(a) From the amount appropriated pursuant to section 1836 of this title, the Secretary shall allocate to each tribally controlled college or university which is eligible for an endowment grant under this subchapter an amount for a Federal capital contribution equal to twice the value of the property or the amount which such college or university demonstrates has been placed within the control of, or irrevocably committed to the use of, the college or university and is available for deposit as a capital contribution of that college or university in accordance with section 1832(b)(2)(B) of this title, except that the maximum amount which may be so allocated to any such college or university for any fiscal year shall not exceed $750,000.
(b) If for any fiscal year the amount appropriated pursuant to section 1836 of this title is not sufficient to allocate to each tribally controlled college or university an amount equal to twice the value of the property or the amount demonstrated by such college or university pursuant to subsection (a), then the amount of the allocation to each such college or university shall be ratably reduced.
Amendments
1998—Subsec. (a). Pub. L. 105–244 substituted "controlled college or university" for "controlled community college", "such college or university" for "such college" in two places, "the college or university" for "the college", and "that college or university" for "that college".
Subsec. (b). Pub. L. 105–244, §901(b)(5), (7), substituted "controlled college or university" for "controlled community college" and substituted "such college or university" for "such college" in two places.
1990—Pub. L. 101–477 inserted "twice the value of the property or" after "equal to" in subsecs. (a) and (b) and substituted "$750,000" for "$350,000" in subsec. (a).
Effective Date of 1998 Amendment
Amendment by Pub. L. 105–244 effective Oct. 1, 1998, except as otherwise provided in Pub. L. 105–244, see section 3 of Pub. L. 105–244, set out as a note under section 1001 of Title 20, Education.
Effective Date of 1990 Amendment
Amendment by Pub. L. 101–477 effective Oct. 1, 1991, see section 1(d)(2) of Pub. L. 101–477, set out as a note under section 1832 of this title.
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