The sponsor of an advance planning and engineering proposal must be a public agency, as defined in § 151.37(a), and must be legally, financially, and otherwise able to—

1. (a) Make the certifications, representations, and warranties required in the advance planning proposal, FAA Form 3731;
2. (b) Enter into and perform the advance planning agreement;
3. (c) Provide enough funds to pay all estimated proposal costs not borne by the United States; and
4. (d) Meet any other applicable requirements of the Federal Airport Act and this subpart.