1590
PUBLIC LAW 85-864-SEPT. 2, 1958
[72 S T A T,
to one-lialf of the expenditures for projects for acquisition of equipment and minor remodeling referred to in paragraph (1) of section 303 (a) which are carried out under its State plan approved under section 303(b); except that no State shall receive payments under this subsection tor any period in excess of its allotments for such period under section 302(a). (b) From a State's allotment under section 302(b) for the fiscal year ending June 30, 1959, the Commissioner shall from time to time pay to such State an amount equal to the amount expended by such State for such year to carry out the program referred to in paragraph (5) of section 303(a) under its State plan approved under section 303 (b). From a State's allotment under section 302(b) for the fiscal year ending June 30, 1960, and for each of the two succeeding fiscal years, such payments shall equal one-half of the amount so expended under its State plan approved under section 303(b); except that no State shall receive payments under this subsection for any fiscal year in excess of its allotment under section 302(b) for that fiscal year. LOANS TO N O N P R OF I T
PRIVATE
SCHOOLS
SEC. 305. (a) The Commissioner shall allot, out of funds reserved for each fiscal year for the purposes of this section under the provisions of section 302(a), to each State for loans under the provisions of this section an amount which bears the same ratio to such funds as the number of persons in such State enrolled in private nonprofit elementary and secondary schools bears to the total of such numbers for all States. (b) From the sums allotted to each State under the provisions of this section the Commissioner is authorized to make loans to private nonprofit elementary and secondary schools in such State for the purposes for which payments to State educational agencies are authorized under the first sentence of section 301. Any such loan— (1) shall be made upon application containing such information as may be deemed necessary by the Commissioner; (2) shall be subject to such conditions as may be necessary to protect the financial interest of the United States; (3) shall bear interest at the rate arrived at by adding onequarter of 1 per centum per annum to the rate which the Secretary of the Treasury determines to be equal to the current average yield on all outstanding marketable obligations of the United States as of the last day of the month preceding the date the ay)plication for the loan is approved and by adjusting the result so obtained to the nearest one-eighth of 1 per centum; and (4) shall mature and be repayable on such date as may be agreed to by the Commissioner and the borrower, but such date shall not be more than ten years after the date on which such loan was made. TITLE IV—NATIONAL D E F E N S E F E L L O W S H I P S APPROPRIATIONS
AUTHORIZED
SEC. 401. There are hereby authorized to be appropriated such sums as may be necessary to carry out the provisions of this title.
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