(4) MAXIMUM TERM.—A loan made under this
subsection shall be repaid in full on or before (A)
the date of completion of the project for which the
loan was made, or (B) the last day of the 2-year pe-
riod beginning on the date of issuance of the loan,
whichever occurs first.
(5) REPAYMENTS.—Repayments on a loan
made under this subsection in a fiscal year shall be
deposited into the Infrastructure Now For Ameri-
ca’s-Tomorrow Trust Fund and shall be available to
the Administrator for making grants and loans
under this section in succeeding fiscal years.
(e) MINIMUM AMOUNT FOR PROJECTS IN METRO-
POLITAN AREAS.—Not less than 20 percent of the aggre-
gate amount made available in a fiscal year to carry out
this section shall be used to make grants and loans for
projects located in (or otherwise for the benefit of) the
50 largest metropolitan areas in population, as determined
by the Administrator using the most recent information
available from the Bureau of the Census.
(f) AVAILABILITY FOR OBLIGATION.—Funds granted
to a State or unit of local government under this section
shall remain available for obligation by the State or unit
of local government until the last day of the 2nd fiscal
year beginning after the fiscal year in which the State or
unit of local government receives such funds. Funds not
obligated by the last day of such 2nd fiscal year shall be
used by the Administrator to make grants and loans under
this section to other States and units of local government
in the first 60 days of the following fiscal year.
(g) MAINTENANCE OF EFFORT.—No grant may be
made to a State or unit of local government under this
section unless the State or unit of local government enters
into such agreements with the Administrator as the Ad-
ministrator may require to ensure that the State or unit
of local government will maintain its aggregate expendi-
tures from all other sources for activities eligible for
grants under this section at or above the average level of
such expenditures in the State’s 2 fiscal years preceding
the date of the enactment of this Act.
(h) TRANSPORTATION IMPROVEMENT PROGRAMS.—
The Administrator may make grants under this section
only with respect to projects which are consistent with
transportation management programs developed by metro-
politan planning organizations pursuant to section 8 of the
Federal Transit Act.
(i) REPORTING REQUIREMENT.—Each State receiv-
ing a grant under this section shall report to the Adminis-
trator on an annual basis concerning the use of such
grant.
(j) AUTHORIZATION OF APPROPRIATIONS.—There is
authorized to be appropriated out of the Infrastructure
Now 
For 
America’s-Tomorrow 
Trust 
Fund
$1,000,000,000 per fiscal year for each of fiscal years
1994, 1995, and 1996 to carry out this section.
SEC. 103. AIRPORTS.
(a) GRANTS.—The Administrator of the Federal
Aviation Administration shall make grants to sponsors,
owners, and operators of public-use airports for projects
for the repair, reconstruction, and rehabilitation of such
airports.
(b) APPLICATIONS.—A sponsor, owner, or operator of
a public-use airport shall be eligible to receive a grant
under this section only if the sponsor, owner, or operator
submits to the Administrator an application which is in
such form and contains such information as the Adminis-
trator may require.
(c) FEDERAL SHARE.—The Federal share of the cost
of a project to be carried out by a sponsor, owner, or oper-
ator of a public-use airport using amounts from grants
made available under this section shall not exceed 80 per-
cent.
(d) LOANS TO COVER NON-FEDERAL SHARE.—
(1) IN
GENERAL.—The Administrator may
make loans to a sponsor, owner, or operator of a
public-use airport receiving a grant for a project
under this section to assist the sponsor, owner, or
operator in covering the non-Federal share of the
cost of the project.
(2) TERMS
AND
CONDITIONS.—A loan made
under this subsection shall be subject to such terms
and conditions as the Administrator may prescribe.
(3) INTEREST RATE.—A loan made under this
subsection shall bear interest at a rate to be deter-
mined by the Administrator. Such rate shall be at
or below the current average market yield on out-
standing marketable obligations of the United States
with remaining periods to maturity comparable to
the term of the loan.
(4) MAXIMUM TERM.—A loan made under this
subsection shall be repaid in full on or before (A)
the date of completion of the project for which the
loan was made, or (B) the last day of the 2-year pe-
riod beginning on the date of issuance of the loan,
whichever occurs first.
(5) REPAYMENTS.—Repayments on a loan
made under this subsection in a fiscal year shall be
deposited into the Infrastructure Now For Ameri-
ca’s-Tomorrow Trust Fund and shall be available to
the Administrator for making grants and loans
under this section in succeeding fiscal years.
(e) MINIMUM AMOUNT FOR PROJECTS IN METRO-
POLITAN AREAS.—Not less than 20 percent of the aggre-
gate amount made available in a fiscal year to carry out
this section shall be used to make grants and loans for
projects located in (or otherwise for the benefit of) the
50 largest metropolitan areas in population, as determined
by the Administrator using the most recent information
available from the Bureau of the Census.
(f) AVAILABILITY FOR OBLIGATION.—Funds granted
to a sponsor, owner, or operator of a public-use airport
under this section shall remain available for obligation by
the sponsor, owner, or operator until the last day of the
2nd fiscal year beginning after the fiscal year in which
the sponsor, owner, or operator receives such funds.
Funds not obligated by the last day of such 2nd fiscal
year shall be used by the Administrator to make grants
and loans under this section to other sponsors, owners,
and operators in the first 60 days of the following fiscal
year.
(g) MAINTENANCE OF EFFORT.—No grant may be
made to a sponsor, owner, or operator of a public-use air-
port under this section unless the sponsor, owner, or oper-
ator enters into such agreements with the Administrator
as the Administrator may require to ensure that the spon-
sor, owner, or operator will maintain its aggregate expend-
itures from all other sources for activities eligible for
grants under this section at or above the average level of
such expenditures in the 2 fiscal years preceding the date
of the enactment of this Act.
(h) REDUCTION IN AIP APPORTIONMENTS.—If the
Administrator makes a grant under this section in a fiscal
year for a project to be carried out at a public-use airport
and a passenger facility charge is being imposed at such
airport during such fiscal year pursuant to section 1113(e)
of the Federal Aviation Act of 1958, the Administrator
in the following fiscal year shall reduce by the amount of
such grant any amount which otherwise would have been
apportioned to the airport under section 505 of the Air-
port and Airway Improvement Act of 1982.
(i) 
REPORTING
REQUIREMENT.—Each 
sponsor,
owner, or operator of a public-use airport receiving a grant
under this section shall report to the Administrator on an
annual basis concerning the use of such grant.
(j) PUBLIC USE AIRPORT DEFINED.—For the pur-
poses of this section, the term ‘‘public use airport’’ has
the meaning such term has under section 503 of the Air-
port and Airway Improvement Act of 1982.