MATCHING FUNDS REQUIREMENT FOR RESEARCH AND EXTENSION ACTIVITIES OF 1890 INSTITUTIONS.

SEC. 7212. MATCHING FUNDS REQUIREMENT FOR RESEARCH AND EXTENSION ACTIVITIES OF 1890 INSTITUTIONS. Section 1449 of the National Agricultural Research, Extension, and Teaching Policy Act of 1977 (7 U.S.C. 3222d) is amended— “(1) by amending subsection (c) to read as follows: “(c) Matching Formula.—Notwithstanding any other provision of this subtitle, for each of fiscal years 2003 through 2007, the State shall provide matching funds from non-Federal sources. Such matching funds shall be for an amount equal to not less than— “(1) 60 percent of the formula funds the eligible institution for fiscal year 2003; “(2) 70 percent of the formula funds the eligible institution for fiscal year 2004; “(3) 80 percent of the formula funds the eligible institution for fiscal year 2005; “(4) 90 percent of the formula funds to be distributed to the eligible institution for fiscal year 2006; and “(5) 100 percent of the formula funds to be distributed to the eligible institution for fiscal year 2007 and each fiscal year thereafter.”; and (2) by amending subsection (d) to read as follows: “(d) Waiver Authority.—Notwithstanding subsection (f), the Secretary may waive the matching funds requirement under subsection (c) above the 50 percent level for any fiscal year for an eligible institution of a State if the Secretary determines that the State will be unlikely to satisfy the matching requirement.”.