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and Airway Improvement Act of 1982, the Federal Airport Act or the Airport and Airway <br />Development Act of 1970 shall be included in the rate basis in establishing fees, rates, and <br />charges for users of that airport. <br />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 />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 />Page 33 of 43 <br />