123STA T . 3 56PUBLIC LA W 111 – 5 —FE B.1 7, 2 0 0 9shal l notexc ee d the l im itation amo u nt allocated unde r su b section ( d )f or such calendar y ear to such issuer .‘ ‘(c) NATION A LL I M ITATION ON A MO U NTO FB ON DSDE S - I G NATED. —T here is a national q ualified school construction bond limitation for each calendar year. S uch limitation is— ‘‘( 1 ) $ 11 ,0 00,000,000 for 2 00 9 , ‘‘(2) $11,000,000,000 for 2010, and ‘‘( 3 ) exce p taspro v ided in subsection (e), z ero after 2010. ‘‘(d) ALLO C ATION OF LIMITATION.— ‘‘(1) ALLOCATION AMONG STATES.— E xcept as provided in para g raph (2)( C ), the limitation applicable under subsection (c) for any calendar year shall be allocated by the Secretary among the States in proportion to the respective amounts each such State is eligible to receive under section 112 4 of the Elementary and Secondary Education Act of 19 65 (20 U .S.C. 6333) for the most recent fiscal year ending before such calendar year. The limitation amount allocated to a State under the preceding sentence shall be allocated by the State to issuers w ithin such State. ‘‘(2) 40 P E R CENT OF LIMITATION ALLOCATED AMONG LARGEST SC H OOL DISTRICTS.— ‘‘(A) I N GENERAL.—40 percent of the limitation applicable under subsection (c) for any calendar year shall be allocated under subparagraph (B) by the Secretary among local educational agencies which are large local educational agencies for such year. ‘‘(B) ALLOCATION FORMULA.—The amount to be allo- cated under subparagraph (A) for any calendar year shall be allocated among large local educational agencies in proportion to the respective amounts each such agency received under section 1124 of the Elementary and Sec- ondary Education Act of 1965 (20 U.S.C. 6333) for the most recent fiscal year ending before such calendar year. ‘‘(C) R EDUCTION IN STATE ALLOCATION.—The allocation to any State under paragraph (1) shall be reduced by the aggregate amount of the allocations under this para- graph to large local educational agencies within such State. ‘‘(D) ALLOCATION OF UNUSED LIMITATION TO STATE.— The amount allocated under this paragraph to a large local educational agency for any calendar year may be reallocated by such agency to the State in which such agency is located for such calendar year. Any amount reallocated to a State under the preceding sentence may be allocated as provided in paragraph (1). ‘‘(E) LARGE LOCAL EDUCATIONAL AGENC Y .— F or pur- poses of this paragraph, the term ‘large local educational agency ’ means, with respect to a calendar year, any local educational agency if such agency is— ‘‘(i) among the 100 local educational agencies with the largest numbers of children aged 5 through 1 7 from families living below the poverty level, as deter- mined by the Secretary using the most recent data available from the Department of Commerce that are satisfactory to the Secretary, or ‘‘(ii) 1 of not more than 25 local educational agen- cies (other than those described in clause (i)) that the Secretary of Education determines (based on the
