§ 5703. Proceeds of sale of land scrip; investment.
107 words·~1 min read·
/de/title-14/chapter-57-land-grant-college/5703·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The $83,000 received by the University from the sale of land scrip pursuant to the Act of July 2, 1862, Chapter 130 [7 U.S.C. § 301 et seq.], shall be invested in securities selected by the Governor and State Treasurer, which securities shall conform in all respects to the requirements of an Act of Congress of April 13, 1926, Chapter 130, 44 Stat. 247 [7 U.S.C. § 304], and shall yield a net return of not less than 2 percent per annum. The principal sum of the proceeds of sale of land scrip shall forever remain unimpaired and the income shall be inviolably appropriated to the University.