Page:United States Statutes at Large Volume 77.djvu/404

 372

60 Stat. 808; '"'^ " "

75 Stat. 340.

PUBLIC LAW 88-204-DEC. 16, 1963

[77 STAT.

authorities in the field of education, at least three of whom shall be from the field of the humanities, with at least one of these three from a graduate school of education. (b) The Advisory Committee shall advise the Commissioner (1) on the action to be taken with regard to each application for a grant under this title, and (2) in the preparation of general regulations and with respect to policy matters arising in the administration of this title, including the development of criteria for approval of applications thereunder. The Advisory Committee may appoint such special advisory and technical experts and consultants as may be useful in carrying out its functions. (c) Members of the Advisory Committee and special advisory and technical experts and consultants appointed pursuant to subsection (b) shall, while serving on the business of the Advisory Committee, be entitled to receive compensation at rates fixed by the Secretary of Health, Education, and Welfare, but not exceeding $75 per day, including travel time; and, while so serving away from their homes or regular places of business, they may be allowed travel expenses, including per diem in lieu of subsistence, as authorized by section 5 of the Administrative Expenses Act of 1946 (5 U.S.C. 73b-2) for persons in the Government service employed intermittently. TITLE III—LOANS FOR CONSTRUCTION OF ACADEMIC FACILITIES LENDING AUTHORITY

SEC. 301. The Commissioner may, in accordance with the provisions of this title, make loans to institutions of higher education or to higher education building agencies for construction of academic facilities. LOAN L I M I T FOR A N Y

STATE

SEC. 302. Not more than 12i/^ per centum of the funds provided for in this title in the form of loans shall be used for loans to institutions of higher education or higher education building agencies within any one State. ELIGIBILITY CONDITIONS, AMOUNTS, A N D TERMS OF LOANS

SEC. 303. (a) No loan pursuant to this title shall be made unless the Commissioner finds (1) that not less than one-fourth of the development cost of the facility will be financed from non-Federal sources, (2) that the applicant is unable to secure the amount of such loan from other sources upon terms and conditions equally as favorable as the terms and conditions applicable to loans under this title, and (3) that the construction will oe undertaken in an economical manner and that it will not be of elaborate or extravagant design or materials. (b) A loan pursuant to this title shall be secured in such manner, and shall be repaid within such period not exceeding fifty years, as may be determmed by the Commissioner; and shall bear interest at a rate determined by the Commissioner which shall not be less than a per annum rate that is one-quarter of 1 percentage point above the average annual interest rate on all interest-bearing obligations of the United States forming a part of the public debt as computed at the end of the preceding fiscal year, adjusted to the nearest one-eighth of 1 per centum. (c) The Commissioner shall, during the fiscal year ending June 30, 1964, and each of the four succeeding fiscal years, make loans to insti-

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