Page:United States Statutes at Large Volume 106 Part 1.djvu/774

 106 STAT. 742 PUBLIC LAW 102-325—JULY 23, 1992 academic and technical skills, and honing their social and political skills through higher education; "(3) the academic sind residential facilities on the campuses of all historically Black colleges and universities have suffered from neglect, deferred maintenance and are in need of capital improvements in order to provide appropriate settings for learning and social development through higher education; (4) due to their small enrollments, limited endowments and other financial factors normally considered by lenders in construction financing, historically Black colleges and imiversities often lack access to the sources of funding necessary to undertake the necessary capital improvements through borrowing and bond financing; "(5) despite their track record of long-standing and remarkable institutional longevity and viability, historically Black colleges and imiversities often lack the financial resources necessary to gain access to traditional sources of capital financing such as b£mk loans and bond financing; and "(6) Federal assistance to facilitate low-cost capital basis for historically Black colleges and universities will enable such colleges and universities to continue and expand their educational mission and enhance their significant role in American higher education. 20 USC 1132C-1. *%£€. 722. DEFINITIONS. "For the purposes of this part: "(1) The term 'eligible institution' means a *part B institution' as that term is defined in section 322(2) of the Higher Education Act of 1965 (20 U.S.C. 1061(2)). "(2) The term losin' means a loan made to an eligible institution under the provisions of this part and pursuant to an agreement with the Secretary. by the designated bonding authority at the direction of the Secretary, the net proceeds of which are loaned to an eligible institution for the purposes described in section 723(b). "(4) The term funding' means any payment under this part from the Secretary to the eligible institution or its assignee in fulfillment of the insurance obligations of the Secretary pursuant to an agreement under section 723. "(5) The term 'capital project' means, subject to section 724(b) the repair, renovation, or, in exceptional circimistances, the construction or acquisition, of— dormitory (including dining facilities) or other facility customarily used by colleges and imiversities for instructional or research purposes or for housing students, faculty, and staff; "(B) instructional equipment, research instrumentation, and any capital equipment or fixture related to facilities described in subparagraph (A); "(C) any other facility, equipment or fixture which is essential to the mcdntaining of accreditation of the member institution by a nationally recognized accrediting agency or association; and "(D) any real property or interest therein underlying facilities described in subparagraph (A) or (C).
 * (3) The term 'qualified bond' means any obligation issued
 * (A) any classroom facility, library, laboratory facility,

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