PRIVATE COLLEGE CAP DISTRIB

Amends the Private Colleges and Universities Capital Distribution Formula Act. Provides that if an institution received a grant under the Act and subsequently fails to meet the definition of "independent college" due to the institution being acquired and operated by a public university, no refund of expended grant funds shall be required and the remaining funds shall not be re-distributed. Provides that the entire balance of the grant remaining on the date the acquired former independent college ceased operations and came under the control of the public university, including any amount that had been withheld after the acquired former independent college ceased operations, shall be transferred to the public university, as successor to the independent college, for the purpose of operating those facilities for the duration of the grant. Specifies that the provisions apply to any acquisition of an independent college by a public university occurring on and after August 15, 2019. Defines "public university".