The Snyder signal. (Snyder, Tex.) 1887-????, 1919-08-08

II
industrial College. to fulfill the pnr.
poses for which created, all lands
and other property heretofore SCI
apart and appropriated for the es.
Establishment. endowment, and main
tenance OF the University of Texas
and its constitutional branches, to.
Igether with the proceeds OF the sale
I of such lands heretofore made, oil
hereafter TO be made, for the sup
port and benefit OF either institu-
ton. shall constitute Il permanent
fund for the University OF Texas, the
agricultural and Mechanical College
of Texas. and for the Prairie View
State Normal and Industrial College
provided. that when the permanent
University endowment shall. by con
stitutional and statutory authority
be apportioned 20 the institutions
named II shall be divided between
the University OF Texas, the Agricul-
tural and Mechanical College OF Tex
a., and the Prairie View State Nor
NAL and Industrial College in the fol-
lowing manner: To the University
OF Texas, sixty-sN and two-thirds
(66 2-3) per cent, and the Agricul-
tural and Mechanical College of Tex
as. thirty-three and one-third t33
l-3) per cent; and the governing
board of the Agricultural and Me-
chanical College of Texas shall ap-
portion to the Prairie View state
Normal and Industrial College for
colored youths such part of. or in
terest in, the said thirty-three and
one-third (33 1-S) per cent as may
be determined equitably by sale
governing board. The principal of a.
funds accruing to each institutio:
from the division of the University en-
dowment is divided. under the pre-
visions of this section shall, when
ever the said endowment is divided
constitute the permanent fund OF
each. and shall be invested as the pei
manent public free school fund IL
now or may hereafter be authorized
by law TO be invested; and the gov
erning boards of the University OF
Texas and the Agricultural and Me-
haniccal College of Texas shall be
authorized with the approval of th'
Governor, and in the manner To be
provided by law. 10 issue bonds foi
permanent improvements such bond
issues to be based upon the perma-
nent funds OF the institution issuing
them: and the governing board OF
each institution shall make provi-
sion for the income derivable from
it's permanent fund or the payment
of all bonds issued under its author
ity as may be provided by law
Section 70 The lands set apart TO
the University fund shall be sold I'M
der such regulations, at such times,
and on such terms as may be provid-
ed by law: and the Legislature shall
.provide for the prompt collection, at
maturity. OF all debts due on account
of University lands heretofore sold
or that may hereafter be sold, and
shall in neither event have the power
TO grant relief 10 the purchasers
And. until such time as the Univer-
sity endowment fund shall be di-
yided in accordance with constltu-
tional and statutory authority, the
proceeds from the sale OF lands, as
realized and received into the Treas
iury of the state. together with such
sum belonging to the funds as may
nov be in the Treasury shall be
invested as the permanent public free
school fund is now or may hereafter
he authorized by law to be invested
and the interest accruing thereon
and any income from the use OF th'
said University lands. shall be sun
iect to appropriation by the Legisla-
ture. and may he available Tor inc
redemption Of bonds based on inc
University endowment and to be re-
deemed from the said interest ana
income from the use OF land as may
be provided by law, to aid IN th'
construction, equipment and malnten
ance of the University Of Texas and
the Agricultural and Mechaniea
College of Texas, and the total O.
such bond issues outstanding shall a
no time exceed four and one-hal'
million dollars. and the Legislature
lis hereby authorized to appropriate
out of the general revenues oil u
state such moneys as may De heces