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

Summary

Creates an 11-member advisory board inside the Department of Education to help the Secretary, the bonding authority, and Congress run and improve construction financing for historically Black colleges and universities (HBCUs). The board must meet with the Secretary at least twice a year and advise on HBCU capital needs, how the financing program can meet those needs, and ways to improve the program. The Secretary appoints the 11 members: the Secretary (or a designee); three presidents of private HBCUs; three presidents of public HBCUs; and the presidents (or designees) of the United Negro College Fund, the National Association for Equal Opportunity in Higher Education, and the Thurgood Marshall College Fund; plus the executive director of the White House Initiative on HBCUs. The college presidents serve 3-year terms, but at the start 2 serve 1-year terms and 3 serve 2-year terms. Vacancies are filled for the rest of the term, and a member may stay on until a successor is named. The board must also review the finances of at least ten HBCUs that either already used the program and want more financing or applied but did not get financing, study ways to lower borrowing costs (including interest), and send a report with recommendations to the authorizing committees within six months after August 14, 2008.

Title 20, §1066f

Education — Source: USLM XML via OLRC

(a)There is established within the Department of Education, the Historically Black College and Universities Capital Financing Advisory Board (hereinafter in this part referred to as the “Advisory Board”) which shall provide advice and counsel to the Secretary and the designated bonding authority as to the most effective and efficient means of implementing construction financing on African American college campuses, and advise the Congress of the United States regarding the progress made in implementing this part. The Advisory Board shall meet with the Secretary at least twice each year to advise him as to the capital needs of historically Black colleges and universities, how those needs can be met through the program authorized by this part, and what additional steps might be taken to improve the operation and implementation of the construction financing program.

(b)(1)The Advisory Board shall be appointed by the Secretary and shall be composed of 11 members as follows:

(A)The Secretary or the Secretary’s designee.

(B)Three members who are presidents of private historically Black colleges or universities.

(C)Three members who are presidents of public historically Black colleges or universities.

(D)The president of the United Negro College Fund, Inc., or the president’s designee.

(E)The president of the National Association for Equal Opportunity in Higher Education, or the designee of the Association.

(F)The executive director of the White House Initiative on historically Black colleges and universities.

(G)The president of the Thurgood Marshall College Fund, or the designee of the president.

(2)The term of office of each member appointed under paragraphs (1)(B) and (1)(C) shall be 3 years, except that—

(A)of the members first appointed pursuant to paragraphs (1)(B) and (1)(C), 2 shall be appointed for terms of 1 year, and 3 shall be appointed for terms of 2 years;

(B)members appointed to fill a vacancy occurring before the expiration of a term of a member shall be appointed to serve the remainder of that term; and

(C)a member may continue to serve after the expiration of a term until a successor is appointed.

(c)(1)In addition to the responsibilities of the Advisory Board described in subsection (a), the Advisory Board shall advise the Secretary and the authorizing committees regarding—

(A)the fiscal status and strategic financial condition of not less than ten historically Black colleges and universities that have—

(i)obtained construction financing through the program under this part and seek additional financing or refinancing under such program; or

(ii)applied for construction financing through the program under this part but have not received financing under such program; and

(B)the feasibility of reducing borrowing costs associated with the program under this part, including reducing interest rates.

(2)Not later than six months after August 14, 2008, the Advisory Board shall prepare and submit a report to the authorizing committees regarding the historically Black colleges and universities described in paragraph (1)(A) that includes administrative and legislative recommendations for addressing the issues related to construction financing facing such historically Black colleges and universities.

Notes & Related Subsidiaries

Editorial Notes

Codification Section was formerly classified to section 1132c–6 of this title prior to renumbering by Pub. L. 105–244.

Prior Provisions

A prior section 347 of Pub. L. 89–329 was classified to section 1069c of this title prior to the general amendment of this subchapter by Pub. L. 99–498.

Amendments

2008—Subsec. (b)(1). Pub. L. 110–315, § 314(e)(1)(A), substituted “11 members” for “9 members” in introductory provisions. Subsec. (b)(1)(C). Pub. L. 110–315, § 314(e)(1)(B), substituted “Three members” for “Two members”. Subsec. (b)(1)(G). Pub. L. 110–315, § 314(e)(1)(C), added subpar. (G). Subsec. (c). Pub. L. 110–315, § 314(e)(2), added subsec. (c). 1998—Subsec. (b)(1)(D). Pub. L. 105–244, § 306(e)(1)(A), inserted “, or the president’s designee.” after “Fund, Inc.” Subsec. (b)(1)(E). Pub. L. 105–244, § 306(e)(1)(B), inserted “, or the designee of the Association” before the period. Subsec. (c). Pub. L. 105–244, § 306(e)(2), struck out heading and text of subsec. (c). Text read as follows: “There are authorized to be appropriated $50,000 for fiscal year 1993 and each of the 4 succeeding fiscal years to carry out this section.”

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. Termination of Advisory BoardsAdvisory boards established after Jan. 5, 1973, to terminate not later than the expiration of the 2-year period beginning on the date of their establishment, unless, in the case of a board established by the President or an officer of the Federal Government, such board is renewed by appropriate action prior to the expiration of such 2-year period, or in the case of a board established by Congress, its duration is otherwise provided by law. See section 1001(2) and 1013 of Title 5, Government Organization and Employees.

§1066f Hbcu Capital Financing Advisory Board