PUBLIC LAW 107-110-^AN. 8, 2002 115 STAT. 1953 "(ii) has minimal capacity to issue bonds if the total assessed value of real property that may be taxed for school purposes is at least $25,000,000 but not more than $50,000,000. "(4) AWARD CRITERIA.—In awarding emergency grants and modernization grants under this subsection, the Secretary shall consider the following factors: "(A) The ability of the local educational agency to respond to the emergency, or to pay for the modernization project, as the case may be, as measured by— "(i) the agency's level of bonded indebtedness; "(ii) the assessed value of real property per student that may be taxed for school purposes compared to the average of the assessed value of real property per student that may be taxed for school purposes in the State in which the agency is located; "(iii) the agency's total tax rate for school purposes (or, if applicable, for capital expenditures) compared to the average total tax rate for school purposes (or the average capital expenditure tax rate, if applicable) in the State in which the agency is located; and "(iv) funds that are available to the agency, from any other source, including subsection (a), that may be used for capital expenditures. "(B) The percentage of property in the agency that is nontaxable due to the presence of the Federal Government. "(C) The number and percentages of children described in subparagraphs (A), (B), (C), and (D) of section 8003(a)(1) served in the school facility with the emergency or served in the school facility proposed for modernization, as the case may be. "(D) In the case of an emergency grant, the severity of the emergency, as measured by the threat that the condition of the school facility poses to the health, safety, and well-being of students. "(E) In the case of a modernization grant— "(i) the severity of the need for modernization, as measured by such factors as— "(I) overcrowding, as evidenced by the use of portable classrooms, or the potential for future overcrowding because of increased enrollment; or "(II) the agency's inability to utilize technology or offer a curriculum in accordance with contemporary State standards due to the physical limitations of the current school facility; and "(ii) the age of the school facility proposed for modernization. " (5) OTHER AWARD PROVISIONS.— " (A) GENERAL PROVISIONS. — "(i) LIMITATIONS ON AMOUNT OF FUNDS.— "(I) IN GENERAL.—The amount of funds provided under an emergency grant or a modernization grant awarded under this subsection to a local educational agency that meets the requirements of subclause (II) or (III) of paragraph (3)(A)(i) for purposes of eligibility under subparagraph (A) or
�
