Page:United States Statutes at Large Volume 94 Part 2.djvu/197

 PUBLIC LAW 96-374—OCT. 3, 1980

94 STAT. 1475

"PART B—GRANTS FOR CONSTRUCTION, RECONSTRUCTION, AND RENOVATION OF GRADUATE ACADEMIC FACILITIES "GRANTS

"SEC. 721. (a)(1) Funds available for this part shall be used by the 20 USC ii32c Secretary to make grants to graduate institutions of higher education whose applications for assistance are consistent with the objectives of this title. "(2) The total payment for any fiscal year made to institutions of higher education in any State shall not exceed 12.5 per centum of sums appropriated for this part. "(b) In making grants under this section, the Secretary shall seek Panel recomthe advice and recommendations of a panel of specialists who are not mendations. regular full-time employees of the Federal Government and are competent to evaluate such applications. "(c) The amount of the grant shall not exceed 50 per centum of the development cost of the project. "PART C—LOANS FOR CONSTRUCTION, RECONSTRUCTION, AND RENOVATION OF ACADEMIC FACILITIES ELIGIBILITY CONDITIONS, AMOUNTS, AND TERMS

"SEC. 731. (a) From the sums available for this part, the Secretary 20 USC ii32d. shall make and insure loans to institutions of higher education and to higher education building agencies for programs consistent with the purposes of this title. No lo£m shall be made unless the Secretary finds that— "(1) not less than 20 per centum of the development cost of the project will be financed from non-Federal sources; "(2) the applicant is unable to secure the loan from other sources upon terms and conditions equally as favorable as those applicable to loans under this part; (3) the project will be undertaken in an economical manner; and "(4) for any project with regard to an infirmary or other outpatient care facility for students and institutional personnel, assistance will not be provided under title IV of the Housing Act of 1950. 12 USC 1749. "(b) Loans shall be repaid within fifty years and shall bear interest Repayment. at (1) a rate annually determined by the Secretary which shall be not less than 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, or (2) the rate of 4 per centum per annum, whichever is less. " GENERAL PROVISIONS FOR LOAN PROGRAM

"SEC. 732. (a) Financial transactions of the Secretary, except with 20 USC ii32d-i. respect to administrative expenses, shall be final and conclusive on all officers of the Government and shall not be reviewable by any court. "(b) In the performance of, and with respect to, the functions vested in him by this part, the Secretary may— "(1) prescribe such rules and regulations as may be necessary Regulations. to carry out the purposes of this part;

�