Page:United States Statutes at Large Volume 100 Part 1.djvu/829

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PUBLIC LAW 99-000—MMMM. DD, 1986

PUBLIC LAW 99-371—AUG. 4, 1986

100 STAT. 793

to sums contributed to the fund from non-Federal sources (excluding transfers from other endowment funds of the Institute). (c) INVESTMENTS.—

(1) The Institute, in investing the endowment fund corpus and income, shall exercise the judgment and care, under the prevailing circumstances, which a person of prudence, discretion, and intelligence would exercise in the management of that person's own business affairs. (2) The endowment fund corpus and income shall be invested in federally insured bank savings accounts or comparable interest bearing accounts, certificates of deposit, money market funds, mutual funds, obligations of the United States, or other low-risk instruments and securities in which a regulated insurance company may invest under the laws of the District of Columbia. The endowment fund corpus and income may not be invested in real estate. (d) WITHDRAWALS AND EXPENDITURES.—

(1) For a twenty-year period from the date of the enactment of this Act, the Institute may not make a withdrawal or expenditure from the endowment fund corpus. (2)(A) The National Technical Institute for the Deaf may withdraw or expend endowment fund income for any expenses necessary to the operation of the Institute, including expenses of operations and maintenance, administration, academic and support personnel, construction and renovation, community and student services programs, technical assistance, and research. (B) The Institute may not withdraw or expend endowment fund income for any commercial purpose. (3)(A) Except as provided in subparagraph (B), the Institute may not withdraw or expend more than 50 percent of the total accumulated endowment fund income. (B) The Secretary may waive the limitation under subparagraph (A), if the Secretary determines that an expenditure or withdrawal is a necessary response to exceptional or uncontrollable circumstances affecting the Institute. (e) RECOVERY OF PAYMENTS.—After notice and an opportunity for a hearing, the Secretary is authorized to recover any Federal payments under this section if the National Technical Institute for the DeafCD makes a withdrawal or expenditure of endowment fund corpus or income which is not consistent with the provisions of this section; (2) fails to comply with the investment standards and limitations under this section; or (3) fails to account properly to the Secretary concerning the investment of or expenditures from the endowment fund corpus or income. (f) DEFINITIONS.—For the purposes of this section the following terms have the following meanings: (1) The term "endowment fund" means a fund, or a taxexempt foundation, established and maintained by the National Technical Institute for the Deaf for the purpose of generating income for the support of the Institute. (2) The term "endowment fund corpus" means an amount equal to the Federal payments to the endowment fund and amounts contributed to the fund from non-Federal sources.

Banks and banking. District of Columba.