Page:United States Statutes at Large Volume 106 Part 1.djvu/778

 106 STAT. 746 PUBLIC LAW 102-325—JULY 23, 1992 organization or entity wishing to serve as the designated bonding authority under this part, which notice shall— "(A) specify the time and manner for submission of proposals; and "(B) specify any information, (Qualifications, criteria, or standards the Secretary determmes to be necessary to evEduate the financial capacity and administrative capability of any applicant to carry out the responsibilities of the designated bonding authority under this part; "(2) may sue and be sued in any court of record of a State having general jurisdiction or in any district court of the United States, and such district courts shall have jurisdiction of civil actions arising under this part without regard to the amount in controversy, and any action instituted under this part withj out regard to the amount in controversy, and any action instituted under this section by or against the Secretary shall survive notwithstanding any change in the person occupying the office of the Secretary or any vacancy in such office; "(3)(A) may foreclose on Einy property and bid for and purchase at any foreclosure, or any other sale, any property in connection with which the Secretary has been assigned a loan " pursuant to this part; and "(B) in the event of such an acquisition, notwithstanding any other provisions of law relating to the acquisition, handling, or disposal of real property by me United States, complete, administer, remodel and convert, dispose of, lease, and otherwise deal with, such property, except that— "(i) such action shall not preclude any other action by the Secretary to recover any deficiency in the amount of a loan assigned to the Secretary; and "(ii) any such acquisition of real property shall not deprive any State or political subdivision thereof of its civil or criminal jurisdiction in and over such property or impair the civil rights under the State or local laws of the inhabitants on such property; "(4) may sell, exchange, or lease real or personal property and securities or obligations; and "(5) may include in any contract such other covenants, conditions, or provisions necessary to ensure that the purposes of this part will be achieved. 20 USC 1132C-5. "SEC. 726. PROHIBITION. "No institution that receives a loan under this part shall also receive a grant under part A of this title or a loan under part D of this title. 20 USC 1132C-6. ''SEC. 727. HBCU CAPITAL FINANCING ADVISORY BOARD. " (a) ESTABLISHMENT AND PURPOSE.—There is established within the Department of Education, the Historically Black College and Universities Capital Financing Advisory Board (hereinaftier in this part referred to as the 'Advisory Board') which shall provide advice and counsel to the Secretary and the designated bonding authority as to the most effective and efficient means of implementing construction financing on African American college campuses, and advise the Congress of the United States regarding the progress made in implementing this part. The Advisory Board shall meet with the Secretary at least twice each year to advise him as to the capital needs of historically Black colleges and universities.

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