Airport Development Acceleration Act

[AI summary unavailable — showing source text] Airport Development Acceleration Act - Expands the definition of "airport development" under the Airport and Airway Development Act of 1970 to include security equipment required by the Secretary of Transportation for the safety and security of persons and property on the airport. Increases the total obligational authority of the Secretary to make grants for airport development to $1,400,000,000. States that such obligations shall not be liquidated in an aggregate amount exceeding $1,120,000,000 prior to June 30, 1974, and an aggregate amount exceeding $1,400,000,000 prior to June 30, 1975. Provides that the Federal share of allowable project costs incurred under the Airport and Airway Development Act of 1970 shall be: (1) fifty percent for sponsors whose airports enplane not less than 1 percent of the total annual passengers enplaned by air carriers certificated by the Board; and (2) seventy-five percent for sponsors whose airports enplane less than 1 percent of such passengers. Provides that to the extent that the project cost of an approved project for airport development represents the cost of safety equipment required under the Federal Aviation Act of 1958 the United States sh…