49 U.S.C. § 47135 — Innovative financing techniques

(a) Authority. (1) In general. The Secretary of Transportation may approve an airport sponsor's application to use grants under this subchapter for "innovative financing techniques" tied to an airport development project — but only at an airport that is not a large hub airport. (2) Approval. The Secretary may approve no more than 30 such applications in a fiscal year. (b) Purposes. Grants under this section aim to: show the benefits and difficulties of using innovative financing techniques for airport development projects; lower an airport development project's total cost; or speed up delivery or completion of an airport development project, without reducing safety or causing environmental harm. (c) Limitations. (1) No guarantees. An innovative financing technique under this section can never be used in a way that directly or indirectly has the United States government guarantee any airport debt instrument. (2) Types of techniques. "Innovative financing techniques" are limited to: paying interest; commercial bond insurance and other credit enhancement tied to airport bonds for eligible airport development; flexible non-federal matching requirements; using section 47114 apportioned funds to pay principal and interest on terminal-development costs incurred before this section became law; and any other technique the Secretary decides fits this section's purposes.