PUBLIC LAW 104-264—OCT. 9, 1996 110 STAT. 3225 necessary to permit the purchaser or lessee to earn compensation from the operations of the airport. "(c) TERMS AND CONDITIONS. — The Secretary may approve an appHcation under subsection (b) only if the Secretary finds that the sale or lease agreement includes provisions satisfactory to the Secretary to ensure the following: "(1) The Eiirport will continue to be available for public use on reasonable terms and conditions and without unjust discrimination. "(2) The operation of the airport will not be interrupted in the event that the purchaser or lessee becomes insolvent or seeks or becomes subject to any State or Federal bankruptcy, reorganization, insolvency, liquidation, or dissolution proceeding or any petition or similar law seeking the dissolution or reorganization of the purchaser or lessee or the appointment of a receiver, trustee, custodian, or liquidator for the purchaser or lessee or a substantial part of the purchaser or lessee's property, assets, or business. "(3) The purchaser or lessee will maintain, improve, and modernize the facilities of the airport through capital investments and will submit to the Secretary a plan for carrying out such maintenance, improvements, and modernization. "(4) Every fee of the airport imposed on an air carrier on the day before the date of the lease of the airport will not increase faster than the rate of inflation unless a higher amount is approved— "(A) by at least 65 percent of the air carriers serving the £un>ort; and "(B) by air carriers whose aircraft landing at the airport during the preceding calendar year had a total landed weight during the preceding calendar year of at least 65 percent of the total landed weight of all aircraft landing at the airport during such year. "(5) The percentage increase in fees imposed on general aviation aircraft at the airport will not exceed the percentage increase in fees imposed on air carriers at the airport. "(6) Safety and security at the airport will be maintained at the highest possible levels. "(7) The adverse effiects of noise from operations at the airport will be mitigated to the same extent as at a public airport. "(8) Any adverse effects on the environment from airport operations will be mitigated to the same extent as at a public airport. "(9) Any collective beirgaining agreement that covers employees of the eiirport and is in effect on the date of the sale or lease of the airport will not be abrogated by the sale or lease. "(d) PARTICIPATION OF CERTAIN AIRPORTS. — "(1) GENERAL AVIATION AIRPORTS. — I f the Secretary approves under subsection (b) applications with respect to 5 airports, one of the airports must be a general aviation airport. "(2) LARGE HUB AIRPORTS.— The Secretary may not approve under subsection (b) more than 1 application submitted by an airport that had 1 percent or more of the total passenger boardings (as defined in section 47102) in the United States in the preceding calendar year.
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