In addition, tax law should be amended to allow for private-sector participation and to eliminate penalties imposed on tax-exempt airport bonds.

Clark County, Nev., Airport, $290 million of airport bonds.

Last week, major rating services placed airport bonds on review for possible downgrades.

But this critical information was never conveyed to the investors who, in 1991 and 1992, ponied up some $3.5 billion for airport bonds.

Indianapolis, $67 million of airport bonds.

Congress needs to permanently reclassify airport bonds to avoid making these bonds more expensive and less attractive to investors.

But for people who bought the airport bonds, the project is not risk-free.

San Jose, Calif., $110 million of airport bonds.

Investors in airport bonds are holding debt backed by commercial airlines that are using the proceeds to build hangars, baggage-handling facilities and other capital projects.

Unlike Orange County, where the county's bonds outstanding are in default, all of Denver's airport bonds are currently trading.