Page:United States Statutes at Large Volume 100 Part 2.djvu/427

 PUBLIC LAW 99-498—OCT. 17, 1986

100 STAT. 1529

"(b) STATUS AS NON-GOVERNMENTAL ENTITY.—The Corporation shall not be an agency, instrumentality, or establishment of the United States Government and shall not be a 'Government corporation' nor a 'Government controlled corporation' as defined in section 103 of title 5, United States Code. No action under section 1491 of title 28, United States Code (commonly known as the Tucker Act) shall be allowable against the United States based on the actions of the Corporation. "(c) CORPORATE POWERS AND LIMITATIONS.—The Corporation shall be subject to the provisions of this part and, to the extent not inconsistent with this part, to the District of Columbia Business Corporation Act. The business activities of the Corporation shall 68 Stat. 177. always be limited to the purposes set forth in subsection (a) of this section. It shall have the powers conferred upon a corporation by the District of Columbia Business Corporation Act as from time to time in effect in order to conduct its corporate affairs and to carry out its purposes and activities incidental thereto. "(d) DEFINITION OF E D U C A T I O N FACILITIES P U R P O S E. — A s used in ,4« qieLCi this section, an 'education facilities purpose' includes any activity (including activities related to the payment of financing or transaction costs) relating to the construction, reconstruction, renovation, acquisition, or purchase of (1) education, training, or research facilities or housing for students, faculty, or staff, (2) any underlying real property or any interest therein, (3) furniture, fixtures, and equipment to be used in connection with any education or training facility or housing for students, faculty, or staff, and (4) instructional equipment and research instrumentation including site preparation for such equipment and instrumentation. "CRITERIA FOR GUARANTEES AND INSURANCE
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752. (a) GENERAL RULE.—The Corporation shall provide 20 USC ii32f-i. direct insurance, guarantees, and reinsurance on obligations issued for education facilities purposes only in accordance with the requirements of this section. "SEC.

"(b) ALLOCATION OF REINSURANCE CAPACITY.—

"(1) At least the percentages specified in paragraph (2) of the aggregate dollar amount of bond and debenture issues reinsured by the Corporation shall be issues which, without insurance, are listed by a nationally recognized statistical rating organization at a rating below the third highest rating of such organization. "(2) For the purpose of paragraph (1) of this subsection, the percentages specified in this paragraph shall be— "(A) 10 percent for the first full year of operation of the Corporation; "(B) 30 percent for the second full year of such operation; and "(C) 50 percent for the third full year of such operation and thereafter. "(3) No bond or debenture issue which is both reinsured and directly insured by the Corporation may be counted toward the fulfillment of the requirements of paragraph (1). "(c) DIRECT INSURANCE AND GUARANTEE ACTIVITIES; LIMITATIONS.—

"(1) All of the assets and obligations directly covered by primary insurance or guarantees issued by the Corporation shall be assets or obligations of institutions which are, without

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