Page:United States Statutes at Large Volume 122.djvu/1247

 12 2 STA T . 122 4PUBLIC LA W 11 0– 2 3 4 —M A Y 22, 200 8SEC.7129 . HI S PAN IC - SE RV IN G AGRIC ULT URAL C O LLEGES AN D UNIVERSITIES. (a)INGE NE RAL.—TheN a tion a lAgr i cu ltural R e s earch ,Ex ten - sion, an d Teaching P olic y Act o f197 7isa m ended b y inserting after section 1 45 5(7 U . S . C . 32 41) the follo w ing

‘SEC. 1 456 . HISPANIC-SERVING AGRICULTURAL COLLEGES AND UNIVERSITIES. ‘ ‘(a) D E FI NI T I O NOFEN D O WM ENT FU ND.—In this section, the term ‘endowment fund ’ means the H is p anic-Ser v ing Agricultural Colleges and Universities Fund established under subsection (b). ‘‘(b) ENDOWMENT.— ‘‘(1) IN G ENERAL.—The Secretary of the Treasury shall establish in accordance with this subsection a Hispanic-Serving Agricultural Colleges and Universities Fund. ‘‘(2) AGREEMENT S .—The Secretary of the Treasury may enter into such agreements as are necessary to carry out this subsection. ‘‘(3) DE P OSIT TO T H E ENDOWMENT FUND.—The Secretary of the Treasury shall deposit in the endowment fund any— ‘‘(A) amounts made available through Acts of appro- priations, which shall be the endowment fund corpus and ‘‘( B ) interest earned on the endowment fund corpus. ‘‘(4) IN V ESTMENTS.—The Secretary of the Treasury shall invest the endowment fund corpus and income in interest- bearing obligations of the United States. ‘‘(5) W ITHDRAWALS AND E X PENDITURES.— ‘‘(A) CORPUS.—The Secretary of the Treasury may not ma k e a withdrawal or expenditure from the endowment fund corpus. ‘‘(B) WITHDRAWALS.— O n September 3 0, 200 8 , and each September 30 thereafter, the Secretary of the Treasury shall withdraw the amount of the income from the endow- ment fund for the fiscal year and warrant the funds to the Secretary of Agriculture who, after making ad j ustments for the cost of administering the endowment fund, shall distribute the adjusted income as follows: ‘‘(i) 6 0 percent shall be distributed among the His- panic-serving agricultural colleges and universities on a pro rata basis based on the Hispanic enrollment count of each institution. ‘‘(ii) 40 percent shall be distributed in e q ual shares to the Hispanic-serving agricultural colleges and universities. ‘‘(6) ENDOWMENTS.—Amounts made available under this subsection shall be held and considered to be granted to His- panic-serving agricultural colleges and universities to establish an endowment in accordance with this subsection. ‘‘(7) AUTHORI Z ATION OF APPROPRIATIONS.—There are authori z ed to be appropriated to the Secretary such sums as are necessary to carry out this subsection for fiscal year 2008 and each fiscal year thereafter. ‘‘(c) AUTHORIZATION FOR ANNUAL PA Y MENTS.— ‘‘(1) IN GENERAL.—For fiscal year 2008 and each fiscal year thereafter, there are authorized to be appropriated to the Department of Agriculture to carry out this subsection an amount equal to the product obtained by multiplying— 7USC324 3.

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