Page:United States Statutes at Large Volume 106 Part 1.djvu/777

 PUBLIC LAW 102-325—JULY 23, 1992 106 STAT. 745 the designated bonding authority may draw a funding under the letter of credit in an amount equal to— "(A) the amount required to make the next scheduled payment of principal and interest on the bonds, less autiiority from loan repayments and the escrow account. "(6) All funds provided under the letter of credit shall be paid to the designated bonding authority within 2 business days following receipt of the certification described in paragraph (4). "(d) FULL FAITH AND CREDIT PROVISIONS. — Subject to section 723(c)(l) the full faith and credit of the United States is pledged to tile payment of all funds which may be required to be paid under the provisions of this section. 'SEC. 724. LIMITATIONS ON FEDERAL INSURANCE FOR BONDS ISSUED BY THE DESIGNATED BONDING AUTHORITY. "(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 $375,000,000, of which— "(1) not more than $250,000,000 shall be used for loans to eligible institutions that are private historically Black colleges and universities; and ^'(2) not more than $125,000,000 shall be used for loans to eligible institutions which are historically Black public colleges and universities. For purposes of paragraphs (1) and (2), Lincoln University of Pennsylvania is an historically Black public institution. No institution of higher education that has received assistance under section 8 of the Act of March 2, 1867 (20 U.S.C. 123) shall be eligible to receive 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 effective 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 portion 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 account of race, color, rehgion, national origin, sex (to the extent provided in title IX of the Education Amendments of 1972), or disabling condition; except that the prohibition with respect to rehgion shall not apply to an institution which is controlled by or which is closely identified with the tenets of a particular rehgious organization if the application of this section would not be consistent with the rehgious tenets of such organization. «SEC. 725. AUTHORITY OF THE 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 enactment of the Higher Education Amendments of 1992, publish in the Federal Register a notice and request for proposals for any private for-profit 20 USC 1132C-3. Lincoln University. 20 USC 1132C-4. Federal Register, publication.
 * (B) the amount available to the designated bonding

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