PUBLIC LAW 107-16^JUNE 7, 2001 115 STAT. 65 is amended by striking "$5,000,000" the second place it appears and inserting "$10,000,000". (b) EFFECTIVE DATE.—The amendment made by subsection (a) Applicability. shall apply to obligations issued in calendar years beginning after 26 USC 148 note. December 31, 2001. SEC. 422. TREATMENT OF QUALIFIED PUBLIC EDUCATIONAL FACILITY BONDS AS EXEMPT FACILITY BONDS. (a) TREATMENT AS EXEMPT FACILITY BOND.— Subsection (a) of section 142 (relating to exempt facility bond) is amended by striking 26 USC 142. "or" at the end of paragraph (11), by striking the period at the end of paragraph (12) and inserting ", or", and by adding at the end the following new paragraph: "(13) qualified public educational facilities. ". (b) QUALIFIED PUBLIC EDUCATIONAL FACILITIES.— Section 142 (relating to exempt facility bond) is amended by adding at the end the following new subsection: " (k) QUALIFIED PUBLIC EDUCATIONAL FACILITIES.— "(1) IN GENERAL. —For purposes of subsection (a)(13), the term 'qualified public educational facility' means any school facility which is— "(A) part of a public elementary school or a public secondary school, and "(B) owned by a private, for-profit corporation pursuant to a public-private partnership agreement with a State or local educational agency described in paragraph (2). " (2) PUBLIC-PRIVATE PARTNERSHIP AGREEMENT DESCRIBED.—^A public-private partnership agreement is described in this paragraph if it is an agreement— "(A) under which the corporation agrees— "(i) to do 1 or more of the following: construct, rehabilitate, refurbish, or equip a school facility, and "(ii) at the end of the term of the agreement, to transfer the school facility to such agency for no additional consideration, and "(B) the term of which does not exceed the term of the issue to be used to provide the school facility. "(3) SCHOOL FACILITY.— For purposes of this subsection, the term 'school facility' means— " (A) any school building, "(B) any functionally related and subordinate facility and land with respect to such building, including any stadium or other facility primarily used for school events, and "(C) any property, to which section 168 applies (or would apply but for section 179), for use in a facility described in subparagraph (A) or (B). "(4) PUBLIC SCHOOLS.—For purposes of this subsection, the terms 'elementary school' and 'secondary school' have the meanings given such terms by section 14101 of the Elementary and Secondary Education Act of 1965 (20 U.S.C. 8801), as in effect on the date of the enactment of this subsection. " (5) ANNUAL AGGREGATE FACE AMOUNT OF TAX-EXEMPT FINANCING.— "(A) IN GENERAL.—An issue shall not be treated as an issue described in subsection (a)(13) if the aggregate face amount of bonds issued by the State pursuant thereto
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