LEASED PROPERTY.

SEC. 308. LEASED PROPERTY. Section 9(j) of the Urban Mass Transportation Act of 1964 is amended by inserting after the first sentence the following: “Grants for construction projects under this section shall also be available to finance the leasing of facilities and equipment for use in mass transportation service, subject to regulations limiting such grants to leasing arrangements which are more cost effective than acquisition or construction. The Secretary shall publish regulations under the preceding sentence in proposed form in the Federal Register for public comment not later than 60 days after the date of enactment of this sentence, and shall promulgate such regulations in final form not later than 240 days after such date of enactment.”. 101 STAT. 227