Page:United States Statutes at Large Volume 86.djvu/337

 86 STAT. ]

PUBLIC LAW 92-318-JUNE 23, 1972

which they will aid in attaining a wider distribution of graduate schools and cooperative graduate centers throughout the States. I n no case shall the total of the payments from appropriations for any fiscal year pursuant to section 721 made with respect to projects in any State exceed an amount equal to 121/^ per centum of such appropriations. " (3) For the purposes of this section, the term 'institution of higher education' includes cooperative graduate center boards. " (b) The Commissioner shall not approve any application under this section until he has obtained the advice and recommendations of a panel of specialists who are not regular full-time employees of the Federal Government and who are competent to evaluate such application. "(c) No grant under this part may be in an amount in excess of 50 per centum of the development cost of the project covered by the application.

295

" Institution of higher education.'

Limitation.

" P A R T C — L O A X S FOR CONSTRUCTIOX OF ACADEMIC FACILITIES "AUTHORIZATION

"SEC. 741. (a)(1) The Commissioner shall carry out a program of making and insuring loans, in accordance with the provisions of this part. "(2) The Commissioner is authorized to make loans to institutions of higher education and to higher education building agencies for the construction of academic facilities and to insure loans. " (b) For the purpose of making payments into the fund established under section 744, there are hereby authorized to be appropriated $50,000,000 for the fiscal year ending June 30, 1972, $100,000,000 for the fiscal year ending June 30, 1973, $150,000,000 for the fiscal year ending June 30, 1974, and $200,000,000 for the jfiscal year ending June 30, 1975. Sums appropriated pursuant to this subsection for any fiscal year shall be available without fiscal year limitations. " E L I G I B I L I T Y C O N D I T I O N S, A M O U N T S, A N D T E R M S OF LOAXS

"SEC. 742. (a) No loan pursuant to this part shall be made unless the Commissioner finds (1) that not less than 20 per centum 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 part, (3) that the construction will be undertaken in an economical manner and that it will not be of elaborate or extravagant design or materials, and (4) that, in the case of a project to construct an infirmary or other facility designed to provide primarily for outpatient care of students and institutional personnel, no financial assistance will be provided such project under title IV of the Housing Act of 1950. " (b) A loan pursuant to this part shall be secured in such manner and shall be repaid within such period not exceeding fifty years, as may be determined by the Commissioner; and it shall bear interest at (1) 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 X per centum, or (2) the rate of 3 per centum per annum, whichever is the lesser.

82-081 O - 73 - 22

64 Stat. 77. 12 USC prec. 174 9 note.

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