INNOVATIVE FINANCING TECHNIQUES.

SEC. 148. INNOVATIVE FINANCING TECHNIQUES. (a) In General.— The Secretary of Transportation is authorized to carry out a demonstration program under which the Secretary may approve applications under subchapter I of chapter 471 of title 49, United States Code, for not more than 10 projects for which grants received under such subchapter may be used to implement innovative financing techniques. (b) Purpose.— The purpose of the demonstration program shall be to provide information on the use of innovative financing techniques for airport development projects to Congress and the National Civil Aviation Review Commission. (c) Limitation.— In no case shall the implementation of an innovative financing technique under the demonstration program result in a direct or indirect guarantee of any airport debt instrument by the Federal Government. (d) Innovative Financing Technique Defined.— In this section, the term “innovative financing technique” shall be limited to the following: 110 STAT. 3224 (1) Payment of interest. (2) Commercial bond insurance and other credit enhancement associated with airport bonds for eligible airport development. (3) Flexible non-Federal matching requirements. (e) Expiration of Authority.— The authority of the Secretary to carry out the demonstration program shall expire on September 30, 1998.