20 USC 1066c - Limitations on Federal insurance for bonds issued by designated bonding authority

U.S Code last checked for updates: Nov 23, 2024

§ 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

(c)

Religious activity prohibition

(d)

Discrimination prohibition

(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.)

cite as: 20 USC 1066c