[Comments on Cincinnati Airport Bond Issue]

Pursuant to a congressional request, GAO commented on Internal Revenue Code requirements for issuing private activity bonds to finance the expansion of the Northern Kentucky/Greater Cincinnati Airport. GAO noted that: (1) a February 1992 public hearing accomplished one component in the public approval requirement for the airport bonds, even though many witnesses spoke against airport expansion; and (2) objections from other local governments can not cancel the federal tax exempt status of the airport bonds.