[Code of Federal Regulations]

[Title 14, Volume 3]

[Revised as of January 1, 2006]

From the U.S. Government Printing Office via GPO Access

[CITE: 14CFR151.24]



[Page 94-95]

 

                     TITLE 14--AERONAUTICS AND SPACE

 

CHAPTER I--FEDERAL AVIATION ADMINISTRATION, DEPARTMENT OF TRANSPORTATION 

                               (CONTINUED)

 

PART 151_FEDERAL AID TO AIRPORTS--Table of Contents

 

     Subpart B_Rules and Procedures for Airport Development Projects

 

Sec. 151.24  Procedures: Application; information on estimated project 

costs.



    (a) If any part of the estimated project costs consists of the value 

of donated land, labor, materials, or equipment, or of the value of a 

property interest in land acquired at a cost that (as represented by the 

sponsor) is not the actual cost or the amount of an award in eminent 

domain proceedings, the sponsor must so state in the application, 

indicating the nature of the donation or other transaction and the value 

it places on it.

    (b) If, after the grant agreement is executed and before the final 

payment of the allowable project costs is made under Sec. 151.63, it 

appears that the sponsor inadvertently or unknowingly failed to comply 

with paragraph (a) of this section as to any item, the Administrator--

    (1) Makes or obtains an appraisal of the item, and if the appraised 

value is less than the value placed on the item



[[Page 95]]



in the project application, notifies the sponsor that it may, within a 

stated time, ask in writing for reconsideration of the appraisal and 

submit statements of pertinent facts and opinion; and

    (2) Adjusts the U.S. share of the proj ect costs to reflect any 

decrease in value of the item below that stated in the project 

application.



[Amdt. 151-34, 34 FR 12883, Aug. 8, 1969]