unencumbered non-Federal portion

(2) Matching requirement No advance shall be made after June 30, 1968 , unless matched by an equal amount from non-Federal sources. Such equal amount may include the unencumbered non-Federal portion of a reserve fund. As used in the preceding sentence, the term “unencumbered non-Federal portion” means the amount (determined as of the time immediately preceding the making of the advance) of the reserve fund less the greater of— (A) the sum of— (i) advances made under this section prior to July 1, 1968 ; (ii) an amount equal to twice the amount of advances made under this section after June 30, 1968 , and before the advance for purposes of which the determination is made; and (iii) the proceeds of earnings on advances made under this section; or (B) any amount which is required to be maintained in such fund pursuant to State law or regulation, or by agreement with lenders, as a reserve against the insurance of outstanding loans. Except as provided in section 1078(c)(9)(E) or (F) of this title, such unencumbered non-Federal portion shall not be subject to recall, repayment, or recovery by the Secretary.

Source

20 USC § 1072(a)(2)

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Scoping language

None identified, default scope is assumed to be the parent (part B) of this section.

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