Transfer of functions

(a) In general There are hereby transferred to the University, and the University shall perform, the functions of the legacy institution. (b) Certain matters relating to transferred functions (1) In general Subject to subsection (d), all personnel, liabilities, contracts, real property, personal property, assets, and records as are determined by the Director of the Office of Management and Budget to be employed, held, or used primarily in connection with any function transferred under subsection (a) (regardless of the administrative entity providing the services on the date before the transfer) shall be transferred to the University. (2) Certain personnel Personnel engaged in functions transferred under subsection (a) shall be transferred in accordance with applicable laws and regulations relating to the transfer of functions, except that the transfer shall be without reduction in classification or compensation for 1 year after the date of the transfer. (c) References in other law (1) In general All laws and regulations relating to the legacy institution shall, insofar as those laws and regulations are appropriate, and not inconsistent with the provisions of this Act, remain in full force and effect and apply with respect to the University. (2) References All references in any other Federal law to the legacy institution, or any officer transferred to the University under subsection (b), shall be deemed to refer to the University. (d) Forgiveness of amounts owed; hold harmless (1) In general Subject to paragraph (2)— (A) the University shall be responsible for all obligations of the University incurred after the date of the enactment of this Act; and (B) the Secretary shall be responsible for all obligations of the University incurred on or before the date of enactment of this Act, including those which accrued by reason of any statutory, contractual, or other reason prior to that date, which became payable within 2 years of that date. (2) Exception (A) In general With respect to all programs of the Federal Government, in whatever form or from whatever source derived, the University shall only be held responsible for actions and requirements, either administrative, regulatory, or statutory in nature, for events which occurred on or after the date of enactment of this Act, including the submission of reports, audits, and other required information. (B) No relief The United States may not seek any monetary damages or repayment for the commission of events, or omission to comply with either administrative or regulatory requirements, for any action that occurred prior to the date of enactment of this Act.