Sec. 158.18 — Use of PFC revenue to pay for debt service for non-eligible projects.
(a) The FAA may authorize a public agency to impose a PFC to make payments for debt service on indebtedness incurred to carry out at the airport a project that is not eligible if the FAA determines it is necessary because of the financial need of the airport. The FAA defines financial need in §158.3.
(b) A public agency may request authority to impose a PFC and use PFC revenue under this section using the PFC application procedures in §158.25. The public agency must document its financial position and explain its financial recovery plan that uses all available resources.
(c) The FAA reviews the application using the procedures in §158.27. The FAA will issue its decision on the public agency's request under §158.29.
[Doc. No. FAA–2006–23730, 72 FR 28848, May 23, 2007]
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