Bond Limit [Education] Law and Legal Definition

According to 34 CFR 222.176 [Title 34 – Education; Subtitle B -- Regulations of the Offices of the Department of Education; Chapter II -- Office of Elementary and Secondary Education, Department of Education; Part 222 -- Impact Aid Programs; Subpart L -- Impact Aid Discretionary Construction Grant Program Under Section 8007(B) of the Act; General], the term bond limit means “the cap or limit that a State may impose on an LEA's (Local Educational Agency) capacity for bonded indebtedness. For applicants in States that place no limit on an LEA's capacity for bonded indebtedness, the Secretary shall consider the LEA's bond limit to be 10 percent of its total assessed valuation.”