[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: 14CFR158.13]



[Page 171]

 

                     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.