7 U.S.C. § 3243 — Hispanic-serving agricultural colleges and universities

(a) Definition of endowment fund In this section, the term “endowment fund” means the Hispanic-Serving Agricultural Colleges and Universities^* Fund established under subsection

(b).

(b) Endowment

(1) In general The Secretary^* of the Treasury must establish under this subsection a Hispanic-Serving Agricultural Colleges and Universities 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 must deposit in the endowment fund any—

(A) amounts made available through Acts of appropriations, which must be the endowment fund corpus; and

(B) interest earned on the endowment fund corpus.

(4) Investments The Secretary of the Treasury must invest the endowment fund corpus and income in interest-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 after that, the Secretary of the Treasury must 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, must distribute the adjusted income as follows:

(i) 60 percent must 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 must be distributed in equal shares to the Hispanic-serving agricultural colleges and universities.

(6) Endowments Amounts made available under this subsection must be held and considered to be granted to Hispanic-serving agricultural colleges and universities to establish an endowment under 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 after that.

(c) Authorization for annual payments

(1) In general For fiscal year 2008 and each fiscal year after that, there are authorized to be appropriated 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 agricultural colleges and universities.

(2) Payments For fiscal year 2008 and each fiscal year after that, the Secretary of the Treasury must pay to the treasurer of each Hispanic-serving agricultural college^* and university^* an amount equal to—

(A) the total amount made available by appropriations under paragraph

(1); divided by

(B) the number of Hispanic-serving agricultural colleges and universities.

(3) Use of funds

(A) In general Amounts authorized to be appropriated under this subsection must be used in the same manner as is prescribed for colleges under the Act of August 30, 1890 (commonly known as the “Second Morrill Act”) ( 7 U.S.C. 321 et seq.).

(B) Relationship to other law Except as otherwise provided in this subsection, the requirements of that Act must apply to Hispanic-serving agricultural colleges and universities under this section.

(d) Institutional capacity-building grants

(1) In general For fiscal year 2008 and each fiscal year after that, the Secretary must make grants to assist Hispanic-serving agricultural colleges and universities in institutional capacity building (not including alteration, repair, renovation, or construction of buildings).

(2) Criteria for institutional capacity-building grants

(A) Requirements for grants The Secretary must make grants under this subsection on the basis of a competitive application process under which Hispanic-serving agricultural colleges and universities may submit applications to the Secretary at such time, in such manner, and containing such information as the Secretary may require.

(B) Demonstration of need

(i) In general As part of an application for a grant under this subsection, the Secretary must require the applicant to demonstrate need for the grant, as determined by the Secretary. (ii) Other sources of funding The Secretary may award a grant under this subsection only to an applicant that demonstrates a failure to obtain funding for a project after making a reasonable effort to otherwise obtain the funding.

(C) Payment of non-Federal share A grant awarded under this subsection must be made only if the recipient of the grant pays a non-Federal share in an amount that is specified by the Secretary and based on assessed institutional needs.

(3) 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 after that.

(e) Competitive grants program

(1) In general The Secretary must establish a competitive grants program—

(A) to fund fundamental and applied research and extension^* at Hispanic-serving agricultural colleges and universities in agriculture, human nutrition, food science, bioenergy, and environmental science; and

(B) to award competitive grants to Hispanic-serving agricultural colleges and universities to provide for training in the food and agricultural sciences^* of Hispanic agricultural workers and Hispanic youth working in the food and agricultural sciences.

(2) 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 after that.