20 U.S.C. § 1066c — Limitations on Federal insurance for

Page 307 TITLE 20—EDUCATION § 1066d Pub. L. 110–315, § 314(b)(1)(A), which directed the sub- stitution of ‘‘5’’ for ‘‘10’’, could not be executed because ‘‘10’’ did not appear subsequent to amendment by Pub. L. 105–244, § 306(b)(1). See 1998 Amendment note below. Subsec. (b)(12). Pub. L. 110–315, § 314(b)(2)–(4), added par. (12). Subsec. (e). Pub. L. 110–315, § 320(2), inserted heading. 1998—Subsec. (a). Pub. L. 105–244, § 301(c)(5)(A), sub- stituted ‘‘section 1066c’’ for ‘‘section 1132c–3’’. Subsec. (b). Pub. L. 105–244, § 301(c)(5)(B)(i), sub- stituted ‘‘sections 1066d(1) and 1066e’’ for ‘‘sections 1132c–4(1) and 1132c–5’’ in introductory provisions. Subsec. (b)(8). Pub. L. 105–244, § 306(b)(1), substituted ‘‘5 percent’’ for ‘‘10 percent’’ wherever appearing. Subsec. (b)(10). Pub. L. 105–244, § 301(c)(5)(B)(ii), sub- stituted ‘‘section 1066c’’ for ‘‘section 1132c–3’’. Subsec. (d). Pub. L. 105–244, § 301(c)(5)(B)(iii), made technical amendment to reference in original act which appears in text as reference to subsection (c)(1) of this section. Subsec. (e). Pub. L. 105–244, § 306(b)(2), added subsec. (e). 1994—Subsec. (b)(8)(A). Pub. L. 103–382, § 360C(1)(A), in- serted before semicolon ‘‘, with each eligible institu- tion required to maintain in the escrow account an amount equal to 10 percent of the outstanding principal of all loans made to such institution under this part’’. Subsec. (b)(8)(B)(ii). Pub. L. 103–382, § 360C(1)(B), amended cl. (ii) generally. Prior to amendment, cl. (ii) read as follows: ‘‘when all bonds under this part are re- tired or canceled, shall be divided among the eligible institutions making deposits into such account on the basis of the amount of each such institution’s de- posit;’’. Subsec. (b)(11). Pub. L. 103–382, § 360C(2), substituted ‘‘conditions’’ for ‘‘regulations’’. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 1998 AMENDMENT Amendment by Pub. L. 105–244 effective Oct. 1, 1998, except as otherwise provided in Pub. L. 105–244, see sec- tion 3 of Pub. L. 105–244, set out as a note under section 1001 of this title. § 1066c. Limitations on Federal insurance for bonds issued by designated bonding author- ity (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 pri- vate historically Black colleges and univer- sities; and (2) not more than $366,666,667 shall be used for loans to eligible institutions which are his- torically Black public colleges and univer- sities. For purposes of paragraphs (1) and (2), Lincoln University of Pennsylvania is an historically Black public institution. No institution of high- er education that has received assistance under section 123 of this title shall be eligible to re- ceive 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 effec- tive 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 por- tion 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 ac- count 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 applica- tion 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 amend- ment of this subchapter by Pub. L. 99–498. AMENDMENTS 2008—Subsec. (a). Pub. L. 110–315, § 314(c)(1), sub- stituted ‘‘$1,100,000,000’’ for ‘‘$375,000,000’’ in introduc- tory 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’’. § 1066d. Authority of Secretary 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 sub- mission of proposals; and (B) specify any information, qualifica- tions, criteria, or standards the Secretary determines to be necessary to evaluate the financial capacity and administrative capa- bility of any applicant to carry out the re-