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

Summary

Requires the Secretary to run a public, fair process to pick a private, for‑profit group to act as the program’s bonding authority. Within 120 days after August 14, 2008, the Secretary must publish a notice asking for proposals, explain how and when to apply, and list the information and qualifications needed to judge applicants. The selection must be competitive and open. The Secretary must review the bonding authority’s work after three years and, if needed after talking with the Advisory Board, start a new competitive selection. The Secretary must also require that the first capital project loans be made no later than March 31, 1994. Within 120 days after August 14, 2008, the Secretary must send Congress a report on progress in carrying out the Government Accountability Office’s October 2006 recommendations for improving the Historically Black Colleges and Universities Capital Financing Program. The Secretary may sue and be sued in state or federal court, and such cases continue even if the Secretary leaves the job. The Secretary may foreclose on, buy, manage, fix up, sell, lease, or otherwise handle property tied to assigned loans, and may sell or trade other property or securities. These actions do not stop other efforts to recover loan losses, and they do not remove state or local legal control over the property or the civil rights of people living there. The Secretary may add necessary terms to contracts and may give technical help, directly or by grant or contract, to eligible institutions seeking or keeping capital improvement loans.

Title 20, §1066d

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In the performance of, and with respect to, the functions vested in the Secretary by this part, the Secretary—

(1)shall, within 120 days of August 14, 2008, publish in the Federal Register a notice and request for proposals for any private for-profit organization or entity wishing to serve as the designated bonding authority under this part, which notice shall—

(A)specify the time and manner for submission of proposals; and

(B)specify any information, qualifications, criteria, or standards the Secretary determines to be necessary to evaluate the financial capacity and administrative capability of any applicant to carry out the responsibilities of the designated bonding authority under this part;

(2)shall ensure that—

(A)the selection process for the designated bonding authority is conducted on a competitive basis; and

(B)the evaluation and selection process is transparent;

(3)shall—

(A)review the performance of the designated bonding authority after the third year of the insurance agreement; and

(B)following the review described in subparagraph (A), implement a revised competitive selection process, if determined necessary by the Secretary in consultation with the Advisory Board established pursuant to section 1066f of this title;

(4)shall require that the first loans for capital projects authorized under section 1066b of this title be made no later than March 31, 1994;

(5)may sue and be sued in any court of record of a State having general jurisdiction or in any district court of the United States, and such district courts shall have jurisdiction of civil actions arising under this part without regard to the amount in controversy, and any action instituted under this part without regard to the amount in controversy, and any action instituted under this section by or against the Secretary shall survive notwithstanding any change in the person occupying the office of the Secretary or any vacancy in such office;

(6)(A)may foreclose on any property and bid for and purchase at any foreclosure, or any other sale, any property in connection with which the Secretary has been assigned a loan pursuant to this part; and

(B)in the event of such an acquisition, notwithstanding any other provisions of law relating to the acquisition, handling, or disposal of real property by the United States, complete, administer, remodel and convert, dispose of, lease, and otherwise deal with, such property, except that—

(i)such action shall not preclude any other action by the Secretary to recover any deficiency in the amount of a loan assigned to the Secretary; and

(ii)any such acquisition of real property shall not deprive any State or political subdivision thereof of its civil or criminal jurisdiction in and over such property or impair the civil rights under the State or local laws of the inhabitants on such property;

(7)may sell, exchange, or lease real or personal property and securities or obligations;

(8)may include in any contract such other covenants, conditions, or provisions necessary to ensure that the purposes of this part will be achieved;

(9)may, directly or by grant or contract, provide technical assistance to eligible institutions to prepare the institutions to qualify, apply for, and maintain a capital improvement loan, including a loan under this part; and

(10)not later than 120 days after August 14, 2008, shall submit to the authorizing committees a report on the progress of the Department in implementing the recommendations made by the Government Accountability Office in October 2006 for improving the Historically Black College and Universities Capital Financing Program.

Notes & Related Subsidiaries

Editorial Notes

Codification Section was formerly classified to section 1132c–4 of this title prior to renumbering by Pub. L. 105–244.

Prior Provisions

A prior section 345 of Pub. L. 89–329 was classified to section 1069a of this title prior to the general amendment of this subchapter by Pub. L. 99–498.

Amendments

2008—Par. (1). Pub. L. 110–315, § 314(d)(1), substituted “

August 14, 2008,” for “

July 23, 1992,” in introductory provisions. Pars. (2) to (9). Pub. L. 110–315, § 314(d)(2), (3), added pars. (2) and (3) and redesignated former pars. (2) to (7) as (4) to (9), respectively. Par. (10). Pub. L. 110–315, § 314(d)(4)–(6), added par. (10). 1998—Par. (2). Pub. L. 105–244, § 301(c)(6), substituted “section 1066b” for “section 1132c–2”. Par. (7). Pub. L. 105–244, § 306(c), added par. (7). 1993—Pars. (2) to (6). Pub. L. 103–208 added par. (2) and redesignated former pars. (2) to (5) as (3) to (6), respectively.

Statutory Notes and Related Subsidiaries

Effective Date

of 1998 AmendmentAmendment by Pub. L. 105–244 effective Oct. 1, 1998, except as otherwise provided in Pub. L. 105–244, see section 3 of Pub. L. 105–244, set out as a note under section 1001 of this title.

Effective Date

of 1993 AmendmentAmendment by Pub. L. 103–208 effective as if included in the Higher Education

Amendments

of 1992, Pub. L. 102–325, except as otherwise provided, see section 5(a) of Pub. L. 103–208, set out as a note under section 1051 of this title.

§1066d Authority of Secretary

Summary

Title 20, §1066d

Notes & Related Subsidiaries

Editorial Notes

Prior Provisions

Amendments

Statutory Notes and Related Subsidiaries

Effective Date

Effective Date

Amendments

Citations & Metadata