§1066c — Title 20 Education | U.S. Code

Summary

Limits how much federal insurance can back bonds for loans to historically Black colleges and universities. The total insured amount cannot exceed $1,100,000,000. Up to $733,333,333 may be used for private HBCUs and up to $366,666,667 for public HBCUs. The Secretary can only issue letters of credit or insurance when Congress has first provided the money. Loans cannot pay for religious worship, sectarian instruction, or divinity schools. Loans also cannot go to schools that discriminate by race, color, religion, national origin, sex (under Title IX), or disability, except that schools run by a religious organization may follow their own religious tenets if applying the rule would conflict with those tenets.

Title 20, §1066c

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(a)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.

(b)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)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)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.

Notes & Related Subsidiaries

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”.

§1066c Limitations on Federal insurance for bonds issued by designated bonding authority

Summary

Title 20, §1066c

Notes & Related Subsidiaries

Editorial Notes

References in Text

Amendments

Short Title

Prior Provisions

Amendments

Citations & Metadata