(a) The state designates the authority as the state education agency within the meaning of § 54E(c)(2) of the Internal Revenue Code of 1986 (26 U.S.C. § 54E(c)(2)), and delegates to the agency the authority to allocate on behalf of the state the national zone academy bond limitation allocated to the state among the state, local governments and public charter schools in any manner that the authority determines best supports public education in the state, and directs the authority to adopt such rules and regulations with respect to the allocation process as it deems necessary or appropriate.
(b) The state delegates to the agency the authority to allocate on behalf of the state the limitation amount allocated to the state under § 54F(d)(1) of the Internal Revenue Code of 1986 (26 U.S.C. § 54F(d)(1)), and any limitation amount allocated to a Tennessee large local education agency within the meaning of § 54F(d)(2)(E) of the Internal Revenue Code of 1986 (26 U.S.C. § 54F(d)(2)(E)), and reallocated by such large local education agency to the state pursuant to § 54F(d)(2)(D) of the Internal Revenue Code of 1986 (26 U.S.C. § 54F(d)(2)(D)), among the state, local governments and public charter schools in any manner that the authority determines best supports public education in the state, and directs the authority to establish procedures with respect to the allocation process as it deems necessary or appropriate.
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