A bill to amend the Federal Aviation Act of 1958 in order to provide for more effective control of aircraft noise.

[AI summary unavailable — showing source text] Provides that after January 1, 1976, all subsonic transport category aircraft operating within the jurisdiction of the United States shall reduce their takeoff approach and sideline noise by amounts specified in this Act. Authorizes the Administrator of the Federal Aviation Administration to contract for the research and development of sound reduction devices utilizing representative aircraft models and to demonstrate compliance with the provisions of this Act by a prototype flight test. Authorizes to be appropriated $35,000,000 to carry out this purpose. Allows the Administrator to guarantee in whole or in part the repayment of any loan or other form of financing made to an air carrier for the purpose of modifying airplanes to meet the requirements of this Act. Restricts the total amount guaranteed to $1,000,000,000. Provides that no guarantee shall be made: (1) unless the Administrator finds that without such guaranty, in the amount thereof, the carrier would be unable to obtain necessary funds, on reasonable terms, for the purposes for which the financing is sought; (2) if in the judgment of the Administrator the financing involved is at a rate of interest which is unreasonably …