No Practical Capacity to Issue Bonds [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 no practical capacity to issue bonds means “that the total assessed value of real property in an LEA that may be taxed for school purposes is less than $ 25,000,000.”
