Source: https://www.law.cornell.edu/uscode/text/20/4425?quicktabs_8=3
Timestamp: 2015-09-01 22:30:29
Document Index: 696062280

Matched Legal Cases: ['§ 4425', '§ 4425', '§ 4425', '§ 1518', '§ 5406', '§ 505', '§ 1331', '§ 386', '§ 386', '§ 386', '§ 1331', '§ 1331', '§ 1331', '§ 1331', '§ 5406', '§ 5406']

20 U.S. Code § 4425 - Endowment programs | LII / Legal Information Institute
U.S. Code › Title 20 › Chapter 56 › Subchapter I › § 4425 20 U.S. Code § 4425 - Endowment programs
Program enhancement endowment (1)
From the total amount appropriated for this subsection pursuant to section 4451
(a) of this title, funds may be deposited into a trust fund maintained by the Institute at a federally insured banking or savings institution.
The President of the Institute shall provide—
for the deposit into the trust fund referred to in subparagraph (A)—
Amounts appropriated under section 4451
(a) of this title for use under this subsection shall be paid by the Secretary of the Treasury to the Institute as a Federal capital contribution equal to the amount of funds or the value of the in-kind contributions which the Institute demonstrates have been placed within the control of, or irrevocably committed to the use of, the Institute as a capital contribution of the Institute in accordance with this subsection.
Capital improvement endowment (1)
In addition to the trust fund established under subsection (a) of this section, funds may be deposited into a trust fund maintained by the Institute at a federally insured banking or savings institution from the amount reserved for this subsection pursuant to section 4451
(a) of this title for the purpose of establishing a separate special endowment for capital improvement (hereafter in this subsection referred to as the “capital endowment fund”) to pay expenses associated with site selection and preparation, site planning and architectural design and planning, new construction, materials and equipment procurement, renovation, alteration, repair, and other building and expansion costs of the Institute.
Subject to paragraph (3), amounts appropriated under section 4451
(a) of this title for use under this subsection shall be paid by the Secretary of the Treasury to the Institute as a Federal capital contribution equal to the amount which the Institute demonstrates has been placed within the control of, or irrevocably committed to the use of, the Institute and is available for deposit as a capital contribution of the Institute in accordance with this subsection.
General administrative provisions (1)
Funds in the trust funds described in subsections (a) and (b) of this section shall be invested under the same conditions and limitations as funds are invested under section 1065
(c)(2) of this title and the regulations implementing such section (as such regulations were in effect at the time the funds are invested).
Any amounts deposited in a trust fund authorized under subsection (a) of this section may be used to secure loans procured for the purposes of constructing or improving Institute facilities.
The President of the Institute shall provide for such other provisions governing the trust funds established under this section as may be necessary to protect the financial interest of the United States and to promote the purpose of this chapter as agreed to by the Secretary of the Treasury and the Board or its designee, including recordkeeping procedures for the investment of funds received under the trust fund established under subsection (b) of this section and such other recordkeeping procedures for the expenditure of accumulated interest for the trust fund under subsection (a) of this section as will allow the Secretary of the Treasury to audit and monitor activities under this section.
(Pub. L. 99–498, title XV, § 1518,Oct. 17, 1986, 100 Stat. 1609; Pub. L. 100–297, title V, § 5406(b),Apr. 28, 1988, 102 Stat. 417; Pub. L. 101–644, title V, § 505,Nov. 29, 1990, 104 Stat. 4669; Pub. L. 102–325, title XIII, § 1331(j),July 23, 1992, 106 Stat. 808; Pub. L. 103–382, title III, § 386(b),Oct. 20, 1994, 108 Stat. 4020.)
1994—Subsec. (b)(6). Pub. L. 103–382, § 386(b)(1), added par. (6).
Subsec. (c)(1). Pub. L. 103–382, § 386(b)(2), amended par. (1) generally. Prior to amendment, par. (1) read as follows: “Funds in the trust funds described in subsections (a) and (b) of this section shall be invested at a rate not less than that generally available for similar funds deposited at the same banking institution for the same period or periods of time.”
1992—Subsec. (a)(3). Pub. L. 102–325, § 1331(j)(1)(A), substituted “November 29, 1990” for “the date of enactment of this Act”.
Pub. L. 102–325, § 1331(j)(1)(B), inserted at end “All funds transferred to the Institute by the Secretary of the Treasury after June 2, 1988, shall be deemed to have been properly transferred as of July 23, 1992.”
Subsec. (b)(4). Pub. L. 102–325, § 1331(j)(2), inserted “, non-Federal governmental,” after “any private”.
Subsec. (c)(3), (4). Pub. L. 102–325, § 1331(j)(3), added par. (3) and redesignated former par. (3) as (4).
1990—Pub. L. 101–644amended section generally, substituting present provisions consisting of subsecs. (a) to (c) for former text which provided: in subsec. (a), establishment of program; in subsec. (b), use of funds; in subsec. (c), compliance with matching requirement; and in subsec. (d), payment of Federal contribution.
1988—Subsec. (a)(1). Pub. L. 100–297, § 5406(b)(1), substituted “From amounts appropriated under section 4451
(a) of this title, not more than $500,000” for “From the amount appropriated pursuant to section 4441
(a) of this title, the Secretary shall make available to the Institute not more than $500,000 which”.
Subsec. (d). Pub. L. 100–297, § 5406(b)(2), in subsec. heading substituted “Payment of Federal contribution” for “Allocation of funds”, and in text substituted “Amounts appropriated under section 4451
(a) of this title for use under this section shall be paid by the Secretary of the Treasury to the Institute as” for “From the amount appropriated pursuant to section 4441
(a) of this title, the Secretary shall allocate to the Institute an amount for”.