Page:United States Statutes at Large Volume 98 Part 2.djvu/1087

 PUBLIC LAW 98-480—OCT. 17, 1984

98 STAT. 2247

(cKD If the University withdraws or expends more than the endowment fund income authorized by this section, the University shall repay the Secretary an amount equal to 50 per centum of the amount improperly expended (representing the Federal share thereof). (2) The University shall not withdraw or expend any endowment fund corpus. If the University withdraws or expends any endowment fund corpus, the University shall repay the Secretary an amount equal to 50 per centum of the amount withdrawn or expended (representing the Federal share thereof) plus any income earned thereon. ENFORCEMENT

SEC. 206. (a) After notice and an opportunity for a hearing, the Secretary is authorized to terminate and recover any grant awarded under this title if the University— (1) withdraws or expends any endowment fund corpus, or any endowment fund income in excess of the amount authorized by section 205; (2) fails to invest its endowment fund corpus or income in accordance with the investment standards set forth in section 204; or (3) fails to account properly to the Secretary concerning investments and expenditures of its endowment fund corpus or income. (b) If the Secretary terminates a grant under subsection (a), the University shall return to the Treasury of the United States an amount equal to the sum of the original grant or grants under this Act plus any income earned thereon. The Secretary may direct the University to take such other appropriate measures to remedy any violation of this title and to protect the financial interest of the United States.

20 USC 130aa-4.

AUTHORIZATION OF APPROPRIATIONS

SEC. 207. There is authorized to be appropriated $2,000,000 for the purposes authorized under section 203. Funds appropriated under this section shall remain available until expended.

20 USC 130aa-5.

CONFORMING AMENDMENTS

SEC. 208. Section 8 of the Act of March 2, 1867, entitled "An Act to incorporate the Howard University in the District of Columbia" (ch. 162,14 Stat. 439, 20 U.S.C. 123, as amended by Public Law 70-634, 45 Stat. 1021, and by Public Law 79-615, 60 Stat. 871) is further amended by inserting "endowment," after "improvement,". EFFECTIVE DATE

SEC. 209. This title shall take effect on October 1, 1984.

20 USC 130aa note.

TITLE III—HIGHER EDUCATION PROJECTS LIBRARY PROJECT AUTHORIZED

SEC. 301. (a) The Secretary of Education (hereafter in this title referred to as the "Secretary") is authorized to provide financial

University of Hartford, Hartford, eonn.

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