SALE OF PRIVATE AIRPORTS TO PUBLIC SPONSORS.

SEC. 149. SALE OF PRIVATE AIRPORTS TO PUBLIC SPONSORS. (a) In General.—Section 47133(b) is amended— (1) by striking “Subsection (a) shall not apply if” and inserting the following: “(1) Prior laws and agreements. Subsection (a) shall not apply if” ; and (2) by adding at the end the following: “(2) Sale of private airport to public sponsor. In the case of a privately owned airport, subsection (a) shall not apply to the proceeds from the sale of the airport to a public sponsor if— “(A) the sale is approved by the Secretary; “(B) funding is provided under this subchapter for any portion of the public sponsor’s acquisition of airport land; and “(C) an amount equal to the remaining unamortized portion of any airport improvement grant made to that airport for purposes other than land acquisition, amortized over a 20-year period, plus an amount equal to the Federal share of the current fair market value of any land acquired with an airport improvement grant made to that airport on or after October 1, 1996, is repaid to the Secretary by the private owner. “(3) Treatment of repayments. Repayments referred to in paragraph (2)(C) shall be treated as a recovery of prior year obligations.” . (b) [49 U.S.C. 47133 note] Applicability to Grants.—The amendments made by subsection (a) shall apply to grants issued on or after October 1, 1996.