Page:United States Statutes at Large Volume 100 Part 1.djvu/828

 100 STAT. 792

PUBLIC LAW 99-371—AUG. 4, 1986

construction and renovation, community and student services programs, technical assistance, and research. (B) The University may not withdraw or expend endowment fund income for any commercial purpose. (3)(A) Except as provided in subparagraph (B), the University may not withdraw or expend more than 50 percent of the total accumulated endowment fund income. (B) The Secretary may waive the limitation under subparagraph (A), if the Secretary determines that an expenditure or withdrawal is a necessary response to exceptional or uncontrollable circumstance affecting the University, (e) RECOVERY OF PAYMENTS.—After notice and an opportunity for a hearing, the Secretary is authorized to recover any Federal payments under this section if Gallaudet University— (1) makes a withdrawal or expenditure of endowment fund corpus or income which is not consistent with the provisions of this section; (2) fails to comply with the investment standards and limitations under this section; or (3) fails to account properly to the Secretary concerning the investment of or expenditures from the endowment fund corpus or income. (0 DEFINITIONS.—For the purposes of this section the following terms have the following meanings: (1) The term "endowment fund" means a fund, or a taxexempt foundation, established and maintained by Gallaudet University for the purpose of generating income for the support of the University. (2) The term "endowment fund corpus" means an amount equal to the Federal payments to the endowment fund and amounts contributed to the fund from non-Federal sources. (3) The term "endowment fund income" means an amount equal to the total market value of the endowment fund minus the endowment fund corpus. (4) The term "Secretary" means the Secretary of Education, (g) AUTHORIZATION OF APPROPRIATIONS.—There are authorized to be appropriated to carry out the purposes of this section such sums as may be necessary for each of the fiscal years 1987, 1988, 1989, 1990, and 1991. Such sums shall remain available until expended. 20 USC 4358.

SEC. 408. NATIONAL TECHNICAL INSTITUTE FOR THE DEAF ENDOWMENT PROGRAM.

(a) ESTABLISHMENT OF FEDERAL ENDOWMENT PROGRAM.—The Secretary and the Board of Directors of the National Technical Institute for the Deaf are authorized to establish the National Technical Institute for the Deaf Federal Endowment Fund (in this section referred to as the "endowment fund") in accordance with the provisions of this section, to promote the financial independence of the National Technical Institute for the Deaf. The Secretary and the Board may enter into such agreements as may be necessary to carry out the purposes of this section. (b) FEDERAL PAYMENTS.—

(1) The Secretary shall make payments to the endowment fund from amounts appropriated pursuant to subsection (g) consistent with the provisions of this section. (2) Subject to the availability of appropriations, the Secretary shall make payments to the endowment fund in amounts equal

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