The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1884-01-17

for the benefit OF public schools therein,
| aid nroceeds 10 be invested In bonds al the
United States, the state OF Texas, or ooun--
ties Ia said state, or In securities upon rear
estate, amounts 10 be invested not TO ex'
coed twothirds OF tho value o. sncn
treasurer and county clerk are hereby con-
stiiuted y board to make suoh investments,
aud they shall receive Tor their services u
commission OF six per oentum on the
amounts OF annual interest realized py
them. Bald board shall take notes for the
amount loaned, secured by vendors or
mortgage liens; ana the counties hhall DC
responsible for all Investments. The inter-
est thereon and other revenue exoepl tue
PRINCIPAL, shall bs available fund.- Read
by canton and referred TO the committee
on education, January ION, 1881.
A B,li
To be entitled an act TO provide for the invest.
ment of the permnneut school lund, House
bill No. 3i. py Cochran
SgcrIoN l. BE IL enacted by the leglsla-
OF the state OF Texas: That the oompiroll'
or shall invest the proceeds OF all sales here.
toiore made, or shall hereafter be made OF
the lands belonging to the publ lie free school
fund and all other unlnvestod sums OF
money belonging 10 the permanent school
fund, as may DO directed by the board
OF education provided for by the
constitution OF Texas In the bonds
of the United States, the state OF Texas,
counties In said state, or In the bonds OF
towns and cities In this state which have
population Of five thousand Inhabitants or
over, under-such restrictions as are herein
after provided, and the state shall be- re.
sponsible for all such Investments.
Sec. 2. Investments may DO maze In
the bonds oftho United States or In the
bonds OF the state OF Texas, At such times
and In such amounts as may be de.
termined by the board Of
education provided no greater premium
shall be paid In the purchase OF such bonds
than ten per centum OF the face value
thereof; provided. no premium shall be
paid for any such bond which will mature
la less than five years from date OF pur.
cisse. or from the last. paid Interest on
same.
Sec. 3. Investments may be made In the
bonds OF the counties and towns and cities,
provided for in Section i OF this. act,
provided such bonds are issued
and the rate OF interest not less
six per cent; and provided further, that
except M is hereinafter provided, the
board OF education shsll have the prior
right to purchase all slch bonds ut par;
and no such bond. except as is hereinafter
provided, shall be negotiable. unless first
offered for sale TO the board OF education;
endorsed by the comptroller on the bond,
before IL can be legally offered for sale TO
other purchasers. All such bonds shall he
sold directly to the board Of education by
the proper county or city officer, and with
out the aid or expense OF broker or agent
Sec. 4. The county Judge OF any county
in this state may, under the direction OF the
commissioners court, expressed by a reso-
ton adopted by majority OF the said com.
missioners' court, which shall be spread
upon the minutes OF the said court, invest
the permane mt school fund OF such county
in any of the above mentioned securities,
subject to the same conditions ana limita-
tions as are imposed in the foregoing sec
tions; provided, each county shall have the
prior right to invest " own permanent
scno) d fund IN its own county bonds at par,
such bonds to be issued in strict
with law, and the rate
OF interest not less than six per cent,
and an equal right with the state 10
invest such funds In the bonds of any city
situated within said county.
And provided further That any bond or
bonds belonging to either state or county
public school fund which may be, or may
hereafter become premium as co cents
on the dollar, above the face value thereof,
may be sold aud the proceeds OF such sale
re-invested in other bonds provided for In
this act provided such bonds can be had a.
psf Read by caption and referred 10 the
on education.