§ 533. LAND-GRANT STATUS FOR 1994 INSTITUTIONS.

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In General.— Status of 1994 institutions .— Except as provided in paragraph (2), 1994 Institutions shall be considered land-grant colleges established for the benefit of agriculture and the mechanic arts in accordance with the provisions of the Act of July 2, 1862 ( 12 Stat. 503 ; 7 U.S.C. 301 et seq.) (commonly known as the First Morrill Act). institutions .— 1994 Institutions shall not be considered as land-grant colleges that are eligible to receive funding under— the Act of March 2, 1887 ( 24 Stat. 440 , chapter 314; 7 U.S.C. 361a et seq.); the Smith-Lever Act ( 7 U.S.C. 341 et seq.), except as provided under— section 3(b)(3) of that Act ( 7 U.S.C. 343(b)(3) ); or the third sentence of section 3(d) of that Act ( 7 U.S.C. 343(d) ); or the Act of August 30, 1890 ( 26 Stat. 417 , chapter 841; 7 U.S.C. 321 et seq.

) (commonly known as the Second Morrill Act). In lieu of receiving donations under the provisions of the Act of July 2, 1862 ( 12 Stat. 503 ; 7 U.S.C. 301 et seq.) (commonly known as the First Morrill Act), relating to the donations of public land or scrip for the endowment and maintenance of colleges for the benefit of agriculture and the mechanic arts, 1994 Institutions shall receive funding pursuant to the authorization under subsection (b). Accreditation .— To receive funding under this section and sections 534, 535, and 536, a 1994 Institution shall certify to the Secretary that the 1994 Institution— is accredited by a nationally recognized accrediting agency or association determined by the Secretary, in consultation with the Secretary of Education, to be a reliable authority regarding the quality of training offered; or is making progress toward the accreditation, as determined by the nationally recognized accrediting agency or association.

Authorization of Appropriations .— There are authorized to be appropriated such sums as are necessary to carry out this section for each of fiscal years 1996 through 2023. Amounts appropriated pursuant to this section shall be held and considered to have been granted to 1994 Institutions to establish an endowment pursuant to subsection (c). Endowment.— In general .— In accordance with this subsection, the Secretary of the Treasury shall establish a 1994 Institutions Endowment Fund (hereafter in this subsection referred to as the ‘endowment fund’).

The Secretary may enter into such agreements as are necessary to carry out this subsection. Deposit to the endowment fund .— The Secretary shall deposit in the endowment fund any— amounts made available by appropriations pursuant to subsection

(b)(hereafter in this subsection referred to as the ‘endowment fund corpus’); and interest earned on the endowment fund corpus. Investments .— The Secretary shall invest the endowment fund corpus and income in interest-bearing obligations of the United States. Withdrawals and expenditures .— The Secretary may not make a withdrawal or expenditure from the endowment fund corpus. On the termination of each fiscal year, the Secretary shall withdraw the amount of the income from the endowment fund for the fiscal year, and after making adjustments for the cost of administering the endowment fund, distribute the adjusted income as follows: 60 percent of the adjusted income shall be distributed among the 1994 Institutions on a pro rata basis. The proportionate share of the adjusted income received by a 1994 Institution under this subparagraph shall be based on the Indian student count (as defined in section 2(a) of the Tribally Controlled Colleges and Universities Assistance Act of 1978 ( 25 U.S.C. 1801(a) )). 40 percent of the adjusted income shall be distributed in equal shares to the 1994 Institutions. Memorandum of Agreement .— Not later than January 6, 1997 , the Secretary shall develop and implement a formal memorandum of agreement with the 1994 Institutions to establish programs to ensure that tribally controlled colleges and Native American communities equitably participate in Department of Agriculture employment, programs, services, and resources.

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