PUBLIC LAW 105-244—OCT. 7, 1998 112 STAT. 1639 the Secretary determines are not inconsistent with this subsection, shall apply to funds used under paragraph (1).". (b) ENDOWMENT FUND DEFINITION. — Section 312 (as amended by section 301(c)(2)) (20 U.S.C. 1058) is amended— (1) by redesignating subsections (c) through (f) as subsections (d) through (g), respectively; and (2) by inserting after subsection (b) the following: "(c) ENDOWMENT FUND. —For the purpose of this part, the term 'endowment fund' means a fund that— (I) is established by State law, by an institution of higher education, or by a foundation that is exempt from Federal income taxation; "(2) is maintained for the purpose of generating income for the support of the institution; ana "(3) does not include real estate.". (c) DURATION OF GRANT. —Section 313 (20 U.S.C. 1059) is amended— (1) in subsection (b), by inserting "subsection (c) and a grant undei^ before "section 394(a)(l); and (2) by adding at the end the following: " (d) WAIT-OUT-PERIOD. —Each eligible institution that received a grant under this part for a 5-year period shall not be eligible to receive an additional grant under tnis part until 2 years after the date on which the 5-year grant period terminates.". (d) APPLICATIONS.— Title III is amended by striking section 314 (20 U.S.C. 1059a) and inserting the following: '«EC.314.APPLICATIONS. 20 USC 1059a. "Each eligible institution desiring to receive assistance under this part shall submit an application in accordance with the requirements of section 391.". (e) AMERICAN INDIAN TRIBALLY CONTROLLED COLLEGES AND UNIVERSITIES. — Section 316 (20 U.S.C. 1059c) is amended to read as follows: <*SEC. 31& AMERICAN INDIAN TRIBALLY CONTROLLED COLLEGES AND UNIVERSITIES. "(a) PROGRAM AUTHORIZED.—The Secretary shall provide grants and related assistance to Indian Tribal Colleges and Universities to enable such institutions to improve and expand their capacity to serve Indian students. " (b) DEFINITIONS.— In this section: "(1) INDIAN.— The term Indian' has the meaning given the term in section 2 of the Tribally Controlled CoUege or University Assistance Act of 1978. "(2) INDIAN TRIBE. —The term Indian tribe' has the meaning given the term in section 2 of the Tribally Controlled College or University Assistance Act of 1978. "(3) TRIBAL COLLEGE OR UNIVERSITY. — The term Tribal College or University* has the meaning give the term tribally controlled college or university* in section 2 of the Tribally Controlled College or University Assistance Act of 1978, and includes an institution listed in the Equity in Educational Land Grant Status Act of 1994. "(4) INSTITUTION OF HIGHER EDUCATION. — The term 'institution of higher education' means an institution of higher education as defined in section 101(a), except that paragraph (2) of such section shall not apply.
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