STUDY ON INNOVATIVE FINANCING.

SEC. 520. STUDY ON INNOVATIVE FINANCING. (a) Study.— The Secretary shall conduct a study on innovative approaches for using Federal funds to finance airport development as a means of supplementing financing available under the Airport Improvement Program. (b) Matters To Be Considered.— In conducting the study under subsection (a), the Secretary shall consider, at a minimum, the following: (1) Mechanisms that will produce greater investments in airport development per dollar of Federal expenditure. (2) Approaches that would permit entering into agreements with non-Federal entities, such as airport sponsors, for the loan of Federal funds, guarantee of loan repayment, or purchase of insurance or other forms of enhancement for borrower debt, including the use of unobligated Airport Improvement Program contract authority and unobligated balances in the Airport and Airway Trust Fund. (3) Means to lower the cost of financing airport development. (c) Consultation.— In considering innovative financing pursuant to this section, the Secretary may consult with airport owners and operators and public and private sector experts. (d) Report to Congress.— Not later than 12 months after the date of the enactment of this Act, the Secretary shall transmit to Congress a report on the results of the study conducted under subsection (a).