106 STAT. 738 PUBLIC LAW 102-325—JULY 23, 1992 Higher Education Facilities Act of 1992. 20 USC 1132b. (3) in subsection (a)(4), by inserting "(including renovation of libraries to promote the use of new technologies and preservation of library materials)" after "hbraries". SEC. 702. PRIOR RIGHTS AND OBLIGATIONS. Section 702 of the Act (20 U.S.C. 1132a-l) is amended to read as follows: «SEC. 702. PRIOR RIGHTS AND OBLIGATIONS. "(a) AUTHORIZATION OF APPROPRIATIONS. —There are authorized to be appropriated such sums as may be necessary for fiscal year 1993 and for each of the 4 succeeding fiscal yesirs to pay obligations incurred prior to 1987 under parts C and D of this title, as such parts were in effect before the effective date of the Higher Education Act Amendments of 1992. "(b) LEGAL RESPONSIBILITIES. — Except as provided in section 783, all entities with continuing obhgations incurred under parts A, B, C, and D of this title, as such parts were in effect before the effective date of the Higher Education Act Amendments of 1992, shall be subject to the requirements of such part as in effect before the effective date of the Higher Education Act Amendments of 1992.". SEC. 703. IMPROVEMENT OF ACADEMIC AND LIBRARY FACILITIES. Part A of title VII of the Act (20 U.S.C. 1132b et seq.) is amended to read as follows:
- PART A—IMPROVEMENT OF ACADEMIC AND
LIBRARY FACILITIES SEC. 711. SHORT TITLE. "This part may be cited as the 'Higher Education Facilities Act of 1992'. 20 USC 1132b-l. SEC. 712. FINDINGS. 20 USC 1132b-2. "The Congress finds that— "(1) over the past 50 years institutions of higher education have expanded dramatically, while at the seune tmie traditional sources of funding facilities maintenance and repair have declined and even (usappeared in some instances; "(2) in order to meet the rising cost of educating students, resulting mainlyfi*ominflation and the higher costs of research, many colleges and imiversities made the choice to defer renovations and improvements; "(3) overall, the need for capital investment by institutions of higher education has been estimated to exceed $60,000,000,000; "(4) the deterioration of facilities has caused valuable research experiments and programs to be postponed, delayed or canceled; and "(5) the United States' competitive position within the world economy is vulnerable if the necessary research facilities are not available to provide advanced training in the fields of science and technology. "SEC. 713. DISTRIBUTION OF ASSISTANCE. "(a) COMPETITIVE OR FORMULA DISTRIBUTION. —
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