Page:United States Statutes at Large Volume 82.djvu/1095

 82 STAT. ]

PUBLIC LAW 90-575-OCT. 16, 1968

1053

the resources available to any applicant for such participation relative to the resources for participation available to all other applicanits." PRIVATE S C H O O L S: AUTHORIZING REALLOTMENT OF SET-ASIDE FOR L O A N S; REPEALING LOAN ALLOTMENT FORMULA

SEC. 303. (a)(1) Section 305 of the National Defense Education Act of 1958 is amended by striking out "SEC. 305." and all that follows down to but not including subsection (b)(1) and inserting in lieu thereof the following: "SEC. 305. From the sums reserved for each fiscal year for the purposes of this section under the provisions of section 302(a), the Commissioner is authorized to make loans to private nonprofit elementary and secondary schools in any State. Any such loan shall be made only for the purposes for whicK payments to State educational agencies are authorized under the first sentence of section 301, and—". (2) Paragraph (3) of such section is amended by striking out "the current average yield on all outstanding marketable obligations of the United States" and inserting in lieu thereof "the current average market yield on outstanding marketable obligations of the United States with redemption periods to maturity comparable to the average maturities 01 such loans". (b) Section 302(c) of such Act is amended to read as follows: "(c) The amount of any State's allotment under subsection (a) of this section for any fiscal year which the Commissioner determines will not be required for such fiscal year shall be available for reallotment from time to time, on such dates during such year as the Commissioner may fix, to the other States in proportion to the original allotments to such States under subsection (a) of this section, but with such proportionate amount for any such State being reduced to the extent it exceeds the sum the Commissioner estimates such State needs and will be able to use for such year; and the total of such reductions shall be similarly reallotted among the States whose proportionate amounts were not so reduced. Any amount reserved for any fiscal year for making loans under section 305 which the Commissioner determines will not be required for that purpose for such year shall be available for allotment among the States m the manner p/l["ovided in the preceding sentence for reallotments. Any amount allottM or reallotted to a State under this subsection during a year from ftmds appropriated pursuant to section 301 shall be deemed part of its /Allotment under subsection (a) of this section for such year." (c) The amendment made by subsection (a)(2) shall apply with respect to loans made after the \date of enactment of this Act.

20 USC 445.

^° "^^ "*'* ^'

2° "^^ ''^^•

Ante, p. 1052.

Effective date.

EQUIPMENT FOR EDUCAiriONALLY DEPRIVED CHILDREN

SEC. 304. (a) Title III of the National Defense Education Act of 1958 is amended by inserting immediately below the center heading thereof the following: " P A R T A—GRANTS TO STATES"

(b) Title III of such Act is amended (1) by striking out "this title" wherever it appears and inserting in lieu thereof "this part "; and (2) by adding at the end thereof the following new part:

20 USC 441-445.

�