See Grant Assurances for the broad overview of the obligations on airports who receive federal funding. Grant Assurance 3 – Sponsor Fund Availability addresses the finance capabilities of the sponsor.
The Grant Assurance requires the airport sponsor to have the matching funds available for the federally funded project. This assurance guarantees that the federal funding will go to a project that will be completed in its entirety and be kept in an operational state. It is essentially a promise to complete the project and support the funded project.
It has sufficient funds available for that portion of the project costs which are not to be paid by the United States. It has sufficient funds available to assure operation and maintenance of items
funded under this grant agreement which it will own or control.
See all Grant Assurances.
This is a summary of the Grant Assurance for basic understanding only. This is not legal advice. Seek legal counsel before entering into any agreement with the FAA for a Grant Assurance.
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