Airport Development Acceleration Act

[AI summary unavailable — showing source text] Airport Development Acceleration Act - Expands on the definition of 'airport development' under the Airport and Airway Development Act of 1970 to include the acquisition, improvement, or repair of safety equipment required by rule or regulation for certification of the airport under the Federal Aviation Act of 1958, and security equipment required of the sponsor by rule or regulation of the Federal Aviation Administration for the safety and security of persons and property on the airport. Authorizes the Secretary of Transportation to make grants for airport development totaling $312,500,000 for each of the fiscal years 1974 and 1975. Authorizes the Secretary to make grants for the purpose of developing airports serving segments of aviation other than air carriers certificated by the Civil Aeronautics Board totaling $37,500,000 for each of the fiscal years 1974 and 1975. Increases the total obligational authority of the Secretary to make grants for airport development to $1,540,000,000. States that such obligations shall not be liquidated in an aggregate amount exceeding $1,190,000,000 prior to June 30, 1974, and an aggregate amount exceeding $1,540,000,000 prior to June 30, 1975. P…