Page:United States Statutes at Large Volume 106 Part 1.djvu/785

 PUBLIC LAW 102-325—JULY 23, 1992 106 STAT. 753 (although not a facility described in the preceding clause) is used or to be used primarily in connection with any part of the program of a school or department of divinity. " (d) DEVELOPMENT COST.—The term 'development cost' means costs of the construction of the housing or other educational facilities and the land on which it is located, including necessary site improvements to permit its use for housing, academic facilities, or other educational facilities, except that in the case of the purchase of facilities such term means the cost as approved by the Secretary. "(e) FACULTIES. — The term 'faculties' means members of the faculty and their families. "(f) OTHER EDUCATIONAL FACILITIES. — The term 'other educational facilities' means (1) new or existing structures suitable for use as cafeterias or dining halls, student centers or student unions, infirmaries or other inpatient or outpatient health facilities, or for other essential service facihties, and (2) structures suitable for the above uses provided by rehabilitation, alteration, conversion, or improvement of existing structures which are otherwise inadequate for such uses. " SEC. 735. AUTHORIZATION OF APPROPRIATIONS. "There are authorized to be appropriated to carry out this part, $50,000,000 for fiscal year 1993 and such sums as may be necessary for each of the 4 succeeding fiscal years.". SEC. 706. REPEAL OF PARTS D, F, G, AND J. Parts D, F, G, and J of title VII of the Act (20 U.S.C. 1132e et seq., 1132g et seq., 1132h-l et seq., 1132j et seq., respectively) are repealed. SEC. 707. REDESIGNATION OF AND AMENDMENTS TO PART E. (a) REDESIGNATION. — Part E of title VII of the Act (20 U.S.C. 1132f et seq.) is redesignated as part D. (b) AUTHORITY TO PROVIDE DIRECT INSURANCE TO HIGHER RATED INSTITUTIONS.— Section 752(c) of the Act (20 U.S.C. 1132f-l(c)) is amended by adding at the end the following new paragraph: "(5) Notwithstanding paragraph (1), the Corporation may issue primary insurance or guarantees covering the assets or obligations of institutions which are, without insurance or guarantee, listed by a nationally recognized statistical rating organization at or above the third highest rating of such organization, subject to all of the following conditions and limitations: "(A) The proposed transaction shall have been declined for coverage by all unaffiliated monoline insurers that are authorized to write financial guarantee insurance and that, in the previous yesir, provided primary insurance or guarantees on educational faciHty obligations. The Secretary shall publish by January 31 of each year a Ust of all such insurers. "(B) Within 2 business days of receiving complete documentation concerning a proposed transaction by an institution seeking insurance from the Corporation pursuant to this paragraph (5), an insurer shall offer to provide coverage or execute an affidavit of declination, or its failure to respond shall be deemed a declination. The institution seeking insurancefi*omthe Corporation shall file with the 20 USC 1132d-4. 20 USC 1132h et seq.

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