In the performance of, and with respect to, the functions vested in the Secretary by this part, the Secretary - (1) shall, within 120 days of July 23, 1992, publish in the Federal Register a notice and request for proposals for any private for-profit organization or entity wishing to serve as the designated bonding authority under this part, which notice shall - (A) specify the time and manner for submission of proposals; and (B) specify any information, qualifications, criteria, or standards the Secretary determines to be necessary to evaluate the financial capacity and administrative capability of any applicant to carry out the responsibilities of the designated bonding authority under this part; (2) shall require that the first loans for capital projects authorized under section 1066b of this title be made no later than March 31, 1994; (3) may sue and be sued in any court of record of a State having general jurisdiction or in any district court of the United States, and such district courts shall have jurisdiction of civil actions arising under this part without regard to the amount in controversy, and any action instituted under this part without regard to the amount in controversy, and any action instituted under this section by or against the Secretary shall survive notwithstanding any change in the person occupying the office of the Secretary or any vacancy in such office; (4)(A) may foreclose on any property and bid for and purchase at any foreclosure, or any other sale, any property in connection with which the Secretary has been assigned a loan pursuant to this part; and (B) in the event of such an acquisition, notwithstanding any other provisions of law relating to the acquisition, handling, or disposal of real property by the United States, complete, administer, remodel and convert, dispose of, lease, and otherwise deal with, such property, except that - (i) such action shall not preclude any other action by the Secretary to recover any deficiency in the amount of a loan assigned to the Secretary; and (ii) any such acquisition of real property shall not deprive any State or political subdivision thereof of its civil or criminal jurisdiction in and over such property or impair the civil rights under the State or local laws of the inhabitants on such property; (5) may sell, exchange, or lease real or personal property and securities or obligations; (6) may include in any contract such other covenants, conditions, or provisions necessary to ensure that the purposes of this part will be achieved; and (7) may, directly or by grant or contract, provide technical assistance to eligible institutions to prepare the institutions to qualify, apply for, and maintain a capital improvement loan, including a loan under this part.
Section was formerly classified to section 1132c-4 of this title prior to renumbering by Pub. L. 105-244.
A prior section 345 of Pub. L. 89-329 was classified to section 1069a of this title prior to the general amendment of this subchapter by Pub. L. 99-498. AMENDMENTS 1998 - Par. (2). Pub. L. 105-244, Sec. 301(c)(6), substituted "section 1066b" for "section 1132c-2". Par. (7). Pub. L. 105-244, Sec. 306(c), added par. (7). 1993 - Pars. (2) to (6). Pub. L. 103-208 added par. (2) and redesignated former pars. (2) to (5) as (3) to (6), respectively.
EFFECTIVE DATE OF 1998 AMENDMENT
Amendment by Pub. L. 105-244 effective Oct. 1, 1998, except as otherwise provided in Pub. L. 105-244, see section 3 of Pub. L. 105-244, set out as a note under section 1001 of this title.
EFFECTIVE DATE OF 1993 AMENDMENT
Amendment by Pub. L. 103-208 effective as if included in the Higher Education Amendments of 1992, Pub. L. 102-325, except as otherwise provided, see section 5(a) of Pub. L. 103-208, set out as a note under section 1051 of this title.
Section Referred To In Other Sections
This section is referred to in sections 1066a, 1066b, 1066g, 1068h of this title.