Subchapter V - Promoting Informed Parental Choice And Innovative Programs. Part C - Magnet Schools Assistance. Limitations.
(a) Duration of awards
A grant under this part shall be awarded for a period that shall not exceed 3 fiscal years.
(b) Limitation on planning funds
A local educational agency, or consortium of such agencies, may expend for planning (professional development shall not be considered to be planning for purposes of this subsection) not more than 50 percent of the grant funds received under this part for the first year of the program and not more than 15 percent of such funds for each of the second and third such years.
(c) Amount No local educational agency, or consortium of such agencies, awarded a grant under this part shall receive more than $4,000,000 under this part for any 1 fiscal year.
(d) Timing To the extent practicable, the Secretary shall award grants for any fiscal year under this part not later than July 1 of the applicable fiscal year.
(Pub. L. 89-10, title V, Sec. 5309, as added Pub. L. 107-110, title V, Sec. 501, Jan. 8, 2002, 115 Stat. 1810.)