7 U.S.C. § 3242 — Transferred

Page 1623 TITLE 7—AGRICULTURE § 3243 (Pub. L. 95–113, title XIV, § 1455, as added Pub. L. 104–127, title VIII, § 815(a), Apr. 4, 1996, 110 Stat. 1166; amended Pub. L. 105–185, title III, § 301(a)(11), June 23, 1998, 112 Stat. 562; Pub. L. 107–171, title VII, § 7111, May 13, 2002, 116 Stat. 433; Pub. L. 110–234, title VII, § 7128, May 22, 2008, 122 Stat. 1223; Pub. L. 110–246, § 4(a), title VII, § 7128, June 18, 2008, 122 Stat. 1664, 1985; Pub. L. 113–79, title VII, § 7115, Feb. 7, 2014, 128 Stat. 875; Pub. L. 115–334, title VII, § 7121, Dec. 20, 2018, 132 Stat. 4792.) Editorial Notes CODIFICATION Pub. L. 110–234 and Pub. L. 110–246 made identical amendments to this section. The amendments by Pub. L. 110–234 were repealed by section 4(a) of Pub. L. 110–246. PRIOR PROVISIONS For prior section 3241 and prior section 1455 of Pub. L. 95–113, see note set out preceding this section. AMENDMENTS 2018—Subsec. (c). Pub. L. 115–334 substituted ‘‘2023’’ for ‘‘2018’’. 2014—Subsec. (c). Pub. L. 113–79 substituted ‘‘2018’’ for ‘‘2012’’. 2008—Subsec. (a). Pub. L. 110–246, § 7128(1), struck out ‘‘(or grants without regard to any requirement for com- petition)’’ after ‘‘competitive grants’’. Subsec. (b)(1). Pub. L. 110–246, § 7128(2), struck out ‘‘of consortia’’ after ‘‘activities’’. Subsec. (c). Pub. L. 110–246, § 7128(3), substituted ‘‘$40,000,000’’ for ‘‘$20,000,000’’ and ‘‘2012’’ for ‘‘2007’’. 2002—Subsec. (c). Pub. L. 107–171 substituted ‘‘2007’’ for ‘‘2002’’. 1998—Subsec. (c). Pub. L. 105–185 substituted ‘‘each of fiscal years 1997 through 2002’’ for ‘‘fiscal year 1997’’. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 2008 AMENDMENT Amendment of this section and repeal of Pub. L. 110–234 by Pub. L. 110–246 effective May 22, 2008, the date of enactment of Pub. L. 110–234, see section 4 of Pub. L. 110–246, set out as an Effective Date note under section 8701 of this title. § 3242. Transferred Editorial Notes CODIFICATION Section, Pub. L. 106–78, title VII, § 759, Oct. 22, 1999, 113 Stat. 1172, which related to education grants to Alaska Native serving institutions and Native Hawai- ian serving institutions, was renumbered section 1419B of title XIV of Pub. L. 95–113, and amended by Pub. L. 110–234, title VII, § 7112, May 22, 2008, 122 Stat. 1219, and Pub. L. 110–246, § 4(a), title VII, § 7112, June 18, 2008, 122 Stat. 1664, 1980, and was transferred to section 3156 of this title. § 3243. Hispanic-serving agricultural colleges and universities (a) Definition of endowment fund In this section, the term ‘‘endowment fund’’ means the Hispanic-Serving Agricultural Col- leges and Universities Fund established under subsection (b). (b) Endowment (1) In general The Secretary of the Treasury shall estab- lish in accordance with this subsection a His- panic-Serving Agricultural Colleges and Uni- versities Fund. (2) Agreements The Secretary of the Treasury may enter into such agreements as are necessary to carry out this subsection. (3) Deposit to the endowment fund The Secretary of the Treasury shall deposit in the endowment fund any— (A) amounts made available through Acts of appropriations, which shall be the endow- ment fund corpus; and (B) interest earned on the endowment fund corpus. (4) Investments The Secretary of the Treasury shall invest the endowment fund corpus and income in in- terest-bearing obligations of the United States. (5) Withdrawals and expenditures (A) Corpus The Secretary of the Treasury may not make a withdrawal or expenditure from the endowment fund corpus. (B) Withdrawals On September 30, 2008, and each September 30 thereafter, the Secretary of the Treasury shall withdraw the amount of the income from the endowment fund for the fiscal year and warrant the funds to the Secretary of Agriculture who, after making adjustments for the cost of administering the endowment fund, shall distribute the adjusted income as follows: (i) 60 percent shall be distributed among the Hispanic-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 agri- cultural colleges and universities. (6) Endowments Amounts made available under this sub- section shall be held and considered to be granted to Hispanic-serving agricultural col- leges and universities to establish an endow- ment in accordance with this subsection. (7) Authorization of appropriations There are authorized to be appropriated to the Secretary such sums as are necessary to carry out this subsection for fiscal year 2008 and each fiscal year thereafter. (c) Authorization for annual payments (1) In general For fiscal year 2008 and each fiscal year thereafter, there are authorized to be appro- priated to the Department of Agriculture to carry out this subsection an amount equal to the product obtained by multiplying— (A) $80,000; by (B) the number of Hispanic-serving agri- cultural colleges and universities. (2) Payments For fiscal year 2008 and each fiscal year thereafter, the Secretary of the Treasury shall