Page:United States Statutes at Large Volume 106 Part 1.djvu/509

 PUBLIC LAW 102-325—JULY 23, 1992 106 STAT. 477 (1) in subsection (a)— (A) in paragraph (1), by sticking "of higher education"; and (B) in paragraph (2), by inserting at the end thereof the following new subparagraph: "(D)(i) The term 'eligible institution' means an institution that is an— "(I) eligible institution under part A or would be considered to be such an institution if section 312(b)(1)(C) referred to a postgraduate degree rather than a bachelor's degree; "(II) institution eligible for assistance under part B or would be considered to be such an institution if section 324 referred to a postgraduate degree rather than a baccalaureate degree; or "(III) institution of lugher education that makes a substantial contribution to postgraduate medical educational opportunities for minorities and the economically disadvantaged, "(ii) The Secretary may wgiive the requirements of subclauses (I) and (II) of clause (i) with respect to a postgraduate degree in the case of any institution otherwise eligible under clause (i) for an endowment challenge grant upon determining that the institution makes a substantial contribution to medical education opportunities for minorities and the economically disadvantaged."; (2) in subsection (b)(1)— (A) by inserting "endowment" before "challenge grants"; and (B) by striking "of higher education"; and (3) in subsection (b)(2), by amending subparagraphs (B) and (C) to read as follows: "(B) The Secretary may make a grant under this part to an eligible institution under the following circumstemces: "(i) In any fiscal year in which the amount appropriated to carry out this part is less than $15,000,000, the institution— "(I) may apply for a grant in an amount not exceeding $500,000; and " (II) shall have deposited in its endowment fund established under this section an amount which is equal to one-half of the amount of such grant, "(ii) In any fiscal year in which the amount appropriated to carry out this part is equal to or greater than $15,000,000 but less than $25,000,000, the institution— "(I) may apply for a grant in an amount not exceeding $1,000,000; and "(II) shall have deposited in its endowment fund established under this section an amount which is equal to one-half of the amount of such grant, "(iii) In any fiscal year in which the amount appropriated to carry out this part is equal to or greater than $25,000,000, the institution may apply for a grant in an amount not to exceed $1,500,000 if such institution has deposited in its endowment fund established

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