Page:United States Statutes at Large Volume 106 Part 1.djvu/780

 106 STAT. 748 PUBLIC LAW 102-325—JULY 23, 1992 facilities for students and faculties, the Secretary may msike loans of funds to such institutions for the construction, reconstruction, or renovation of such facilities. No such assistance shall be provided unless— ''(1) the educational institution involved is imable to secure the necessary funds for the construction or purchase from other sources upon terms and conditions equally as favorable as the terms and conditions applicable to loans under this title; and "(2) the Secretary finds that any such construction will be undertaken in an economical manner, and that any such facilities are not or will not be of elaborate or extravagant design or materials. "(b) AMOUNT AND CONDITIONS OF LOANS. — A loan to institutions of higher education or higher education building agency— "(1) may be in an amount not exceeding the total development cost of the facility, as determined by the Secretary; "(2) shall be secured in such manner and be repaid within such period, not exceeding 50 years, as may be determined by the Secretary; and "(3) shall bear interest at a rate determined by the Secretary which shall be not more than the lower of (A) 5.5 percent per annimi, or (B) the total of one-quarter of 1 percent per annum added to the rate of interest paid by the Secretary on funds obtEuned from the Secretary of the Treasury. "(c) USE OF LOANS FOR PREVIOUSLY MADE CONTRACTS. —Any institution of higher education or higher education building agency which, prior to October 17, 1986, had contracted for housing or other educational facilities may, in connection therewith, receive loans authorized under this part, as the Secretary may determine. No such loan shall be made for any housing or other educational facilities, the construction of which was begun prior to enactment of such date, or completed prior to the ming of an application under this part. "(d) MATCHING REQUIREMENT. —The Secretary shall not make a loan under this part unless the Institution of higher education or lugher education building agency receiving such loan provides from non-Federal sources at least 20 percent of the development cost of the project for which the loan is made. 20 USC 1132d-l. «SEC. 732. GENERAL PROVISIONS. "(a) BUDGET AND ACCOUNTING.—In the performance of, and with respect to, the functions, powers, and duties under this part, the Secretary, notwithstanding the provisions of any other law, shall— "(1) prepare annually and submit a budget program as provided for wholly owned Government corporations by chapter 91 of title 31, United States Code; and Records. "(2) maintain a set of accounts which shall be audited by the Comptroller General in accordance with the provisions of chapter 35 of title 31, United States Code, but such financial transactions of the Secretary, as the making of loans and vouchers approved by the Secretary, in connection with such financial transactions shall be final and conclusive upon all officers of the Government. "(b) USE OF FUNDS.—Funds made available to the Secretary pursuant to the provisions of this part shall be deposited in a checking account or accounts with the Treasurer of the United

�