((a)) ** Purpose** The purpose of this section is to promote economic integration and the consolidation and strengthening of democratic institutions in the Western Hemisphere, and to commemorate the 500th anniversary of the discovery of the Americas by Christopher Columbus through the establishment of an institution of higher education, which shall be known as the “International University for the Americas”.
((b)) ** Establishment** The Secretary of State, in consultation with other governments in the Western Hemisphere, shall determine the most appropriate location for the International University for the Americas. In making that determination, the Secretary shall ensure that—
((1)) the location chosen is in the Americas and is easily accessible to all peoples in the region; and
((2)) the relevant government—
((A)) has demonstrated a commitment to economic integration and democratic values though its policies and programs; and
((B)) has expressed an interest in that location being chosen as a site and has agreed to contribute some amount of assistance, either in cash or kind, toward the costs of developing the institution.
((c)) ** Faculty, students, and curriculum** In developing the bylaws of the International University for the Americas, the Secretary of State shall ensure that they contain provisions to ensure that faculty and students are drawn from all the nations in the Western Hemisphere, and that the curriculum is designed to develop expertise in fields that will promote the economic integration of the Americas and the consolidation of democracy throughout the Hemisphere.
((d)) ** Annual report** The annual reports submitted pursuant to shall include a progress report on the selection of a site and design for the establishment of the International University for the Americas.section 1738m of title 7
((e)) ** Funding** Of the funds that are allocated for assistance for Latin America and the Caribbean under chapter 1 of part I of the Foreign Assistance Act of 1961 [ et seq.] (relating to development assistance) and chapter 4 of part II of that Act [ et seq.] (relating to the economic support fund), $500,000 may be made available to carry out the site location and design phase of the International University for the Americas.22 U.S.C. 215122 U.S.C. 2346