; and (B) by striking subparagraph (B); (2) by striking subsection (b); and (3) in paragraph (1) of subsection (c)— (A) by striking and $400,000,0000 and inserting $400,000,000 ; and (B) by striking and, except as provided and all that follows through the period at the end and inserting , and $1,400,000,000 for 2018 and each year thereafter. . (c) Effective date The amendments made by this section shall apply to obligations issued after December 31, 2017. 203. Annual report on bond program (a) In general Not later than September 30 of each fiscal year beginning after the date of the enactment of this Act, the Secretary shall submit to the appropriate congressional committees a report on the school infrastructure bond program. (b) Elements The report under paragraph (1) shall include, with respect to the fiscal year preceding the year in which the report is submitted, the following: (1) An identification of— (A) each local educational agency that received funds from a school infrastructure bond; and (B) each local educational agency that was eligible to receive such funds— (i) but did not receive such funds; or (ii) received less than the maximum amount of funds for which the agency was eligible. (2) With respect to each local educational agency described in paragraph (1)— (A) an assessment of the capacity of the agency to raise funds for the long-term improvement of public school facilities, as determined by an assessment of— (i) the current and historic ability of the agency to raise funds for construction, renovation, modernization, and major repair projects for schools, including the ability of the agency to raise funds through imposition of property taxes; (ii) whether the agency has been able to issue bonds to fund construction projects, including such bonds as— (I) qualified school construction bonds under section 54F of the Internal Revenue Code of 1986; (II) qualified zone academy bonds under section 1397E of the Internal Revenue Code of 1986; and (III) school infrastructure bonds