S.Amdt. 4583

1. Adds SEC. _____. SPECIAL RULE FOR NEW ORLEANS AND LAKE CHARLES AIRPORTS wherever appropriate

   Adds a section

   Inserted: SEC. _____. SPECIAL RULE FOR NEW ORLEANS AND LAKE CHARLES AIRPORTS.

   Inserted: (a) In General.--Section 40117 is amended by adding at the end the following:

   Inserted: "(o) Special Rule for New Orleans and Lake Charles Airports.--

   Inserted: "(1) Authority to recover losses resulting from hurricanes katrina and rita.--Subject to the requirements of this subsection, for Louis Armstrong New Orleans International Airport and Lake Charles Regional Airport, the recovery of covered losses shall be treated as an eligible airport-related project under subsection (a)(3).

   Inserted: "(2) Covered losses defined.--In this subsection, the term 'covered losses' means losses, including operating expenses, that--

   Inserted: "(A) are incurred by an airport referred to in paragraph (1) in the period beginning August 29, 2005, and ending December 31, 2008;

   Inserted: "(B) are directly and substantially related to the continued operation of the airport following Hurricanes Katrina and Rita; and

   Inserted: "(C) have not been recovered from another source.

   Inserted: "(3) Amount and duration of charges.--The Secretary may approve an application that an eligible agency has submitted under subsection (c) for authority to use not more than \1/2\ of the collected passenger facility charge to finance the recovery of covered losses.

   Inserted: "(4) Limitation.--Notwithstanding any other provision of this subsection, the Secretary shall not approve an application that an eligible agency has submitted under subsection (c) for authority to use not more than \1/2\ of the collected passenger facility charges to finance the recovery of covered losses by an airport if the Secretary and the eligible agency agree that covered losses incurred by the airport have been or will be recovered from another source.

   Inserted: "(5) Reporting requirements.--As part of an application that an eligible agency submits under subsection (c) for authority to use not more than \1/2\ of the collected passenger facility charge to finance the recovery of covered losses, the Secretary may require the submission of such information as the Secretary considers necessary--

   Inserted: "(A) to verify the covered losses;

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   Inserted: "(B) to ensure the covered losses are directly and substantially related to the continued operation of the airport following Hurricanes Katrina and Rita; and

   Inserted: "(C) to ensure that the covered losses have not been recovered from any other funding source.

   Inserted: "(6) Community disaster loan repayments.--A passenger facility charge collected pursuant to this subsection shall not be treated as revenue of a local government for purposes of cancellation of repayment of all or any part of a community disaster loan made to the local government under section 417(c) of the Robert T. Stafford Disaster Relief and Emergency Assistance Act (42 U.S.C. 5184(c)).".

   Inserted: (b) Special Rule Relating to Community Disaster Loans.--A passenger facility charge collected under section 40117 of title 49, United States Code, and any amounts borrowed from the Federal Aviation Administration using passenger facility revenues as collateral shall not be treated as revenue of a local government for purposes of cancellation of repayment of all or any part of a community disaster loan made to the local government under section 417(c) of the Robert T. Stafford Disaster Relief and Emergency Assistance Act (42 U.S.C. 5184(c)).

   The amendment doesn't say where this goes; the clerk decides.

   Original wording

   At the appropriate place, insert the following:

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As printed