (B) from any assurance made by the sponsor of such airport for a grant under the Airport and Airway Improvement Act of 1982 for a project at such airport. (2) Conditions.— Any release granted by the Secretary under paragraph (1) of this subsection shall be subject to the following conditions: 101 STAT. 1530 (A) The city and county of Denver, Colorado, shall agree that in conveying any interest in the property which the United States conveyed to the city and county by the deeds described in paragraph (1) the city and county will receive an amount for such interest which is equal to the fair market value (as determined pursuant to regulations issued by the Secretary). (B) Any such amount so received by the city and county shall be used by the city and county for the development, construction, and improvement of (i) a new Denver air carrier airport, and (ii) a reliever airport in the event that the operation of the new air carrier airport severely restricts the operation of the nearby reliever airport. In no event shall such amount be used for operation or maintenance of such airports. (C) The city and county shall agree not to convey any interest in the property which the United States conveyed to the city and county by the deeds described in paragraph (1) until the opening and initial operation of a primary airport to replace Stapleton International Airport, unless the Secretary determines that any such property is not essential for the operation of Stapleton International Airport. (b) Hawaii.— (1) Authority to grant release.— Notwithstanding section 23 of the Airport and Airway Development Act of 1970 (as in effect on April 6, 1982), the Secretary is authorized, subject to the provisions of section 4 of the Act of October 1, 1949 (63 Stat. 700; 50 U.S.C. App. 1622c), and the provisions of paragraph (2) of this subsection, to grant releases from any of the terms, conditions, reservations, and restrictions contained in the deed of conveyance, dated April 6, 1982, under which the United States conveyed certain property to the State of Hawaii for airport purposes. (2) Conditions.— Any release granted by the Secretary under paragraph (1) of this subsection shall be subject to the following conditions: (A) The property for which a release is granted under this subsection shall not exceed 2.280 acres. (B) The State of Hawaii shall agree that, in conveying any interest in the property which the United States conveyed to the State by a deed described in paragraph (1), the State will receive an amount for such interest which is equal to the fair market value. (C) Any amount so received shall be used for airport purposes only. (D) In the event land or any interest therein is received in exchange for all or part of the 2.280 acres, the deed of conveyance of such land or interest will contain language mandating that— (i) the land or interest must be used for airport purposes only; (ii) such land or interest in land received by the State of Hawaii may not be conveyed by the State, except by approval of the Federal Government, pursuant to the authority vested in the Secretary under section 4 of the Act of 1949 (63 Stat. 700; 50 U.S.C. App. 1622c); 101 STAT. 1531 (iii) such conveyance by the State of Hawaii shall be subject to receipt of fair market value; and (iv) the proceeds from such conveyance by the State of Hawaii shall be used for airport purposes only. (c) Laredo International Airport, Laredo, Texas.— (1) Authority to grant release.— Subject to paragraph (2), in recognition of the benefits to the public, the city of Laredo, Texas, and its successors and assigns are hereby released from all terms, conditions, reservations, and restrictions contained in the instrument of disposal dated February 21, 1975, by which the United States conveyed the property on which the Laredo International Airport, Laredo, Texas, is located to such city to the extent that such terms, conditions, reservations, and restrictions apply to the portion of such property consisting of approximately 680.1586 acres of land which is designated under the 1985 master plan and land use plan for the Laredo International Airport as being available for nonaviation purposes. (2) Conditions.— The release granted by paragraph (1) shall be subject to the following conditions: (A) All revenues derived from the property to which such release applies shall be used for development, improvement, operation, and maintenance of the Laredo International Airport. (B) The use of property to which such release applies shall not interfere with the operation and maintenance of such airport. (C) Property to which such release applies may only be rented or leased if the term of the rental or lease agreement is 20 years or less and if compensation which is not less than— (i) ¼ of fair market value is received in the case of a rental or lease agreement for a term of 10 years or less; and (ii) ½ of fair market value is received in the case of a rental or lease agreement for a term of more than 10 years. (D) Property to which such release applies may only be transferred if compensation which is equal to or more than fair market value is received. (E) The city of Laredo, Texas, shall provide to the Administrator— (i) an accounting and management plan acceptable to the Administrator for managing the Laredo International Airport general fund; and (ii) an explanation of the management by such city of such general fund in calendar years beginning after December 31, 1977, and ending before the date of the enactment of this Act. (3) Implementation.— The Administrator shall take such action as may be necessary to carry out the provisions of this subsection.