P.L. 105-244
TITLE III--INSTITUTIONAL AID
SEC. 306. HBCU CAPITAL FINANCING
(a) DEFINITION- Section 342(5) (as redesignated by section 301(a)(4)) (20 U.S.C. 1132c-1(5)) is amended--
(1) by redesignating subparagraphs (B), (C), and (D) as subparagraphs (C), (G), and (H), respectively;
(2) by inserting after subparagraph (A) the following:
`(B) a facility for the administration of an educational program, or a student center or student union, except that not more than 5 percent of the loan proceeds provided under this part may be used for the facility, center or union if the facility, center or union is owned, leased, managed, or operated by a private business, that, in return for such use, makes a payment to the eligible institution;';
(3) in subparagraph (C) (as redesignated by paragraph (1)), insert `technology,' after `instructional equipment';
(4) by inserting after subparagraph (C) (as redesignated by paragraph (1)) the following:
`(D) a maintenance, storage, or utility facility that is essential to the operation of a facility, a library, a dormitory, equipment, instrumentation, a fixture, real property or an interest therein, described in this paragraph;
`(E) a facility designed to provide primarily outpatient health care for students or faculty;
`(F) physical infrastructure essential to support the projects authorized under this paragraph, including roads, sewer and drainage systems, and water, power, lighting, telecommunications, and other utilities;'; and
(5) in subparagraph (H) (as redesignated by paragraph (2)), by striking `(C)' and inserting `(G)'.
(b) RESPONSIBILITIES- Section 343 (as redesignated by section 301(a)(4)) (20 U.S.C. 1132c-2) is amended--
(1) in subsection (b)(8) (as redesignated by section 301(a)(4)) (20 U.S.C. 1132c-2(b)(8)), by striking `10 percent' each place the term appears and inserting `5 percent'; and
(2) by adding at the end the following:
`(e) Notwithstanding any other provision of law, a qualified bond guaranteed under this part may be sold to any party that offers terms that the Secretary determines are in the best interest of the eligible institution.'.
(c) TECHNICAL ASSISTANCE- Section 345 (as redesignated by section 301(a)(4)) (20 U.S.C. 1132c-4) is amended--
(1) in paragraph (5), by striking `and' after the semicolon;
(2) in paragraph (6), by striking the period and inserting `; and'; and
(3) by adding at the end the following:
`(7) 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.'.
(d) PROHIBITION- Section 346 (as redesignated by section 301(a)(4)) (20 U.S.C. 1132c-5) is repealed.
(e) ADVISORY BOARD- Section 347 (as redesignated by section 301(a)(4)) (20 U.S.C. 1132c-6) is amended--
(1) in subsection (b)--
(A) in subparagraph (D), by inserting `, or the president's designee.' after the period; and
(B) in subparagraph (E), by inserting `, or the designee of the Association' before the period; and
(2) by striking subsection (c).
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