Us Code § 1066c - Limitations on Federal insurance for bonds issued by designated bonding authority
Full text of Us Code United States Code § 1066c — Limitations on Federal insurance for bonds issued by designated bonding authority, with citation guidance and answers to common questions.
§ 1066c. Limitations on Federal insurance for bonds issued by designated bonding authority
(a) Limit on amount
At no time shall the aggregate principal amount of outstanding bonds insured under this part together with any accrued unpaid interest thereon exceed $1,100,000,000, of which—
(1) not more than $733,333,333 shall be used for loans to eligible institutions that are private historically Black colleges and universities; and
(2) not more than $366,666,667 shall be used for loans to eligible institutions which are historically Black public colleges and universities.
For purposes of paragraphs (1) and (2), Lincoln University of Pennsylvania is an historically Black public institution. No institution of higher education that has received assistance under section 123 of this title shall be eligible to receive assistance under this part.
(b) Limitation on credit authority
The authority of the Secretary to issue letters of credit and insurance under this part is effective only to the extent provided in advance by appropriations Acts.
(c) Religious activity prohibition
No loan may be made under this part for any educational program, activity or service related to sectarian instruction or religious worship or provided by a school or department of divinity or to an institution in which a substantial portion of its functions is subsumed in a religious mission.
(d) Discrimination prohibition
No loan may be made to an institution under this part if the institution discriminates on account of race, color, religion, national origin, sex (to the extent provided in title IX of the Education Amendments of 1972 [20 U.S.C. 1681 et seq.]), or disabling condition; except that the prohibition with respect to religion shall not apply to an institution which is controlled by or which is closely identified with the tenets of a particular religious organization if the application of this section would not be consistent with the religious tenets of such organization.
(Pub. L. 89–329, title III, §344, formerly title VII, §724, as added Pub. L. 102–325, title VII, §704, July 23, 1992, 106 Stat. 745; renumbered title III, §344, Pub. L. 105–244, title III, §301(a)(3), (4), Oct. 7, 1998, 112 Stat. 1636; Pub. L. 110–315, title III, §314(c), Aug. 14, 2008, 122 Stat. 3181.)
Editorial Notes
References in Text
The Education Amendments of 1972, referred to in subsec. (d), is Pub. L. 92–318, June 23, 1972, 86 Stat. 235. Title IX of the Act, known as the Patsy Takemoto Mink Equal Opportunity in Education Act, is classified principally to chapter 38 (§1681 et seq.) of this title. For complete classification of title IX to the Code, see Short Title note set out under section 1681 of this title and Tables.
Codification
Section was formerly classified to section 1132c–3 of this title prior to renumbering by Pub. L. 105–244.
Prior Provisions
A prior section 344 of Pub. L. 89–329 was classified to section 1069 of this title prior to the general amendment of this subchapter by Pub. L. 99–498.
Amendments
2008—Subsec. (a). Pub. L. 110–315, §314(c)(1), substituted "$1,100,000,000" for "$375,000,000" in introductory provisions.
Subsec. (a)(1). Pub. L. 110–315, §314(c)(2), substituted "$733,333,333" for "$250,000,000".
Subsec. (a)(2). Pub. L. 110–315, §314(c)(3), substituted "$366,666,667" for "$125,000,000".
About This Section
20 U.S.C. § 1066c is part of Title 20 of the United States Code. The United States Code is the official codification of federal statutes maintained by the Office of the Law Revision Counsel of the U.S. House of Representatives. Congress amends the Code through new public laws, which are eventually incorporated into the relevant title.
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