Airport and Airway Development Act

[AI summary unavailable — showing source text] Airport and Airway Development Act - Declares that financial assistance from the Federal Government is necessary to provide the required incentive to States and airport owners to meet the needs of aviation. Directs the Secretary of Transportation to conduct studies respecting: (1) the feasibility, practicality and cost of performing land bank planning and development for future and existing airports through Federal, State, or local government action; and, (2) the examination of potential locations in the United States for major new airports and the identification of various options for financing land acquisition and development costs. Authorizes appropriations for such studies. Authorizes the Secretary to incur obligations through September 30, 1980, to make grants for airport development projects, airport system planning, air way facilities, and research and development planning for safety in air navigation. Sets forth regulations for the apportionment and distribution of such grants. Sets forth airport development project requirements. Establishes the United States share of project costs at 80 percent for sponsors of air carrier and air reliever airports and 90 percent for sponso…