US Laws, Codes, Statutes & Cases

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[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
  January 24, 2002 and December 19, 2002]
[CITE: 20USC1066]

 
                           TITLE 20--EDUCATION
 
      CHAPTER 28--HIGHER EDUCATION RESOURCES AND STUDENT ASSISTANCE
 
                    SUBCHAPTER III--INSTITUTIONAL AID
 
   Part D--Historically Black College and University Capital Financing
 
Sec. 1066. Findings

    The Congress finds that--
        (1) a significant part of the Federal mission in education has 
    been to attain equal opportunity in higher education for low-income, 
    educationally disadvantaged Americans and African Americans;
        (2) the Nation's historically Black colleges and universities 
    have played a prominent role in American history and have an 
    unparalleled record of fostering the development of African American 
    youth by recognizing their potential, enhancing their academic and 
    technical skills, and honing their social and political skills 
    through higher education;
        (3) the academic and residential facilities on the campuses of 
    all historically Black colleges and universities have suffered from 
    neglect, deferred maintenance and are in need of capital 
    improvements in order to provide appropriate settings for learning 
    and social development through higher education;
        (4) due to their small enrollments, limited endowments and other 
    financial factors normally considered by lenders in construction 
    financing, historically Black colleges and universities often lack 
    access to the sources of funding necessary to undertake the 
    necessary capital improvements through borrowing and bond financing;
        (5) despite their track record of long-standing and remarkable 
    institutional longevity and viability, historically Black colleges 
    and universities often lack the financial resources necessary to 
    gain access to traditional sources of capital financing such as bank 
    loans and bond financing; and
        (6) Federal assistance to facilitate low-cost capital basis for 
    historically Black colleges and universities will enable such 
    colleges and universities to continue and expand their educational 
    mission and enhance their significant role in American higher 
    education.

(Pub. L. 89-329, title III, Sec. 341, formerly title VII, Sec. 721, as 
added Pub. L. 102-325, title VII, Sec. 704, July 23, 1992, 106 Stat. 
741; renumbered title III, Sec. 341, Pub. L. 105-244, title III, 
Sec. 301(a)(3), (4), Oct. 7, 1998, 112 Stat. 1636.)

                          Codification

    Section was formerly classified to section 1132c of this title prior 
to renumbering by Pub. L. 105-244.


                            Prior Provisions

    A prior section 1066, Pub. L. 89-329, title III, Sec. 351, as added 
Pub. L. 99-498, title III, Sec. 301(a), Oct. 17, 1986, 100 Stat. 1302, 
and amended, which related to applications for assistance under this 
subchapter, was renumbered section 391 of Pub. L. 89-329 by Pub. L. 105-
244, title III, Sec. 301(a)(2), Oct. 7, 1998, 112 Stat. 1636, and 
transferred to section 1068 of this title.
    Another prior section 1066, Pub. L. 89-329, title III, Sec. 341, as 
added Pub. L. 96-374, title III, Sec. 301, Oct. 3, 1980, 94 Stat. 1396, 
related to applications for assistance, prior to the general amendment 
of this subchapter by Pub. L. 99-498.
    Another prior section 1066, Pub. L. 89-329, title IV, Sec. 406, Nov. 
8, 1965, 79 Stat. 1234; Pub. L. 90-575, title I, Sec. 101(b)(2), Oct. 
16, 1968, 82 Stat. 1017, related to allocation of allotted funds to 
institutions, filing dates for application, criteria for making 
allocations, additional allocations and payments, prior to the general 
amendment of part A of subchapter IV of this chapter by Pub. L. 92-318, 
title I, Sec. 131(b)(1), June 23, 1972, 86 Stat. 247.


                             Effective Date

    Part effective Oct. 1, 1992, see section 2 of Pub. L. 102-325, set 
out as an Effective Date of 1992 Amendment note under section 1001 of 
this title.