Qualified Bond Law and Legal Definition

Pursuant to 20 USCS § 1066a (3), [Title 20. Education; Chapter 28. Higher Education Resources and Student Assistance; Institutional Aid; Historically Black College And University Capital Financing] the term qualified bond means “any obligation issued by the designated bonding authority at the direction of the Secretary, the net proceeds of which are loaned to an eligible institution for the purposes described in section 343(b) [20 USCS § 1066b(b)].”