Establishment of UP Cagayan Valley College

Section 1 establishes the Cagayan Valley College of the University of the Philippines in the Municipality of Ilagan, Isabela.
Section 1 provides that the college shall serve the provinces comprising the Cagayan Valley.
Section 1 requires the college to offer degree courses in arts and sciences.
Section 1 further requires degree courses oriented to the needs and resources of the Cagayan Valley provinces and to the professions.

Section 2 vests administration and operation of the Cagayan Valley College in the Board of Regents of the University of the Philippines.

Section 3 grants and cedes to the University of the Philippines an area of five thousand hectares of public land, preferably located in the Cagayan Valley.
Section 3 grants the land for the purposes stated in Section 1.
Section 4 empowers the Board of Regents to propose, by resolution, the specific area to be reserved under Section 3.
Section 4 requires the Board of Regents to transmit the proposal to the Secretary of Agriculture and Natural Resources.
Section 4 directs the Secretary of Agriculture and Natural Resources to cause a survey by the Bureau of Lands if satisfied the proposed area is unreserved, unoccupied, or unapplied for under the Public Land Laws.
Section 4 requires, after completion of the survey, the Secretary of Agriculture and Natural Resources to deed, convey, and transfer the grant area to the Cagayan Valley College of the University of the Philippines.

Section 4 provides that all income, revenue and/or proceeds derived from the land grant are exclusively for the use of the college.

Section 5 authorizes the annual appropriation of five hundred thousand pesos out of funds in the National Treasury not otherwise appropriated for the establishment of the Cagayan Valley College.
Section 5 vests in the Board of Regents of the University of the Philippines the discretion to expend the authorized annual appropriation.
Section 5 requires that at least one hundred thousand pesos of the five hundred thousand pesos be used for scholarship awards.
Section 5 defines scholarship awards as annual stipends of not less than six hundred pesos for each scholar, in addition to exemption from the payment of all university fees.
Section 5 requires that, of the first five hundred thousand pesos appropriated under RA No. 5215, two hundred thousand pesos be used for the construction of college buildings on site or sites approved by the Board of Regents.