regulations prescribed by the Secretary— (1) In general There may be a separation (including at issuance) of the ownership of a qualified zone academy bond and the entitlement to the credit under this section with respect to such bond. In case of any such separation, the credit under this section shall be allowed to the person who on the credit allowance date holds the instrument evidencing the entitlement to the credit and not to the holder of the bond. (2) Certain rules to apply In the case of a separation described in paragraph (1), the rules of section 1286 shall apply to the qualified zone academy bond as if it were a stripped bond and to the credit under this section as if it were a stripped coupon. 54A. Qualified zone academy bonds (a) In general For purposes of this subchapter, the term qualified zone academy bond means any bond issued as part of an issue if— (1) 100 percent of the available project proceeds of such issue are to be used for a qualified purpose with respect to a qualified zone academy established by an eligible local education agency, (2) the bond is issued by a State or local government within the jurisdiction of which such academy is located, and (3) the issuer— (A) designates such bond for purposes of this section, (B) certifies that it has written assurances that the private business contribution requirement of subsection (b) will be met with respect to such academy, and (C) certifies that it has the written approval of the eligible local education agency for such bond issuance. (b) Private business contribution requirement For purposes of subsection (a), the private business contribution requirement of this subsection is met with respect to any issue if the eligible local education agency that established the qualified zone academy has written commitments from private entities to make qualified contributions having a present value (as of the date of issuance of the issue) of not less than 10 percent of the proceeds of the issue. (c) Limitation on amount of bonds designated (1)