Page:United States Statutes at Large Volume 111 Part 1.djvu/847

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PUBLIC LAW 105-34—AUG. 5, 1997 111 STAT. 823 "(iii) the comprehensive education plan of such public school or program is approved by the eligible local education agency, and "(iv)(I) such public school is located in an empowerment zone or enterprise community (including any such zone or community designated after the date of the enactment of this section), or "(11) there is a reasonable expectation (as of the date of issuance of the bonds) that at least 35 percent of the students attending such school or participating in such program (as the case may be) will be eligible for free or reduced-cost lunches under the school lunch program established under the National School Lunch Act. "(B) ELIGIBLE LOCAL EDUCATION AGENCY.—The term 'eligible local education agency* means any local education agency as defined in section 14101 of the Elementary and Secondary Education Act of 1965. "(5) QUALIFIED PURPOSE. —The term 'qualified purpose' means, with respect to any qualified zone academy— " (A) rehabilitating or repairing the public school facility in which the academy is established, "(B) providing equipment for use at such academy, "(C) developing course materials for education to be provided at such academy, and "(D) training teachers and other school personnel in such academy. "(6) ELIGIBLE TAXPAYER. —The term 'eligible taxpayer' means— "(A) a bank (within the meaning of section 581), "(B) an insurance company to which subchapter L applies, and "(C) a corporation actively engaged in the business of lending money. "(e) LIMITATION ON AMOUNT OF BONDS DESIGNATED.— "(1) NATIONAL LIMITATION.—T here is a national zone academy bond limitation for each calendar year. Such limitation is $400,000,000 for 1998 and 1999, and, except as provided in paragraph (4), zero thereafter. "(2) ALLOCATION OF LIMITATION.—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. " (3) DESIGNATION SUBJECT TO LIMITATION AMOUNT.—The maximum aggregate face amount of bonds issued during any calendar year which may be designated under subsection (d)(1) with respect to any qualified zone academy shall not exceed the limitation amount allocated to such academy under paragraph (2) for such calendar year. "(4) CARRYOVER OF UNUSED LIMITATION.— If for any calendar year— "(A) the limitation amount for any State, exceeds