12 2 STA T . 1 985PUBLIC LA W 11 0– 2 46—J U NE 18 , 2008 SEC.7128 . HI S PAN IC - SE RV IN G INS T IT U TI O NS. Section145 5o f t h e Na tiona lAgr ic u ltural R e s earch ,Ex tension, an dT eaching P olic y Actof1 97 7 ( 7 U. S. C . 32 41 ) isa m ended — (1) in su b section (a) by stri k ing ‘ ‘(or grants w ithout regard to any re q uirement for com p etition) ’ ’
(2) in subsection (b)(1), by striking ‘‘of consortia’’; and (3) in subsection (c)— (A) by striking ‘‘ $ 2 0 ,000,000’’ and inserting ‘‘$40,000,000’’; and ( B ) by striking ‘‘2007’’ and inserting ‘‘2012’’. SEC. 712 9 . HISPANIC-SERVING AGRICU L TURAL COLLEGES AN D UNIVERSITIES. (a) INGE NE RAL .—The National Agricultural Research, Exten - sion, and Teaching Policy Act of 1977 is amended by inserting after section 1455 (7 U.S.C. 3241) the following
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‘SEC. 1 456 . HISPANIC-SERVING AGRICULTURAL COLLEGES AND UNIVERSITIES. ‘‘(a) D E FI NI T I O NOFEN D O WM ENT FU ND.—In this section, the term ‘endowment fund’ means the H ispanic-Ser v ing Agricultural Colleges and Universities Fund established under subsection (b). ‘‘(b) ENDOWMENT.— ‘‘(1) IN G ENERAL.—The Secretary of the Treasury shall establish in accordance with this subsection a Hispanic-Serving Agricultural Colleges and Universities Fund. ‘‘(2) AGREEMENT S .—The Secretary of the Treasury may enter into such agreements as are necessary to carry out this subsection. ‘‘(3) DE P OSIT TO T H E ENDOWMENT FUND.—The Secretary of the Treasury shall deposit in the endowment fund any— ‘‘(A) amounts made available through Acts of appro- priations, which shall be the endowment fund corpus; and ‘‘(B) interest earned on the endowment fund corpus. ‘‘(4) IN V ESTMENTS.—The Secretary of the Treasury shall invest the endowment fund corpus and income in interest- bearing obligations of the United States. ‘‘(5) W ITHDRAWALS AND E X PENDITURES.— ‘‘(A) CORPUS.—The Secretary of the Treasury may not make a withdrawal or expenditure from the endowment fund corpus. ‘‘(B) WITHDRAWALS.— O n September 30, 200 8 , and each September 30 thereafter, the Secretary of the Treasury shall withdraw the amount of the income from the endow- ment fund for the fiscal year and warrant the funds to the Secretary of Agriculture who, after making ad j ustments for the cost of administering the endowment fund, shall distribute the adjusted income as follows: ‘‘(i) 6 0 percent shall be distributed among the His- panic-serving agricultural colleges and universities on a pro rata basis based on the Hispanic enrollment count of each institution. ‘‘(ii) 40 percent shall be distributed in equal shares to the Hispanic-serving agricultural colleges and universities. 7USC324 3 .
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