§ 1225.
Availability of appropriations on academic or school-year basis; additional period for obligation of funds
(b)
Succeeding fiscal year
(1)
Notwithstanding any other provision of law, unless enacted in specific limitation of the provisions of this subsection, any funds from appropriations to carry out any programs to which this chapter is applicable during any fiscal year, which are not obligated and expended by educational agencies or institutions prior to the beginning of the fiscal year succeeding the fiscal year for which such funds were appropriated shall remain available for obligation and expenditure by such agencies and institutions during such succeeding fiscal year.
(2)
Any funds under any applicable program which, pursuant to paragraph (1), are available for obligation and expenditure in the year succeeding the fiscal year for which they were appropriated shall be obligated and expended in accordance with—
(A)
the Federal statutory and regulatory provisions relating to such program which are in effect for such succeeding fiscal year, and
(B)
any program plan or application submitted by such educational agencies or institutions for such program for such succeeding fiscal year.
([Pub. L. 90–247, title IV, § 421], formerly § 405, Jan. 2, 1968, [81 Stat. 815]; [Pub. L. 91–230, title IV, § 401(a)(5)], (7), (8), Apr. 13, 1970, [84 Stat. 165]; renumbered § 414, [Pub. L. 92–318, title III, § 301(a)(1)], June 23, 1972, [86 Stat. 326]; renumbered § 412, and amended [Pub. L. 93–380, title V, § 506(a)(1)(D)], (E), Aug. 21, 1974, [88 Stat. 562]; [Pub. L. 94–273, § 3(12)], Apr. 21, 1976, [90 Stat. 376]; [Pub. L. 95–112, § 5], Sept. 24, 1977, [91 Stat. 912]; [Pub. L. 95–561, title XII, § 1245], Nov. 1, 1978, [92 Stat. 2354]; renumbered § 421 and amended [Pub. L. 103–382, title II], §§ 212(b)(1), 232, Oct. 20, 1994, [108 Stat. 3913], 3914.)