The Snyder signal. (Snyder, Tex.) 1887-????, 1919-07-25
land Mechanical college Of TEXAS and l

poses for which created, all landi
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 such lands heretofore made. OF
hereafter 10 be made, for the sup
port and benefit OF either institu'
ton, shall constitute a permanent
fund for the University OF Texas, tn,
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 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, siIty-sn and two-thirdf
te6 2-3) per cent, and the Agricul-
tural and Mechanical College OF Tex
as, thirty-three and one-third t33
I'D per cent; and the governing
board of the Agricultural and Ne
chanical College OF Texas shall APP
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 1-3) per cent as may
be determined equitably by sait
governing board. The principal OF Il.
funds accruing TO each institution
from the division of the University en-
dowment is divided, under the pre-
visions of this section shall. whcr
ever the said endowment is divided
constitute the permanent fund o.
each, and shall be invested as the pen
manent public free school fund IL
now or may hereafter be authorized
by law 10 be invested and the gov
erning boards OF the University of
Texas and the Agricultural and Ne
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 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
IF all bonds issued under its author
ty as may be provided by law.
Section ~. The lands set apart TO
he University fund shall be sold un-
Ter such regulations, at such times ,
md on such terms as may be provid- !
ID by law; and the Legislature shall
provide for the prompt collection, at .
maturity. OF all debts due on account |
n University lands heretofore sold /
,r that may hereafter be sold, and ,
hall in neither event have the power |
O grant relief to the purchasers,
md. until such time as the Univer-
,ity endowment fund shall be di-
.ided in accordance with cOnstitu-
ional and statutory authority, the
proceeds from the sale OF lands. as
ealized and received into the Treas
Try OF the state. together with such
um belonging to the funds as may
ow be i'm the Treasury shall be
invested as the permanent public free
chool fund is now or may hereafter I
10 authorized by law TO be invested
md the interest accruing thereon
md any income from the use OF the
aid University lands shall be sub
ect to appropriation by the Legisla-
ure. and may be available for the
edemption of bonds based on the
University endowment and to be re-
.eemed from the said interest and
ncome from the use OF land. as may
,e provided by law, To aid in the j.
equipment and mainten :
nee OF the University of Texas and
he Agricultural and Mechanical
,ollege OF Texas, and the total OF
UGH bond issues outstanding shall AZ
10 time exceed four and one-half
million dollars. and the Legislature I
3 hereby authorized to appropriate
.ut Of the general revenues OF the
state such moneys as may be neces'
ary TO cover deficiencies in the in i
crest and sinking fund accounts o.
L., howl ;seuee harein nrOyidpd for