Page:United States Statutes at Large Volume 111 Part 1.djvu/846

 Ill STAT. 822 PUBLIC LAW 105-34—AUG. 5, 1997 "(D) the term of each bond which is part of such issue does not exceed the maximum term permitted under paragraph (3). " (2) PRIVATE BUSINESS CONTRIBUTION REQUIREMENT,— "(A) IN GENERAL. —For purposes of paragraph (1), the private business contribution requirement of this paragraph is met with respect to any issue if the eligible local education agency that established the qualified zone academy has written commitments from private entities to make qualified contributions having a present value (as of the date of issuance of the issue) of not less than 10 percent of the proceeds of the issue. "(B) QUALIFIED CONTRIBUTIONS.—For purposes of subparagraph (A), the term 'qualified contribution' means any contribution (of a t5T)e and quality acceptable to the eligible local education agency) of— "(i) equipment for use in the qualified zone academy (including state-of-the-art technology and vocational equipment), "(ii) technical assistance in developing curriculum or in training teachers in order to promote appropriate market driven technology in the classroom, "(iii) services of employees as volunteer mentors, "(iv) internships, field trips, or other educational opportunities outside the academy for students, or "(v) any other property or service specified by the eligible local education agency. "(3) TERM REQUIREMENT. — During each calendar month, the Secretary shall determine the maximum term permitted under this paragraph for bonds issued during the following calendar month. Such maximum term shall be the term which the Secretary estimates will result in the present value of the obligation to repay the principal on the bond being equal to 50 percent of the face amount of the bond. Such present value shall be determined using as a discount rate the average annual interest rate of tax-exempt obligations having a term of 10 years or more which are issued during the month. If the term as so determined is not a multiple of a whole year, such term shall be rounded to the next highest whole year. " (4) QUALIFIED ZONE ACADEMY.— "(A) IN GENERAL.—The term 'qualified zone academy* means any public school (or academic program within a public school) which is established by and operated under the supervision of an eligible local education agency to provide education or training below the postsecondary level if— "(i) such public school or program (as the case may be) is designed in cooperation with business to enhance the academic curriculum, increase graduation and employment rates, and better prepare students for the rigors of college and the increasingly complex workforce, "(ii) students in such public school or program (as the case may be) will be subject to the S£une academic standards and assessments as other students educated by the eligible local education agency.

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