Page:United States Statutes at Large Volume 108 Part 5.djvu/559

 PUBLIC LAW 103-382—OCT. 20, 1994 108 STAT. 4049 (28) Leech Lake Tribal College. (29) College of the Menominee Nation. SEC. 533. LAND-GRANT STATUS FOR 1994 INSTITUTIONS. (a) IN GENERAL.— (1) STATUS OF 1994 INSTITUTIONS.—Except as provided in paragraph (2), 1994 Institutions shall be considered land-grant colleges established for the benefit of agriculture and the mechanic arts in accordance with the provisions of the Act of July 2, 1862 (12 Stat. 503; 7 U.S.C. 301 et seq.) (commonly known as the First Morrill Act). (2) 1994 INSTITUTIONS. —(A) 1994 Institutions shall not be considered as land-grant colleges that are eligible to receive funding under— (i) the Act of March 2, 1887 (24 Stat. 440, chapter 314; 7 U.S.C. 361a et seq.); (ii) the Act of May 8, 1914 (38 Stat. 373, chapter 79; 7 U.S.C. 343), except as provided under section 3(b)(3) of such Act (as added by section 534(b)(1) of this part); or (iii) the Act of August 30, 1890 (26 Stat. 417, chapter 841; 7 U.S.C. 321 et seq.) (commonly known as the Second Morrill Act). (B) In lieu of receiving donations under the provisions of the Act of July 2, 1862 (12 Stat. 503; 7 U.S.C. 301 et seq.) (commonly known as the First Morrill Act), relating to the donations of public land or scrip for the endowment and maintenance of colleges for the benefit of agriculture and the mechanic arts, 1994 Institutions shall receive funding pursuant to the authorization under subsection (b). (b) AUTHORIZATION OF APPROPRIATIONS.—T here are authorized to be appropriated $4,600,000 for each of fiscal years 1996 through 2000. Amounts appropriated pursuant to this section shall be held and considered to have been granted to 1994 Institutions to establish an endowment pursuant to subsection (c). (c) ENDOWMENT. — (1) IN GENERAL.— In accordance with this subsection, the Secretary of the Treasury shall establish a 1994 Institutions Endowment Fund (hereafter in this subsection referred to as the "endowment fund"). The Secretary may enter into such agreements as are necessary to carry out this subsection. (2) DEPOSIT TO THE ENDOWMENT FUND.—The Secretary shall deposit in the endowment fund any— (A) amounts made available by appropriations pursuant to subsection (b) (hereafter in this subsection referred to as the "endowment fund corpus"); and (B) interest earned on the endowment fund corpus. (3) INVESTMENTS.— The Secretary shall invest the endowment fund corpus and income in interest-bearing obligations of the United States. (4) WITHDRAWALS AND EXPENDITURES. —The Secretary may not make a withdrawal or expenditure from the endowment fund corpus. On the termination of each fiscal year, the Secretary shall withdraw the amount of the income from the endowment fund for the fiscal year, and after making adjustments for the cost of administering the endowment fund, distribute the adjusted income as follows:

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