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This rule would implement the Johnson O'Malley Modernization Act to:  (A) Determine how the regulatory definition of "eligible Indian student” may be revised to clarify eligibility requirements for contracting parties under this Act; (B) determine, as necessary, how the funding formula described in 25 CFR 273.31 may be clarified and revised to ensure full participation of contracting parties and provide clarity on the funding process under the Act; and (C) otherwise reconcile and modernize the rules to comport with the activities of the contracting parties under the Act.