(a) From the amount appropriated pursuant to section 1836 of this title, the Secretary shall allocate to each tribally controlled college or university which is eligible for an endowment grant under this subchapter an amount for a Federal capital contribution equal to twice the value of the property or the amount which such college or university demonstrates has been placed within the control of, or irrevocably committed to the use of, the college or university and is available for deposit as a capital contribution of that college or university in accordance with section 1832(b)(2)(B) of this title, except that the maximum amount which may be so allocated to any such college or university for any fiscal year shall not exceed $750,000.
(b) If for any fiscal year the amount appropriated pursuant to section 1836 of this title is not sufficient to allocate to each tribally controlled college or university an amount equal to twice the value of the property or the amount demonstrated by such college or university pursuant to subsection (a) of this section, then the amount of the allocation to each such college or university shall be ratably reduced.
(Pub. L. 95–471, title III, §305, as added Pub. L. 98–192, §13, Dec. 1, 1983, 97 Stat. 1342; amended Pub. L. 101–477, §1(d)(1)(D), (E), Oct. 30, 1990, 104 Stat. 1153; Pub. L. 105–244, title IX, §901(b)(5), (7), (12), (14), Oct. 7, 1998, 112 Stat. 1828.)
Sections: Previous 1813 1814 1815 1831 1832 1833 1834 1835 1836 1851 1852 1861 1862 1863 1864 Next
Last modified: October 26, 2015