TITLE

Senate Panel OKs $10.5B for Airports Over Three Years

AUTHOR(S)
Sanchez, Humberto
PUB. DATE
May 2003
SOURCE
Bond Buyer;5/2/2003, Vol. 344 Issue 31627, p5
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
The Senate Commerce, Science, and Transportation Committee has approved a bill on May 1, 2003 that would provide U.S. Federal Aviation Administration's airport improvement program with 10.5 billion dollars over three years, 300 million dollars more than President George W. Bush's administration had requested over the same period. The bill would reauthorize the aspiring Aviation Investment and Reform Act for the 21st century, or AIR-21. Under the Senate bill, the AIP, which provides airports with grants that are sometimes used to support bonds, would be funded at 3.4 billion dollars in fiscal 2004, 3.5 billion dollars in 2005, and 3.6 billion dollars in 2006. The Senate measure would also provide 500 million dollars a year in grants to help airports meet the costs of implementing security measures, such as permanently installing explosives-detection equipment. The legislation would also allow the Transportation Secretary to issue letters of intent from the security fund, which could be used to support airport bonds issued for security projects.
ACCESSION #
9740717

 

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