26 U.S. Code § 54E - Qualified zone academy bonds
For purposes of subsection (a), the private business contribution requirement of this subsection 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.
There is a national zone academy bond limitation for each calendar year. Such limitation is $400,000,000 for 2008, $1,400,000,000 for 2009 and 2010, and $400,000,000 for 2011, 2012, 2013, 2014, 2015, and 2016 and, except as provided in paragraph (4), zero thereafter.
The national zone academy bond limitation for a calendar year shall be allocated by the Secretary among the States on the basis of their respective populations of individuals below the poverty line (as defined by the Office of Management and Budget). The limitation amount allocated to a State under the preceding sentence shall be allocated by the State education agency to qualified zone academies within such State.
The maximum aggregate face amount of bonds issued during any calendar year which may be designated under subsection (a) with respect to any qualified zone academy shall not exceed the limitation amount allocated to such academy under paragraph (2) for such calendar year.
Any carryforward of a limitation amount may be carried only to the first 2 years following the unused limitation year. For purposes of the preceding sentence, a limitation amount shall be treated as used on a first-in first-out basis.
Any carryover determined under section 1397E(e)(4) (relating to carryover of unused limitation) with respect to any State to calendar year 2008 or 2009 shall be treated for purposes of this section as a carryover with respect to such State for such calendar year under subparagraph (A), and the limitation of subparagraph (B) shall apply to such carryover taking into account the calendar years to which such carryover relates.
For purposes of this section, the term “eligible local education agency” means any local educational agency as defined in section 8101 of the Elementary and Secondary Education Act of 1965.
The date of the enactment of this section, referred to in subsec. (d)(1)(D)(i), is the date of enactment of Pub. L. 110–343, which was approved Oct. 3, 2008.
The National School Lunch Act, referred to in subsec. (d)(1)(D)(ii), probably means the Richard B. Russell National School Lunch Act, act June 4, 1946, ch. 281, 60 Stat. 230, which is classified generally to chapter 13 (§ 1751 et seq.) of Title 42, The Public Health and Welfare. For complete classification of this Act to the Code, see Short Title note set out under section 1751 of Title 42 and Tables.
Section 8101 of the Elementary and Secondary Education Act of 1965, referred to in subsec. (d)(2), is classified to section 7801 of Title 20, Education.
2015—Subsec. (c)(1). Pub. L. 114–113 substituted “2014, 2015, and 2016” for “and 2014”.
Subsec. (d)(2). Pub. L. 114–95 substituted “section 8101 of the Elementary and Secondary Education Act of 1965” for “section 9101 of the Elementary and Secondary Education Act of 1965”.
2014—Subsec. (c)(1). Pub. L. 113–295 substituted “2013, and 2014” for “and 2013”.
2013—Subsec. (c)(1). Pub. L. 112–240 inserted “, 2012, and 2013” after “for 2011”.
2010—Subsec. (c)(1). Pub. L. 111–312 substituted “2008,” for “2008 and” and inserted “and $400,000,000 for 2011” after “2010,”.
2009—Subsec. (c)(1). Pub. L. 111–5 substituted “and $1,400,000,000 for 2009 and 2010” for “and 2009”.
Amendment by Pub. L. 114–95 effective Dec. 10, 2015, except with respect to certain noncompetitive programs and competitive programs, see section 5 of Pub. L. 114–95, set out as a note under section 6301 of Title 20, Education.
Section applicable to obligations issued after Oct. 3, 2008, see section 313(c) of title III of div. C of Pub. L. 110–343, set out as an Effective Date of 2008 Amendment note under section 54A of this title.
LII has no control over and does not endorse any external Internet site that contains links to or references LII.