Page:United States Statutes at Large Volume 100 Part 3.djvu/818

 100 STAT. 2626

PUBLIC LAW 99-514—OCT. 22, 1986

.:X'''i U',- "(A) a program of general application to which the Higher Education Act of 1965 applies if— %> "(i) limitations are imposed under the program on— »;., "(I) the maximum amount of loans outstanding f, to any student, and -.,,., i "(II) the maximum rate of interest payable on any loan, "(ii) the loans are directly or indirectly guaranteed . by the Federal Government, "(iii) the financing of loans under the program is not limited by Federal law to the proceeds of tax-exempt bonds, and •^ "(iv) special allowance payments under section 438 of ^,i, the Higher Education Act of 1965— ",...,., "(I) are authorized to be paid with respect to loans made under the program, or •' "(II) would be authorized to be made with respect to loans under the program if such loans were not » financed with the proceeds of tax-exempt bonds, or I "(B) a program of general application approved by the ' State to which part B of title IV of the Higher Education .^ ^ Act of 1965 (relating to guaranteed student loans) does not apply if no loan under such program exceeds the difference ^ between the total cost of attendance and other forms of f student assistance (not including loans pursuant to section 428B(a)(l) of such Act (relating to parent loans) or subpart I .; of part C of title VII of the Public Health Service Act ^' (relating to student assistance)) for which the student borrower may be eligible. A bond issued as part of an issue shall V *' be treated as a qualified student loan bond only if no bond '^'* which is part of such issue meets the private business tests of paragraphs (1) and (2) of section 141Cb). "(2) APPLICABLE PERCENTAGE.—For purposes of paragraph (1),
 * J r

the term 'applicable percentage' means— "(A) 90 percent in the case of the program described in paragraph (I)(A), and "(B) 95 percent in the case of the program described in paragraph (I)(B). "(3) STUDENT BORROWERS MUST BE RESIDENTS OF ISSUING STATE,

ETC.—A student loan shall be treated as being made or financed under a program described in paragraph (1) with respect to an issue only if the student is— "(A) a resident of the State from which the volume cap under section 146 for such loan was derived, or "(B) enrolled at an educational institution located in such
 * rt3

State. .* -

"(4) DISCRIMINATION ON BASIS OF SCHOOL LOCATION NOT PER-

MITTED.—A program shall not be treated as described in paragraph (1)(A) if such program discriminates on the basis of the location (in the United States) of the educational institution in which the student is enrolled. "(c) QUALIFIED REDEVELOPMENT BOND.—For purposes of this part— "(1) IN GENERAL.—The term 'qualified redevelopment bond' means any bond issued as part of an issue 95 percent or more of the net proceeds of which are to be used for 1 or more redevelopment purposes in any designated blighted area.

�