PUBLIC LAW 102-325-JULY 23, 1992 106 STAT. 739 "(1) COMPETITIVE GRANTS.— If the amount appropriated pursuant to section 716 for a fiscal year is less than $50,000,000, then the Secretary shall award grants under this part on a competitive basis in accordance with subsection (h) to institutions of higher education to carry out the activities described in section 714. " (2) ALLOTMENT FORMULA. — "(A) FORMULA. —If the amount appropriated pursuant to section 716 for a fiscal year is equal to or greater than $50,000,000, then the Secretary shall allot to each State higher education agency with an approved application— "(i) 50 percent of such funds on the basis of the population of the State compared to the population ofall States; and
- (ii) 50 percent of such funds on the basis of the
number of students attending institutions of higher education within the State compared to the number of students attending institutions of higher education in all States. "(B) USE OF FORMULA GRANTS. —Each State higher education agency receiving an allotment pursuant to subparagraph (A), shall use such allotment to award grants, on a competitive basis, to institutions of higher education within the State to enable such institutions to carry out the activities described in section 714. "(C) REALLOTMENT. —Except as provided in subsection (f), any amount that the Secretary determines will not be available to a State higher education agency because such agency elects not to participate in the program assisted under this part shall be repotted to other States in the same manner as the original allotments were made. "(b) MATCHING REQUIREMENTS.— "(1) STATE MATCHING REQUIREMENT.— "(A) IN GENERAL.— In order to receive an allotment under subsectioij (a)(2)(A), each State higher education agency shall provide matching funds equal to 25 percent of the amount of any allotment received pursuant to such subsection. The Secretary may waive the requirements of the preceding sentence if the State can demonstrate to the satisfaction of the Secretary that such matching requirement would present a severe financial hardship to the State. "(B) CASH REQUIREMENT.— Each State higher education agency receiving funds under this part shall only provide matching funds pursuant to paragraph (1) in cash. "(2) INSTITUTIONAL MATCHING REQUIREMENT.— In order to receive a grant under subsection (a)(1) or (a)(2)(B), each eligible institution shall provide matching fUnds equal to 50 percent of the amount of any grant received pursuant to such subsection. Such matching funds may be provided by the State higher education agency or the institution of higher education. "(c) PRIORITY. —In awarding grants pursuant to subsection (a), the Secretary or each State higher education agency shall give priority to institutions of higher education that serve large numbers or percentages of minority or disadvantaged students.
�
