‘‘(1) DETERMINATION OF PERCENTAGE.—If the
Administration determines that there is an excess re-
ferred to in subsection (b) for a fiscal year, the Ad-
ministration shall determine the percentage which—
‘‘(A) such excess, is of
‘‘(B) the total of the amounts authorized to
be appropriated from the Airport and Airway
Trust Fund established by section 9502 of the In-
ternal Revenue Code of 1986 (26 U.S.C. 9502)
for the next fiscal year.
‘‘(2) ADJUSTMENT OF AUTHORIZATIONS.—If the
Administration determines a percentage under para-
graph (1), each amount authorized to be appropriated
from the Airport and Airway Trust Fund for the next
fiscal year shall be reduced by such percentage.
‘‘(d) AVAILABILITY OF AMOUNTS PREVIOUSLY WITH-
HELD.—
‘‘(1) ADJUSTMENT
OF
AUTHORIZATIONS.—If,
after a reduction has been made under subsection
(c)(2), the Administration determines that the
amount described in subsection (a)(1) does not exceed
the amount described in subsection (a)(2) or that the
excess referred to in subsection (b) is less than the
amount previously determined, each amount author-
ized to be appropriated that was reduced under sub-
section (c)(2) shall be increased, by an equal percent-
age, to the extent the Administration determines that
it may be so increased without causing the amount
described in subsection (a)(1) to exceed the amount
described in subsection (a)(2) (but not by more than
the amount of the reduction).
‘‘(2) 
APPORTIONMENT.—The 
Administration
shall apportion amounts made available for appor-
tionment by paragraph (1).
‘‘(3) PERIOD OF AVAILABILITY.—Any funds ap-
portioned under paragraph (2) shall remain available
for the period for which they would be available if
such apportionment took effect with the fiscal year in
which they are apportioned under paragraph (2).
‘‘(e) REPORTS.—Any estimate under subsection (a)
and any determination under subsection (b), (c), or (d)
shall be reported by the Administration to Congress.
‘‘(f) DEFINITIONS.—In this section, the following defi-
nitions apply:
‘‘(1) NET AVIATION RECEIPTS.—The term ‘net
aviation receipts’ means, with respect to any period,
the excess of—
‘‘(A) the receipts (including interest) of the
Airport and Airway Trust Fund during such pe-
riod, over
‘‘(B) the amounts to be transferred during
such period from the Airport and Airway Trust
Fund under section 9502(d) of the Internal Reve-
nue Code of 1986 (other than paragraph (1)
thereof).
‘‘(2) UNFUNDED
AVIATION
AUTHORIZATIONS.—
The term ‘unfunded aviation authorization’ means, at
any time, the excess (if any) of—
‘‘(A) the total amount authorized to be ap-
propriated from the Airport and Airway Trust
Fund which has not been appropriated, over
‘‘(B) the amount available in the Airport
and Airway Trust Fund at such time to make
such appropriation (after all other unliquidated
obligations at such time which are payable from
the Airport and Airway Trust Fund have been
liquidated).’’.
(b) CONFORMING
AMENDMENT.—The analysis for
chapter 481 of title 49, United States Code, is amended by
adding at the end the following:
‘‘48111. Budgetary treatment of Airport and Airway Trust Fund.
‘‘48112. Safeguards against deficit spending.’’.
(c) APPLICABILITY.—This section (including the
amendments made by this section) shall apply to fiscal
years beginning after September 30, 1995.
SEC. 7. AMENDMENT TO INSPECTOR GENERAL ACT OF 1978.
Section 11 of the Inspector General Act of 1978 (5
U.S.C. App.) is amended—
(1) in paragraph (1) by inserting ‘‘or Federal
Aviation Administration’’ after ‘‘Community Serv-
ice’’; and
(2) in paragraph (2) by inserting ‘‘the Federal
Aviation Administration,’’ after ‘‘United States Infor-
mation Agency,’’.
SEC. 8. PASSENGER FACILITY CHARGES.
(a) FEE RETAINED BY AIRLINES.—
(1) DEADLINE FOR RESPONSE TO PETITION.—
Not later than 75 days after the date of the enactment
of this Act, the Administrator of the Federal Aviation
Administration shall issue a notice of a proposed
rulemaking or a denial of the petition in Docket
27791 of the Federal Aviation Administration (relat-
ing to increasing the fee that airlines retain in col-
lecting passenger facility charges).
(2) EFFECT OF FAILURE TO RESPOND.—If the
Administrator does not respond to the petition in the
docket referred to in paragraph (1) as required by
paragraph (1), the fee increase sought by the peti-
tioner in such docket shall become effective after the
75th day referred to in paragraph (1) until such date
as the Administrator responds to such petition.
(b) REVIEW OF PROGRAM.—The Secretary of Trans-
portation shall complete the review required by section 121
of the Federal Aviation Administration Reauthorization
Act of 1994 (108 Stat. 1581) not later than the 75th day
following the date of the enactment of this Act.
SEC. 9. SELECT PANEL TO REVIEW INNOVATIVE FUNDING
MECHANISMS.
(a) ESTABLISHMENT.—The Federal Aviation Board
shall establish a select panel to review and report to Con-
gress regarding innovative financing mechanisms for ensur-
ing adequate funding for existing and future aviation infra-
structure needs and for funding the operations of the Fed-
eral Aviation Administration in a manner that would pro-
vide for future growth in the Nation’s air traffic system,
improve the management and performance of the air traffic
control system, and make the Administration more efficient
and effective. The financing mechanisms to be reviewed
shall include, but not be limited to, loan guarantees, finan-
cial partnerships with for-profit private sector entities,
multi-year appropriations, revolving loan funds, manda-
tory spending authority, authority to borrow, and restruc-
tured grant programs.
(b) APPOINTMENT OF MEMBERS.—Not later than 90
days after the date of the appointment of at least 2 members
of the Board, the Board shall appoint members to the panel