A study was done of how the College Construction Loan Insurance Association (Connie Lee) carried out its mission, particularly in its service to the 102 Historically Black Colleges and Universities (HBCU). The study interviewed officials at Connie Lee, HBCUs and other schools, the Department of Education, and representatives of the bond insurance industry. It also collected data on the colleges, universities, and teaching hospitals that were either approved or rejected for bond insurance between 1991 and 1995, and examined information on Connie Lee's financial record and profitability through 1994. The study found that from 1991 to 1995 at least 23 HBCUs requested insurance for 25 bonds of which Connie Lee offered to insure 8, declined to insure 3, and determined that 13 were rated above the category of risk that Connie Lee was authorized to insure (Connie Lee had not yet decided on one bond). The review concluded that Connie Lee itself, federal and state law, and industry practice, all limited it to insuring bonds issued by a narrow range of schools. Also some schools, including HBCUs, did not need or want to issue bonds or to insure bonds, and others found the cost or the debt incurred in issuing bonds impractical. Appendixes contain a list of HBCUs, Connie Lee financial information, methodology information, and Department of Education comments. (JB)