Subject to Sec. 222.66, an LEA described in Sec. 222.63 or Sec. 222.64 is eligible for financial assistance under section 8003(b)(2) if the Secretary determines that the LEA meets the following requirements:
(a) The LEA timely applies for assistance under section 8003(b)(2) and meets all of the other application and eligibility requirements of subparts A and C of these regulations.
(b) Except for an LEA described in Sec. 222.63(a) or (d), or Sec. 222.64(b) or (c), the LEA meets the applicable tax rate requirement in accordance with the procedures and requirements of Sec. Sec. 222.68 through 222.74. (Authority: 20 U.S.C. 7703(b)(2))