[Code of Federal Regulations]
[Title 14, Volume 3]
[Revised as of January 1, 2004]
From the U.S. Government Printing Office via GPO Access
[CITE: 14CFR158.13]

[Page 184]
 
                     TITLE 14--AERONAUTICS AND SPACE
 
CHAPTER I--FEDERAL AVIATION ADMINISTRATION, DEPARTMENT OF TRANSPORTATION 
                               (CONTINUED)
 
PART 158--PASSENGER FACILITY CHARGES (PFC'S)--Table of Contents
 
                           Subpart A--General
 
Sec. 158.13  Use of PFC revenue.

    PFC revenue, including any interest earned after such revenue has 
been remitted to a public agency, may be used only to finance the 
allowable costs of approved projects at any airport the public agency 
controls.
    (a) Total cost. PFC revenue may be used to pay all or part of the 
allowable cost of an approved project.
    (b) Bond-associated debt service and financing costs. (1) PFC 
revenue may be used to pay debt service and financing costs incurred on 
that portion of a bond issued to carry out approved projects.
    (2) If bond documents require that PFC revenue be commingled in the 
general revenue stream of the airport controlled by the public agency 
and pledged generally for the benefit of holders of obligations issued 
thereunder, PFC revenue is deemed to have been used to pay the costs 
covered in Sec. 158.13 (b)(1) if--
    (i) An amount equal to that portion of the proceeds of the bond 
issued to carry out approved projects is used to pay allowable costs of 
such projects; and
    (ii) To the extent that the amount of PFC revenue collected in any 
year exceeds the amount of debt service and financing costs on such 
bonds during that year, an amount equal to the excess is applied as 
required by Sec. 158.39.
    (c) Combination of PFC revenue and Federal grant funds. A public 
agency may use a combination of PFC revenue and airport grant funds to 
accomplish an approved project. Such projects shall be subject to the 
recordkeeping and auditing requirements set forth in subpart D of this 
part, in addition to the reporting, recordkeeping and auditing 
requirements imposed pursuant to the Airport and Airway Improvement Act 
of 1982 (AAIA).
    (d) Non-Federal share. PFC revenue may be used to meet the non-
Federal share of the cost of projects funded under the Federal airport 
grant program.
    (e) Approval of project following approval to impose a PFC. The 
public agency shall not use PFC revenue or interest earned thereon 
except on an approved project.