Impact aid construction grants authorized

(a) Funding and sunset (1) Authorization of appropriations (A) In general There are authorized to be appropriated $250,000,000 for the first fiscal year that begins after the date of enactment of this Act, and each of the 3 succeeding fiscal years. (B) Designation Of the amount appropriated for each fiscal year, the Secretary of Education shall designate— (i) 75 percent for competitive grants awarded under section 4; and (ii) 25 percent for formula grants awarded under section 5. (2) Supplemental funding The amount authorized under paragraph (1) shall be in addition to any amounts authorized to be appropriated or otherwise made available to carry out section 7007 of the Elementary and Secondary Education Act of 1965 (20 U.S.C. 7707). (3) Availability of funds Any amounts appropriated under paragraph (1) shall remain available until expended. (4) Sunset The authority to award grants under this Act shall expire at the end of the 4-year period beginning on the date in which funds are first made available to award a grant under this Act. (b) Reservation for technical assistance, management, and oversight From the funds appropriated under subsection (a)(1), the Secretary of Education may reserve not more than half of 1 percent for technical assistance, management, and oversight of the activities carried out with those funds.