12 2 STA T .3870PUBLIC LA W 110 – 3 4 3 —O CT. 3 , 2008 ‘ ‘ (1) 1 0 0 perc e ntof t h e av a il a b le pro j ect procee ds ofs u ch issue are to be used for a q ualified purpose w ith respect to a qualified z one acade my established by an eli g ible local edu - cation agency , ‘‘( 2 ) the bond is issued by a S tate or local government within the jurisdiction of which such academy is located, and ‘‘( 3 ) the issuer — ‘‘( A ) designates such bond for purposes of this section, ‘‘( B ) certifies that it has written assurances that the private business contribution requirement of subsection (b) will be met with respect to such academy, and ‘‘( C ) certifies that it has the written approval of the eligible local education agency for such bond issuance . ‘‘(b) PRIVATE B US I N ESS C O NTRI B UTION R E Q UIRE M ENT.— F or pur- poses of subsection (a), the private business contribution require- ment of this subsection is met with respect to any issue if the eligible local education agency that established the qualified zone academy has written commitments from private entities to ma k e qualified contributions having a present value (as of the date of issuance of the issue) of not less than 10 percent of the proceeds of the issue. ‘‘(c) L IMITATION ON AMOUNT O F BON D S D ESI G NATED.— ‘‘(1) N ATIONA L LIMITATION.— T here is a national zone academy bond limitation for each calendar year. Such limitation is $4 00,000,000 for 200 8 and 200 9 ,and,e x cept as provided in paragraph (4), zero thereafter. ‘‘(2) ALLO C ATION 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 respec- tive populations of individuals below the poverty line (as defined by the O ffice of M anagement 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 SUB J ECT TO LIMITATION AMOUNT.—The maximum aggregate face amount of bonds issued during any calendar year which may be designated under subsection (a) with respect to any qualified zone academy shall not exceed the limitation amount allocated to such academy under para- graph (2) for such calendar year. ‘‘(4) CARR Y OVER OF UNUSED LIMITATION.— ‘‘(A) I N GENERAL.—If for any calendar year— ‘‘(i) the limitation amount for any State, exceeds ‘‘(ii) the amount of bonds issued during such year which are designated under subsection (a) with respect to qualified zone academies within such State, the limitation amount for such State for the following cal- endar year shall be increased by the amount of such excess. ‘‘(B) LIMITATION ON CARRYOVER.—Any carryforward of a limitation amount may be carried only to the first 2 years following the unused limitation year. For purposes of the preceding sentence, a limitation amount shall be treated as used on a first-in first-out basis. ‘‘(C) COORDINATION W IT H SECTION 1397 E.—Any carry- over determined under section 139 7E (e)(4) (relating to carryover of unused limitation) with respect to any State to calendar year 2008 or 2009 shall be treated for purposes Certif i ca ti on.
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