The Snyder signal. (Snyder, Tex.) 1887-????, 1919-08-01
and Mechanical College OF Texas and
the Prairie View State Normal and

the Prairie View State Normal and
Industrial College. TO fulfill the pur-
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 it's constitutional branches, to-
lgether with the proceeds OF the sale
OF such lands heretofore made, OF
hereafter TO be made, for the sup
port and benefit OF either institu-
ton, shall constitute permanent
lfund 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 TO the institutions
named IL shall be divided between
the University OF Texas, the Agricul-
ltural and Mechanical College OF Tex
as. 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-S) per cent. and the Agricul-
tural and Mechanical College OF Tex
as. thirty-three and one-third (33
l-3) per cent: and the governing
board OF the Agricultural and Me
Ichanical 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 49, per cent as may
! be determined equitably by saif
governing board. The principal OF a.
funds accruing 10 each institutio'
from the division OF the University on
dowment is divided. under the Pre-
visions of this section shall, wher
ever the said endowment is divided
constitute the permanent fund oi
each. and shall be invested as the PEI
manent public free school fund is
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 b.
authorized with the approval of th'
Governor, and in the manner TO be
provided by law, TO issue bonds Tor
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
its permanent fund or the payment
of all bonds issued under its author
lty as may be provided by law.
Section IL. The lands set apart TO
the University fund shall be sold un-
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
Ito grant relief 10 the purchasers.
And. until such time as the UniVer-
sity endowment fund shall be Iii
vided. in accordance with constitu-
tional and statutory authority the
proceeds from the sale of lands az
realized and received into the Treas
Jury of the state. together with such
sum belonging TO the funds as may
now be in the Treasury. shall be
invested as the permanent public Tree
school fund is now or may hereafter
be authorized by law to be invested J.
and the interest accruing thereon
and any income from the use OF the
said University lands, shall be sub
ject to appropriation by the Legisla-
ture. and may be available for the
redemption OF bonds based on the
University endowment and to "e re-
deemed from the said interest and
income from the use OF land, as may
be provided by law, to aid in the
Iconstruction. equipment and mainteH
ance OF the University Of Texas and
the Agricultural and Mechanical
College OF Texas. and the total. o.
such bond issues outstanding shall a.
no time exceed four and one-hali
million dollars. and the Legislature
is hereby authorized to appropriate
out Of the general revenues OF the
state siich moneys as. may be neces
sary to cover deficiencies in the in