§ 1066a. Definitions
For the purposes of this part:
(1)
The term “eligible institution” means a “part B institution” as that term is defined in section
1061
(2) of this title.
(2)
The term “loan” means a loan made to an eligible institution under the provisions of this part and pursuant to an agreement with the Secretary.
(3)
The term “qualified bond” means any obligation issued by the designated bonding authority at the direction of the Secretary, the net proceeds of which are loaned to an eligible institution for the purposes described in section
1066b
(b) of this title.
(4)
The term “funding” means any payment under this part from the Secretary to the eligible institution or its assignee in fulfillment of the insurance obligations of the Secretary pursuant to an agreement under section
1066b of this title.
(5)
The term “capital project” means, subject to section
1066c
(b) of this title, the repair, renovation, or, in exceptional circumstances, the construction or acquisition, of—
(A)
any classroom facility, library, laboratory facility, dormitory (including dining facilities) or other facility customarily used by colleges and universities for instructional or research purposes or for housing students, faculty, and staff;
(B)
a facility for the administration of an educational program, or a student center or student union, except that not more than 5 percent of the loan proceeds provided under this part may be used for the facility, center or union if the facility, center or union is owned, leased, managed, or operated by a private business, that, in return for such use, makes a payment to the eligible institution;
(C)
instructional equipment, technology, research instrumentation, and any capital equipment or fixture related to facilities described in subparagraph (A);
(D)
a maintenance, storage, or utility facility that is essential to the operation of a facility, a library, a dormitory, equipment, instrumentation, a fixture, real property or an interest therein, described in this paragraph;
(F)
physical infrastructure essential to support the projects authorized under this paragraph, including roads, sewer and drainage systems, and water, power, lighting, telecommunications, and other utilities;
(6)
The term “interest” includes accredited value or any other payment constituting interest on an obligation.
(7)
The term “outstanding”, when used with respect to bonds, shall not include bonds the payment of which shall have been provided for by the irrevocable deposit in trust of obligations maturing as to principal and interest in such amounts and at such times as will ensure the availability of sufficient moneys to make payments on such bonds.
(8)
The term “designated bonding authority” means the private, for-profit corporation selected by the Secretary pursuant to section
1066d
(1) of this title for the purpose of issuing taxable capital project construction bonds in furtherance of the purposes of this part.