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25. Airport Revenues. <br /> a. All revenues generated by the airport and any local taxes on aviation fuel <br /> established after December 30, 1987, will be expended by it for the capital or <br /> operating costs of the airport; the local airport system; or other local facilities <br /> which are owned or operated by the owner or operator of the airport and which <br /> are directly and substantially related to the actual air transportation of passengers <br /> or property; or for noise mitigation purposes on or off the airport. The following <br /> exceptions apply to this paragraph: <br /> 1. If covenants or assurances in debt obligations issued before <br /> September 3, 1982, by the owner or operator of the airport, or <br /> provisions enacted before September 3, 1982, in governing statutes <br /> controlling the owner or operator's financing, provide for the use of <br /> the revenues from any of the airport owner or operator's facilities, <br /> including the airport,to support not only the airport but also the <br /> airport owner or operator's general debt obligations or other <br /> facilities,then this limitation on the use of all revenues generated by <br /> the airport (and, in the case of a public airport, local taxes on aviation <br /> fuel) shall not apply. <br /> 2. If the Secretary approves the sale of a privately owned airport to a <br /> public sponsor and provides funding for any portion of the public <br /> sponsor's acquisition of land, this limitation on the use of all revenues <br /> generated by the sale shall not apply to certain proceeds from the <br /> sale. This is conditioned on repayment to the Secretary by the private <br /> owner of an amount equal to the remaining unamortized portion <br /> (amortized over a 20-year period) of any airport improvement grant <br /> made to the private owner for any purpose other than land <br /> acquisition on or after October 1, 1996, plus an amount equal to the <br /> federal share of the current fair market value of any land acquired <br /> with an airport improvement grant made to that airport on or after <br /> October 1, 1996. <br /> 3. Certain revenue derived from or generated by mineral extraction, <br /> production, lease, or other means at a general aviation airport(as <br /> defined at 49 U.S.C. §47102), if the FAA determines the airport <br /> sponsor meets the requirements set forth in Section 813 of Public <br /> Law 112-95. <br /> b. As part of the annual audit required under the Single Audit Act of 1984,the <br /> sponsor will direct that the audit will review, and the resulting audit report will <br /> provide an opinion concerning,the use of airport revenue and taxes in paragraph <br /> (a), and indicating whether funds paid or transferred to the owner or operator are <br /> paid or transferred in a manner consistent with Title 49, United States Code and <br /> any other applicable provision of law, including any regulation promulgated by the <br /> Secretary or Administrator. <br /> c. Any civil penalties or other sanctions will be imposed for violation of this <br /> assurance in accordance with the provisions of 49 U.S.C. §47107. <br /> Page 34 of 44 <br />