1244
PUBLIC LAW 89-752-NOV. 3, 1966
[80 STAT.
needed to meet this requirement shall be derived by proportionately reducing (but not below $25,000 per year) the amount available for advances to each of the remaining States." AMENDMENT TO H I G H E R EDUCATION ACT OF 1965 TO A U T H O R I Z E THE DISTRICT o r COLUMBIA TO E S T A B L I S H A LOAN INSURANCE PROGRAM FOR THE PURPOSES OF S U C H ACT A N D THE N A T I O N A L VOCATIONAL S T U D E N T LOAN INSURANCE ACT OF 1965
20 USC 1085.
SEC. 12. The Higher Education Act of 1965 is further amended by inserting after section 435 a new section as follows: " DISTRICT OF COLUMBIA S T U D E N T LOAN INSURANCE PROGRAM
79 Stat. 1037. 20 USC 981 note.
"SEC. 436. (a) The Board of Commissioners of the District of Columbia is authorized (1) to establish a student loan insurance program which meets the requirements of this title and the National Vocational Student Loan Insurance Act of 1965 for a State loan insurance program in order to enter into agreements with the Commissioner for the l)urposes of this title and such Act, (2) to enter into such agreements with the Commissioner, (3) to use amounts appropriated to such Board for the purposes of this section to establish a fund for such purposes and for expenses in connection therewith, and (4) to accept and use donations for the purposes of this section. " (b) Notwithstanding the provisions of any applicable law, if the borrower, on any loan insured under the program established pursuant to this section, is a minor, any otherwise valid note or other written agreement executed by him for the purposes of such loan shall create a binding obligation. "(c) There are authorized to be appropriated to such Board such amounts as may be necessary for the purposes of this section." STUDY TO DETERMINE M E A N S OF I M P R O VI N G LOAN INSURANCE PROGRAM
SEC. 13. The Commissioner of Education shall make an investigation and study to determine means of improving the loan insurance program pursuant to part B of title IV of the Higher Education Act of 20 USC 1^7^!^-' 1965, particularly for the purpose of making loans insured under such 1085. " program more readily available to students. The Commissioner shall Report to Pre si- report the results of such investigation and study, together with his ongress. j-Qcommendations for any legislation necessary to carry out such improvements, to the President and the Congress no later than January 1, 1968. REVISION OF M A I N ' r E N A N C E OF EFFORT REQUIREMENT FOR COLLEGE EQUIPMENT PROGRAM
20 USC 1124.
SEC. 14. Effective with respect to applications filed after December ?,o, 1966, section 604(b) of the Higher Education Act of 1965 is amended by striking out the second sentence and inserting in lieu thereof the following: "An institution of higher education shall be eligible for a grant for a project pursuant to this part in any fiscal year only if such institution will expend from current funds for instructional and library purposes, other than personnel costs, during
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