7 U.S.C. § 534

APPROPRIATIONS.

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“(a)Authorization of Appropriations.—“(1)In general.—For fiscal year 1996, and for each fiscal year thereafter, there are authorized to be appropriated to the Department of the Treasury an amount equal to—“(A) $100,000; multiplied by“(B) the number of 1994 Institutions.“(2)Payments.—For each fiscal year, the Secretary of the Treasury shall pay to the treasurer of each 1994 Institution an amount equal to—“(A) the total amount made available by appropriations pursuant to paragraph (1); divided by“(B) the number of 1994 Institutions.“(3)Use of funds; requirements.—“(A)In general.—Except as provided in subparagraph (B), the amounts authorized to be appropriated under this subsection shall be used in the same manner as is prescribed for colleges under 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), and, except as otherwise provided in this subsection, the requirements of such Act shall apply to 1994 Institutions.“(B)Redistribution.—Funds that would be paid to a 1994 Institution under paragraph (2) shall be withheld from that 1994 Institution and redistributed among the other 1994 Institutions if that 1994 Institution—“(i) declines to accept funds under paragraph (2); or“(ii) fails to meet the accreditation requirements under section 533(a)(3).“(b)Funding.—

[Amended section 343 of this title.]