Sec. 303. Historically Black college and university capital financing
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Part D of title III ( 20 U.S.C. 1066 et seq.) is amended— in section 343— in subsection (b)— in paragraph (1), by striking an escrow account and inserting a bond insurance fund ; and in paragraph (8)— in the matter preceding subparagraph (A), by striking establish an escrow account and inserting subject to subsection (f), establish a bond insurance fund ; and in subparagraph (A), by striking the escrow account and inserting the bond insurance fund ; and in paragraph (9)— by striking the escrow account and inserting the bond insurance fund or the escrow account described in subsection (f)(1)(B) and by striking such escrow account and inserting such bond insurance fund or escrow account ; in subsection (c)— in paragraph (2), by striking the escrow account described in subsection (b)(8) and inserting the bond insurance fund described in subsection (b)(8) and the escrow account described in subsection (f)(1)(B) ; in paragraph (4), by striking and the escrow account and inserting , the bond insurance fund, and the escrow account described in subsection (f)(1)(B) ; and in paragraph (5)(B), by striking and the escrow account and inserting , the bond insurance fund, and the escrow account described in subsection (f)(1)(B) ; and by adding at the end the following:
Except as provided in paragraph (2)— the bond insurance fund established under subsection (b)(8) on the date of enactment of the PROSPER Act shall be made available with respect to loans made under this part on or after such date; and the escrow account established under subsection (b)(8) before the date of enactment of the PROSPER Act and as in effect on the day before such date of enactment shall be made available with respect to loans made under this part before the date of enactment of the PROSPER Act.
Notwithstanding paragraph (1)— in a case in which the amount in the bond insurance fund described in paragraph (1)(A) is insufficient to make payments of principal and interest on bonds under subsection (b)(8)(B)(i) in the event of delinquency in loan repayment on loans made under this part on or after the date of enactment of the PROSPER Act, amounts in the escrow fund described in paragraph (1)(B) shall be made available to the Secretary to make such payments; in a case in which the amount in the escrow account described in paragraph (1)(B) is insufficient to make payments of principal and interest on bonds under subsection (b)(8)(B)(i) in the event of delinquency in loan repayment on loans made under this part before the date of enactment of the PROSPER Act, amounts in the bond insurance fund described in paragraph (1)(A) shall be made available to the Secretary to make such payments; and in a case in which an institution is required to return an amount equal to any remaining portion of such institution’s 5 percent deposit of loan proceeds under subsection (b)(8)(B)(ii), the institution shall return to the escrow account and the bond insurance fund an amount that is proportionate to the amount that was withdrawn from the escrow account and the bond insurance fund, respectively, by such institution. ; in section 345, by striking paragraph
(9)and inserting the following: may, directly or by grant or contract, provide financial counseling and technical assistance to eligible institutions to prepare the institutions to qualify, apply for, and maintain a capital improvement loan, including a loan under this part; and ; and in section 347(c), by striking paragraph
(2)and inserting the following: On an annual basis, the Advisory Board shall prepare and submit to the authorizing committees a report on the status of the historically Black colleges and universities described in paragraph (1)(A) and an overview of all loans in the capital financing program, including the most recent loans awarded in the fiscal year in which the report is submitted. The report shall include administrative and legislative recommendations, as needed, for addressing the issues related to construction financing facing historically Black colleges and universities. .
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Sec. 303
Historically Black college and university capital financing
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