UNEXPENDED FUNDS.

SEC. 312. UNEXPENDED FUNDS. Section 327(b) (20 U.S.C. 1063c(b)) is amended to read as follows:“(b) Use of Unexpended Funds.—Any funds paid to an institution and not expended or used for the purposes for which the funds were paid during the five-year period following the date of the initial grant award, may be carried over and expended during the succeeding five-year period, if such funds were obligated for a purpose for which the funds were paid during the five-year period following the date of the initial grant award.”.