Definition: In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.
Input: SECTION 1. SHORT TITLE.

This Act may be cited as the ''Digital Opportunity Investment Trust
Act''.

SEC. 2. FINDINGS.

Congress makes the following findings:
(1) The First Morrill Act (7 U.S.C. 301 et seq.), enacted
in 1862, and the Second Morrill Act (7 U.S.C. 321 et seq.),
enacted in 1890, brought about a significant change in the
system of education in the United States by providing for the
sale of public lands in the West and the dedication of the
proceeds of those sales to funding the establishment of
practical, accessible land grant colleges and universities
across the Nation.
(2) The land grant colleges and universities have a focus
on research, teaching, and outreach, and continue to this day
to be leaders in higher education by providing affordable
access to high-quality postsecondary education.
(3) The land grant colleges and universities also emerged
as one of the greatest sources of advanced research that
leverages the United States economy and powers the Nation's
global competitiveness.
(4) The land grant colleges and universities, in
conjunction with the Cooperative State Research, Education, and
Extension Service, serve to disseminate information learned
from research and link research activities to larger societal
needs.
(5) The potential of advanced Internet, digital spectrum,
and other telecommunications technologies to increase the
quality and reach of educational resources has barely been
tapped.
(6) Numerous local and regional educational and community
organizations are repositories of knowledge, information, and
educational resources and programs that, in terms of
accessibility to the potential beneficiaries, are fragmented
and uncoordinated.
(7) The Telecommunications Act of 1996 and the Balanced
Budget Act of 1997 established a framework for the transitions
from analog to digital television and for the auction of
publicly owned analog spectrum.
(8) It has been estimated that the auction of analog
spectrum could yield over $20,000,000,000 in revenues for the
Treasury of the United States.
(9) It is both necessary and appropriate that a substantial
portion of the auction funds, stemming as they do from the
telecommunications sector, be returned for use in that sector.
Therefore, there should be created a multibillion dollar trust,
with the trust's funding coming from revenues earned by the
Federal Government from auctions of the publicly owned
electromagnetic spectrum, which is the 21st century equivalent
of the Nation's public lands of an earlier time.

SEC. 3. ESTABLISHMENT OF TRUST.

(a) In General.--There is established a trust to be known as the
''Digital Opportunity Investment Trust'' (referred to in this Act as
the ''Trust'').
(b) Funds.--
(1) In general.--The Trust shall consist of such amounts as
are transferred to the Trust under paragraph (2) and any
interest earned on the investment of amounts in the Trust under
section 5.
(2) Transfer of funds.--The Secretary of the Treasury shall
transfer each fiscal year quarter, through fiscal year 2020,
from the general fund of the Treasury to the Trust, an amount
equal to 50 percent of the cash payment received by the Federal
Government during the preceding fiscal year quarter from--
(A) auctions of the publicly owned electromagnetic
spectrum; and
(B) licensing fees derived from the publicly owned
electromagnetic spectrum.
(c) Administration of the Trust.--
(1) Director and deputy director of the trust.--The
chairman of the National Science Board shall appoint the
following:
(A) A Director of the Trust to administer the
Trust.
(B) A Deputy Director of the Trust to assist and
advise the Director of the Trust.
(2) Advisory board.--
(A) Establishment.--An Advisory Board (referred to
in this Act as the ''Board'') shall be established to
advise in the administration of Trust funds, consisting
of 8 members who--
(i) are citizens of the United States;
(ii) are not regular full-time employees of
the Federal Government;
(iii) are eminent in such fields as
education, telecommunications or information
technology, labor, cultural and civic affairs,
or the arts and humanities; and
(iv) will provide, as nearly as
practicable, a broad representation of various
regions of the United States, various
professions and occupations, and various kinds
of talent and experience appropriate to the
functions and responsibilities of the Trust.
(B) Appointment of members.--The members of the
Board shall be appointed as follows:
(i) 4 members of the Board shall be
appointed by the President.
(ii) 2 members of the Board shall be
appointed by--
(I) the Majority Leader of the
Senate, if such individual is not of
the same political party as the
President; or
(II) the Minority Leader of the
Senate, if such individual is not of
the same political party as the
President.
(iii) 2 members of the Board shall be
appointed by--
(I) the Majority Leader of the
House of Representatives, if such
individual is not of the same political
party as the President; or
(II) the Minority Leader of the
House of Representatives, if such
individual is not of the same political
party as the President.
(C) Terms of appointment.--
(i) Date.--Members of the Board shall be
appointed not later than 180 days after the
date of enactment of this Act.
(ii) Terms.--Each member of the Board shall
be appointed for the life of the Board.
(iii) Vacancies.--A vacancy on the Board
shall not affect the Board's powers, and shall
be filled in the same manner as the original
member was appointed.
(D) Meetings.--
(i) First meeting.--Not later than 30 days
after the date on which all of the members of
the Board have been appointed, the chairman of
the National Science Board shall call the first
meeting of the Board.
(ii) Quorum.--A majority of the members of
the Board shall constitute a quorum, but a
lesser number of members may hold hearings.
(E) Board personnel matters.--
(i) Compensation.--Members of the Board
shall receive no additional pay, allowances, or
benefits by reason of the members' service on
the Board.
(ii) Travel expenses.--The members of the
Board shall be allowed travel expenses,
including per diem in lieu of subsistence, at
rates authorized for employees of agencies
under subchapter I of chapter 57 of title 5,
United States Code, while away from their homes
or regular places of business in the
performance of services for the Board.
(F) Duties.--
(i) In general.--Not later than 6 months
after the Board first meets pursuant to
subparagraph (D)(i), the Board shall complete
and submit to the Director of the Trust and the
Deputy Director of the Trust--
(I) a management plan and
implementation strategy for the Trust;
(II) a detailed national research
plan identifying critical challenges to
telecommunications and education and
the research and development needed to
meet the challenges; and
(III) recommendations on how best
to manage the Trust.
(ii) Authorization of appropriations.--
There is authorized to be appropriated to carry
out this subparagraph $4,000,000 for fiscal
year 2003.
(d) Trust Fund Uses.--
(1) Uses of funds.--In order to achieve the objectives of
this Act, which include enhancing Federal education programs,
the Director of the Trust, after consultation with the Deputy
Director of the Trust and the Board, may use Trust funds--
(A) to supplement Federal funds for Federal
education programs;
(B) to serve as a venture capital fund for the
Nation's nonprofit educational and public service
institutions by being dedicated to innovation,
experimentation, and research in utilizing new
telecommunications and information technologies across
the widest possible range of public purposes;
(C) to invest in new and promising ideas and
prototypes that use advanced telecommunications and
information to deliver public information and education
in the broadest sense to all Americans throughout their
lifetimes;
(D) to enable schools, community colleges,
universities, libraries, museums, civic organizations,
and cultural, arts, humanities centers, and nonprofit
agencies or organizations described in section
501(c)(3) of the Internal Revenue Code of 1986 that are
exempt from tax under section 501(a) of such Code to
take advantage of innovative telecommunications and
information technologies to reach outside their walls
and into homes, schools, and the workplace;
(E) for innovative technologies to reach
nontraditional learners, including--
(i) senior citizens;
(ii) individuals with disabilities; and
(iii) members of the workforce; and
(F) to develop innovative strategies to improve--
(i) the teaching of mathematics and
science; and
(ii) the academic achievement of students
in mathematics and science.
(2) Contracts and grants.--
(A) In general.--In order to carry out the
activities described in paragraph (1), the Director of
the Trust, with the agreement of a majority of the
members of the Board, may award contracts and grants to
nonprofit public institutions (with or without private
partners) for innovative and experimental ideas and techniques that--
(i) enhance learning;
(ii) broaden knowledge;
(iii) encourage an informed citizenry and
self-government;
(iv) make available to all citizens of the
United States the best of the Nation's arts,
humanities, and culture; and
(v) teach the skills and disciplines needed
in an information-based economy.
(B) Evaluation of proposals.--To the extent
practicable, proposals for such contracts or grants
shall be evaluated on the basis of comparative merit by
panels of experts who represent diverse interests and
perspectives, and who are appointed by the Director of
the Trust, after consultation with the Deputy Director
of the Trust and the Board.
(C) Training and education.--The Director of the
Trust, after consultation with the Deputy Director of
the Trust and the Board, in awarding the contracts and
grants under subparagraph (A), may use Trust funds to
finance the development and testing of innovative
models and materials for education in the use of new
telecommunications and information technologies.
(3) Courses, materials, archives, software, information,
programs, resources, and services.--The Director of the Trust,
after consultation with the Deputy Director of the Trust and
the Board, may commission the development of online courses,
training materials, archives, software, civic information,
quality arts and cultural programs, and other digital resources
and services of the highest standards to meet the needs of all
United States citizens and help the citizens gain access to the
best minds and talents of society.
(4) Cooperation.--The Director of the Trust, after
consultation with the Deputy Director of the Trust and the
Board, may cooperate with business, industry, philanthropy, and
local and national public service institutions, including
enhancing the work of such public service institutions by
seeking new ways to put telecommunications and information
technologies to work in their areas of interest.
(5) Public broadcasting.--The Director of the Trust, after
consultation with the Deputy Director of the Trust and the
Board, may use public broadcasting's state-of-the-art digital
transmission system in carrying out the Trust's educational and
informational mission.

SEC. 4. CONGRESS.

(a) Report.--
(1) In general.--Not later than April 30 of each year, the
Director of the Trust, after consultation with the Deputy
Director of the Trust and the Board, shall prepare a report for
the preceding fiscal year, ending September 30, and shall
submit such report to the chairman of the National Science
Board.
(2) Contents.--The report shall include--
(A) a comprehensive and detailed report of the
Trust's operations, activities, financial condition,
and accomplishments, and such recommendations as the
Director of the Trust, after consultation with the
Deputy Director of the Trust and the Board, determines
appropriate; and
(B) a comprehensive and detailed inventory of funds
distributed from the Trust during the preceding fiscal
year.
(3) Submission to the president and congress.--The chairman
of the National Science Board shall promptly submit the report
prepared under paragraph (1) to the President and Congress.
(b) Testimony.--The Director of the Trust, Deputy Director of the
Trust, and members of the Board shall testify before appropriate
committees of Congress, upon request of such committees, with respect
to--
(1) the report prepared under subsection (a)(1); and
(2) any other matter that such committees may determine
appropriate.

SEC. 5. INVESTMENT OF TRUST FUNDS.

(a) In General.--The Director of the Trust, after consultation with
the Deputy Director of the Trust, the Board, the chairman of the
National Science Board, and the Director of the Office of Personnel
Management, shall invest the funds of the Trust in interest-bearing
obligations of the United States or in obligations guaranteed as to
both principal and interest by the United States.
(b) Expenditures.--The Director of the Trust, after consultation
with the Deputy Director of the Trust and the Board, shall not
undertake grant or contract activities under this Act until the Trust
has received the interest or other proceeds from the investment of the
Trust funds for at least 1 year's duration. Thereafter, the Director of
the Trust, after consultation with the Deputy Director of the Trust and
the Board, may commence such grant or contract activities at the start
of each fiscal year. The Director of the Trust, after consultation with
the Deputy Director of the Trust and the Board, in awarding grants or
contracts or making other expenditures, shall not obligate funds from
the Trust that exceed the proceeds received from the investment of the
funds in the Trust during the preceding fiscal year.
Output:
Digital Opportunity Investment Trust Act - Establishes the Digital Opportunity Investment Trust (the Trust), which shall receive 50 percent of the cash payment received by the Federal Government each fiscal year quarter through FY 2020 from auctions of the publicly owned electromagnetic spectrum and spectrum-derived licensing fees.Establishes an Advisory Board with respect to administration of Trust funds.Permits the Director of the Trust to use Trust funds to: (1) supplement Federal funds for Federal education programs; (2) serve as a venture capital fund for American nonprofit educational and public service institutions by utilizing new telecommunications and information technologies; (3) invest in use of advanced telecommunications and information to deliver public information and education to all Americans; (4) enable schools, universities, libraries, museums, and other specified bodies to take advantage of information technologies; (5) use innovative technologies to reach nontraditional learners, including individuals with disabilities; and (6) further the teaching of mathematics and science.Allows the Director of the Trust to award contracts and grants to nonprofit public institutions (with or without private partners) for innovative and experimental ideas and techniques to enhance learning and achieve specified related goals.Directs the Director to invest funds of the Trust in U.S. interest bearing or U.S.-guaranteed obligations.