Page:United States Statutes at Large Volume 97.djvu/743

 PUBLIC LAW 98-95 —SEPT. 26, 1983 97 STAT. 711 "(C) fails to properly account to the Secretary concerning the investment and expenditures of the endowment funds. "(2) If the Secretary terminates a grant under paragraph (1), the grantee shall return to the Secretary an amount equal to the sum of the original grant or grants under this section plus income earned thereon. The Secretary may usc such repaid funds to make addi- tional endowment grants, or to increase existing endowment grants, to other eligible institutions.". SEC. 3. Section 347 of the Act is amended— (1) by inserting after the period at the end of subsection (a)(2) the following: "Of the amount appropriated for such part for fiscal year 1984, 20 per centum shall be available for grants under section 333 of such part, and of the amount appropriated for such part for fiscal year 1985, 100 per centum shall be available for grants under such section"; and (2) by adding at the end thereof the following new subsection: "(f) For each fiscal year, the Secretary may reserve from the appropriation for part B not more than an amount equal to the aggregate amount grantees receiving grants under part B would contribute under section 324 to the cost of the grants in that fiscal year, assuming the grant amounts remain the same as those received in the prior fiscal year, and may usc those funds to award grants to eligible institutions under section 333. In reserving and awarding such funds, the Secretary shall assure that funds that would have been reserved under part B for the institutions described in subsection (c) or (e) shall continue to be set aside under section 333 for those institutions.". SEC. 4. (a) Section 516(c) of the Omnibus Education Reconciliation Act of 1981 is amended by striking out paragraph (1) and inserting in lieu thereof the following: "(1) The total amount of appropriations to carry out title III of the Higher Education Act of 1965 shall not exceed $134,416,000 for fiscal year 1984.". (b) Section 503 of such Act is amended by striking out "1982, 1983, and 1984" and inserting in lieu thereof "1982 and 1983 and $159,700,000 for fiscal year 1984". (c) Notwithstanding section 516(g) of such Act, there are author- ized to be appropriated such sums as may be necessary to carry out parts A and B of title VII of the Higher Education Act of 1965. (d) Subsections (a)(2), (b), and (c) of section 721 of the Higher Education Act of 1965 shall not apply to funds appropriated by Public Law 98-63 for part B of title VII of the Higher Education Act 20 USC 1069c. Ante, p.708. Reserve funds. 20 USC 1060. 20 USC 1063. Ante, p. 708. 20 USC 1069c note. 20 USC 1051. 20 USC 123 note. 20 USC 1132a-l note. 20 USC 1132b, 1132c. 20 USC 1132c. Ante, p. 301.

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