P.L. 105-244
TITLE III--INSTITUTIONAL AID
SEC. 305. ENDOWMENT CHALLENGE GRANTS
Section 331(b) (20 U.S.C. 1065(b)) is amended--
(1) in paragraph (1), by striking `360' and inserting `399'; and
(2) in paragraph (2), by striking subparagraphs (B) and (C) and inserting the following:
`(B) The Secretary may make a grant under this part to an eligible institution in any fiscal year if the institution--
`(i) applies for a grant in an amount not exceeding $500,000; and
`(ii) has deposited in the eligible institution's endowment fund established under this section an amount which is equal to 1/2 of the amount of such grant.
`(C) An eligible institution of higher education that is awarded a grant under subparagraph (B) shall not be eligible to receive an additional grant under subparagraph (B) until 10 years after the date on which the grant period terminates.'.
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