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20 USC CHAPTER 67 - CHRISTOPHER COLUMBUS FELLOWSHIP

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TITLE 20 - EDUCATION

CHAPTER 67 - CHRISTOPHER COLUMBUS FELLOWSHIP FOUNDATION

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CHAPTER 67 - CHRISTOPHER COLUMBUS FELLOWSHIP FOUNDATION

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Sec.

5701. Purpose.

5702. Christopher Columbus Fellowship Foundation.

(a) Establishment and purposes.

(b) Membership.

(c) Chairman and Vice Chairman of Foundation.

(d) Terms of office; vacancies.

(e) Expenses; no additional compensation.

5703. Fellowship recipients.

(a) Award.

(b) Term.

(c) Selection.

5704. Stipends.

5705. Christopher Columbus Fellowship Fund.

(a) In general.

(b) Investments.

(c) Sale of obligations.

(d) Interest.

(e) Availability of fund.

(f) Disbursements.

5706. Audits.

5707. Executive Secretary of Foundation.

(a) Duties.

(b) Compensation.

5708. Administrative provisions.

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20 USC Sec. 5701 01/06/03

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TITLE 20 - EDUCATION

CHAPTER 67 - CHRISTOPHER COLUMBUS FELLOWSHIP FOUNDATION

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Sec. 5701. Purpose

-STATUTE-

The purpose of this chapter is to establish the Christopher

Columbus Fellowship Program to encourage and support research,

study, and labor designed to produce new discoveries in all fields

of endeavor for the benefit of mankind.

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(Pub. L. 102-281, title IV, Sec. 422, May 13, 1992, 106 Stat. 142.)

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SHORT TITLE

Section 400 of title IV of Pub. L. 102-281 provided that: ''This

title (enacting this chapter and provisions set out as a note under

section 5112 of Title 31, Money and Finance) may be cited as the

'Frank Annunzio Act'.''

Section 421 of Pub. L. 102-281 provided that: ''This subtitle

(subtitle B (Sec. 421-429) of title IV of Pub. L. 102-281, enacting

this chapter) may be cited as the 'Christopher Columbus Fellowship

Act'.''

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20 USC Sec. 5702 01/06/03

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TITLE 20 - EDUCATION

CHAPTER 67 - CHRISTOPHER COLUMBUS FELLOWSHIP FOUNDATION

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Sec. 5702. Christopher Columbus Fellowship Foundation

-STATUTE-

(a) Establishment and purposes

There is established, as an independent establishment of the

executive branch, the Christopher Columbus Fellowship Foundation

(hereinafter in this chapter referred to as the ''Foundation'').

(b) Membership

The Foundation shall be subject to the supervision and direction

of the Board of Trustees. The Board shall be composed of 13 members

as follows:

(1) 2 members appointed by the President in consultation with

the President pro tempore of the Senate.

(2) 2 members appointed by the President in consultation with

the Minority Leader of the Senate.

(3) 2 members appointed by the President in consultation with

the Speaker of the House of Representatives.

(4) 2 members appointed by the President in consultation with

the Minority Leader of the House of Representatives.

(5) 5 members appointed by the President.

(c) Chairman and Vice Chairman of Foundation

The President shall designate a Chairman and a Vice Chairman from

among the members appointed by the President.

(d) Terms of office; vacancies

Each member of the Board of Trustees appointed under subsection

(b) of this section shall serve for a term of 6 years from the

expiration of the term of such member's predecessor, except that -

(1) any member appointed to fill a vacancy occurring prior to

the expiration of the term for which such member's predecessor

was appointed shall be appointed for the remainder of such term;

and

(2) of the members first appointed -

(A) 4 shall be appointed for a term of 2 years;

(B) 5 shall be appointed for a term of 4 years; and

(C) 4 shall be appointed for a term of 6 years,

as designated by the President.

(e) Expenses; no additional compensation

Members of the Board shall serve without pay, but shall be

entitled to reimbursement for travel, subsistence, and other

necessary expenses incurred in the performance of their duties as

members of the Board.

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(Pub. L. 102-281, title IV, Sec. 423, May 13, 1992, 106 Stat. 142.)

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20 USC Sec. 5703 01/06/03

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CHAPTER 67 - CHRISTOPHER COLUMBUS FELLOWSHIP FOUNDATION

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Sec. 5703. Fellowship recipients

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(a) Award

The Foundation is authorized to award fellowships to outstanding

individuals to encourage new discoveries in all fields of endeavor

for the benefit of mankind. Recipients shall be known as

''Columbus Scholars''.

(b) Term

Fellowships shall be granted for such periods as the Foundation

may prescribe but not to exceed 2 years.

(c) Selection

The Foundation may provide, directly or by contract, for the

conduct of a nationwide competition for the selection of fellowship

recipients.

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(Pub. L. 102-281, title IV, Sec. 424, May 13, 1992, 106 Stat. 143.)

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20 USC Sec. 5704 01/06/03

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CHAPTER 67 - CHRISTOPHER COLUMBUS FELLOWSHIP FOUNDATION

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Sec. 5704. Stipends

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Each person awarded a fellowship under this chapter shall receive

a stipend as determined by the Foundation.

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(Pub. L. 102-281, title IV, Sec. 425, May 13, 1992, 106 Stat. 143.)

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SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in section 5705 of this title.

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20 USC Sec. 5705 01/06/03

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TITLE 20 - EDUCATION

CHAPTER 67 - CHRISTOPHER COLUMBUS FELLOWSHIP FOUNDATION

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Sec. 5705. Christopher Columbus Fellowship Fund

-STATUTE-

(a) In general

There is established in the Treasury a fund to be known as the

Christopher Columbus Scholarship (FOOTNOTE 1) Fund (hereafter in

this chapter referred to as the ''fund''), which shall consist of -

(FOOTNOTE 1) So in original. Probably should be ''Fellowship''.

(1) amounts deposited under subsection (d) of this section;

(2) obligations obtained under subsection (c) of this section;

(3) amounts contributed to the Foundation; and

(4) all surcharges received by the Secretary of the Treasury

from the sale of coins minted under the Christopher Columbus

Quincentenary Coin Act.

(b) Investments

(1) Duty of Secretary to invest

The Secretary of the Treasury shall invest in full any amount

appropriated or contributed to the fund.

(2) Authorized investments

Investments pursuant to paragraph (1) may be made only in

interest-bearing obligations of the United States or in

obligations guaranteed as to both principal and interest by the

United States. For such purpose, such obligations may be acquired

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(A) on original issue at the issue price; or

(B) by purchase of outstanding obligations at the market

price.

(3) Special obligations

The purposes for which obligations of the United States may be

issued under chapter 31 of title 31 are hereby extended to

authorize the issuance at par of special obligations exclusively

to the fund. Such special obligations shall bear interest at a

rate equal to the average rate of interest, computed as to the

end of the calendar month preceding the date of such issue, borne

by all marketable interest-bearing obligations of the United

States then forming a part of the public debt; except that, if

such average rate is not a multiple of 1/8 of 1 percent, the rate

of interest of such special obligations shall be the multiple of

1/8 of 1 percent next lower than such average rate. Such special

obligations shall be issued only if the Secretary determines that

the purchase of other obligations of the United States, or of

obligations guaranteed as to both principal and interest by the

United States or original issue at the market price, is not in

the public interest.

(c) Sale of obligations

Any obligations acquired by the fund (except special obligations

issued exclusively to the fund in accordance with subsection (b)(3)

of this section) may be sold by the Secretary at the market price,

and such special obligations may be redeemed at par plus accrued

interest.

(d) Interest

The interest on, and the proceeds from, the sale or redemption of

any obligations held in the fund shall be credited to and form a

part of the fund.

(e) Availability of fund

(1) Stipends

The fund shall be available to the Foundation for payment of

stipends awarded under section 5704 of this title.

(2) Expenses

The Secretary of the Treasury is authorized to pay to the

Foundation from the interest and earnings of the funds such sums

as the Board determines are necessary and appropriate to enable

the Foundation to carry out the provisions of this chapter.

(f) Disbursements

Disbursements from the fund shall be made on vouchers approved by

the Foundation and signed by the Chairman.

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(Pub. L. 102-281, title IV, Sec. 426, May 13, 1992, 106 Stat. 143.)

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REFERENCES IN TEXT

The Christopher Columbus Quincentenary Coin Act, referred to in

subsec. (a)(4), is subtitle A (Sec. 401-411) of title IV of Pub. L.

102-281, May 13, 1992, 106 Stat. 139, which is classified as a note

under section 5112 of Title 31, Money and Finance.

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20 USC Sec. 5706 01/06/03

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CHAPTER 67 - CHRISTOPHER COLUMBUS FELLOWSHIP FOUNDATION

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Sec. 5706. Audits

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The activities of the Foundation under this chapter may be

audited by the Comptroller General of the United States. The

Comptroller General shall have access to all books, accounts,

records, reports, and files and all other papers, things, or

property belonging to or in use by the Foundation, pertaining to

such activities and necessary to facilitate the audit.

-SOURCE-

(Pub. L. 102-281, title IV, Sec. 427, May 13, 1992, 106 Stat. 144.)

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20 USC Sec. 5707 01/06/03

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CHAPTER 67 - CHRISTOPHER COLUMBUS FELLOWSHIP FOUNDATION

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Sec. 5707. Executive Secretary of Foundation

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(a) Duties

There shall be an Executive Secretary of the Foundation who shall

be appointed by the Board. The Executive Secretary shall be the

chief executive officer of the Foundation and shall carry out the

functions of the Foundation subject to the supervision and

direction of the Board.

(b) Compensation

The Executive Secretary of the Foundation shall be compensated at

an annual rate of basic pay not in excess of the amount payable for

Executive Level V.

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(Pub. L. 102-281, title IV, Sec. 428, May 13, 1992, 106 Stat. 144.)

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REFERENCES IN TEXT

Executive Level V, referred to in subsec. (b), probably means

level V of the Executive Schedule, which is set out in section 5316

of Title 5, Government Organization and Employees.

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20 USC Sec. 5708 01/06/03

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TITLE 20 - EDUCATION

CHAPTER 67 - CHRISTOPHER COLUMBUS FELLOWSHIP FOUNDATION

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Sec. 5708. Administrative provisions

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(a) The Foundation may -

(1) appoint and fix the compensation of such personnel as may

be necessary to carry out the provisions of this chapter, except

that in no case shall employees (other than the Executive

Secretary) be compensated at a rate in excess of the rate of

basic pay payable for GS-15 of the General Schedule;

(2) procure temporary and intermittent services of such experts

and consultants as are necessary to the extent authorized by

section 3109 of title 5, but at rates not in excess of the rate

of basic pay payable for Executive Level V;

(3) prescribe such regulations as the Foundation may determine

to be necessary governing the manner in which its functions shall

be carried out;

(4) receive money and other property donated, bequeathed, or

devised, without condition or restriction other than it be used

for the purposes of the Foundation; and to use, sell, or

otherwise dispose of such property for the purpose of carrying

out its functions;

(5) accept and utilize the services of voluntary and

uncompensated personnel and reimburse them for travel expenses,

including per diem, as authorized by section 5703 of title 5;

(6) enter into contracts, grants, or other arrangements, or

modifications thereof, to carry out the provisions of this

chapter, and such contracts or modifications thereof may, with

the concurrence of two-thirds of the members of the Board, be

entered into without performance or other bonds, and without

regard to section 5 of title 41;

(7) make advances, progress, and other payments which the Board

deems necessary under this chapter without regard to the

provisions of section 3324(a) and (b) of title 31;

(8) rent office space;

(9) conduct programs in addition to or in conjunction with the

Fellowship program which shall further the Foundation's purpose

of encouraging new discoveries in all fields of endeavor for the

benefit of mankind; and

(10) to make other necessary expenditures.

(b) Annual Report. - The Foundation shall submit to the President

and to the Congress an annual report of its operations under this

chapter.

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(Pub. L. 102-281, title IV, Sec. 429, May 13, 1992, 106 Stat. 144.)

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REFERENCES IN TEXT

The General Schedule, referred to in subsec. (a)(1), is set out

under section 5332 of Title 5, Government Organization and

Employees.

Executive Level V, referred to in subsec. (a)(2), probably means

level V of the Executive Schedule, which is set out in section 5316

of Title 5.

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CODIFICATION

In subsec. (a)(7), ''section 3324(a) and (b) of title 31''

substituted for reference to section 529 of title 31, United States

Code, on authority of Pub. L. 97-258, Sec. 4(b), Sept. 13, 1982, 96

Stat. 1067, the first section of which enacted Title 31, Money and

Finance.

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TERMINATION OF REPORTING REQUIREMENTS

For termination, effective May 15, 2000, of provisions in subsec.

(b) of this section relating to submitting an annual report to

Congress, see section 3003 of Pub. L. 104-66, as amended, set out

as a note under section 1113 of Title 31, Money and Finance, and

page 156 of House Document No. 103-7.

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