Wayport Development Act of 1991

Wayport Development Act of 1991 - Directs the Administrator of the Federal Aviation Administration to establish a program for making loans to designated wayports (airports used primarily as locations at which passengers and cargo may be transferred between connecting flights of air carriers) for wayport planning and development. Prohibits the Administrator from establishing such loan program if the Congress enacts a joint resolution disapproving the final report of the Wayport Development Commission (established by this Act). Sets forth specified requirements and terms and conditions for such loans.

Establishes the Wayport Revolving Loan Fund. Authorizes appropriations to such Fund from unobligated amounts in the Airport and Airway Trust Fund for FY 1991 through 1993. Makes such Fund available to the Administrator for making loans to wayport authorities for financing wayport planning and development projects. Directs the Secretary of the Treasury to invest amounts in the Fund in U.S. interest-bearing obligations. Requires interest earned during FY 1991 through 1993 to be deposited into the Airport and Airway Trust Fund.

Establishes in the Department of Transportation the Wayport Development Commission to identify areas of the country suitable for the location of wayports. Requires specified reports to the Administrator and the Congress.

Provides for congressional consideration of the Commission's final report on the location of wayports in the United States.

Requires the Administrator to transmit to the Congress an annual report concerning: (1) the loans made under this Act; (2) repayment of such loans; (3) the status of the wayport planning and development projects; and (4) the financial condition of the Wayport Revolving Loan Fund.