CINCINNATI-MUNICIPAL BLUE ASH AIRPORT.

SEC. 739. CINCINNATI-MUNICIPAL BLUE ASH AIRPORT. (a) Approval of Sale.—To maintain the efficient utilization of airports in the high-growth Cincinnati local airport system, and to ensure that the Cincinnati-Municipal Blue Ash Airport continues to operate to relieve congestion at Cincinnati-Northern Kentucky International Airport and to provide greater access to the general aviation community beyond the expiration of the City of Cincinnati’s grant obligations, the Secretary may approve the sale of Cincinnati-Municipal Blue Ash Airport from the City of Cincinnati to the City of Blue Ash upon a finding that the City of Blue Ash meets all applicable requirements for sponsorship and if the City of Blue Ash agrees to continue to maintain and operate Blue Ash Airport, as generally contemplated and described within the Blue Ash Master Plan Update dated November 30, 1998, for a period of 20 years from the date existing grant assurance obligations of the City of Cincinnati expire. (b) Treatment of Proceeds From Sale.—The Secretary and the Administrator are authorized to grant the City of Cincinnati an exemption from the provisions of sections 47107 and 47133 of title 49, United States Code, grant obligations of the City of Cincinnati, and regulations and policies of the Federal Aviation Administration, to the extent necessary to allow the City of Cincinnati to use the proceeds from the sale approved under subsection (a) for any purpose authorized by the City of Cincinnati.