The Snyder signal. (Snyder, Tex.) 1887-????, 1919-07-18

II
poses for which created, all lands
and other property heretofore Sc,
apart and appropriated for the es.
Establishment. endowment, and main
tenance OF the University OF Texas
and its constitutional branches, to-
gether with the proceeds OF the sale
OF sach lands heretofore made, or
hereafter to be made, for the sup
port and benefit of either institu-
ton. shall constitute permanent
fund for the University OF Texas, the
Agricultural and Mechanical College
OF Texas, and for the Prairie View
provided, that when the permanent
University endowment shall, by con-
stitutional and statutory authority
be apportioned TO the institutions
named II shall be divided between
the University of Texas, the Agricul.
tural 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-siX and two-thirds
(66 2-3) per cent, and the Agricul-
tural and Mechanical College OF Tex
as, thirty-three and one-third (33
1-3) per cent; and the governing
board of the Agricultural and Me-
chanical College of Texas shall APP
portion TO the Prairie View State
Normal and Industrial College for
colored youths such part of. or i'm
terest in. the said thirty-three and
one-third (33 1-3) 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 Iree school fund Il
now or may hereafter be authorized /
by law TO be invested; and the gov
erning boards OF the University OF I
Texas and the Agricultural and Me
haniccal College of Texas shall be
with the approval of thu
Governor, and in the manner TO be
provided by law, to issue bonds for
permanent improvements such bond
issues 10 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
If all bonds issued under its author
~ as may be provided by law.
Section -. The lands set apart to 4
he University fund shall be sold UNI
Ter such regulations, at such times, =
md on such terms as may be provid- '
ID by law; and the Legislature shall
,rovide for the prompt collection. AT
maturity. OF all debts due on account ;
If University lands heretofore sold l
Or that may hereafter be sold, and {
hall in neither event have the power
o grant relief TO the purchasers
And, until such time as the Univer-
iity endowment fund shall be di- {
ided, in accordance with constitu- r
ional and statutory authority, the }
proceeds from the sale of lands, rs {
called and received into the Treas !
Try of the state, together with such
um belonging TO the funds as may '
low be in the Treasury, shall be
invested as the permanent public free '
chool fund is now or may hereafter c
,e authorized by law to be invested
md the interest accruing thereon
md any income from the use OF the /
aid University lands, shall be SUD
Get to appropriation by the Legisla- I
ure. and may be available for the ,
Of bonds based on the
University endowment and to be re
Ieemed from the said interest and
ncome from the use of land, as may !
be provided by law, to aid in the {
equipment and mainten !
nee of the University of Texas and
he Agricultural and Mechanical
College of Texas, and the total of
,uch bond issues outstanding shall at
no time exceed four and one-hali
million dollars and the Legislature I
s hereby authorized to appropriate
cut of the general revenues OF the 4
state such moneys as may be neces'
,ary to cover deficiencies in the IN /
crest and sinking fund accounts Of