Chapter 61. to grant lands to Dakota, Montana, Arizona, Idaho, and Wyoming for university purposes
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CHAP. 61.— An Act to grant lands to Dakota, Montana, Arizona, Idaho, and Wyoming for university purposes.Feb. 18, 1881. *Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled*,Lands granted to Territories of Dakota, Montana, Arizona, Idaho, and Wyoming, for university purposes. That there be, and are hereby, granted to the Territories of Dakota, Montana, Arizona, Idaho, and Wyoming respectively, seventy-two entire sections of the unappropriated public lands within each of said Temtories, to be immediately selected and withdrawn from sale and located under the direct ion of the Secretary of the Interior, and with the approval of the President of the United States, for the use and support of a university in each of said Territories *Provisos.*when they shall be admitted as States into the Union: *Provided*, That none of said lands shall be sold except at public auction, and after appraisement by a board of commissioners, to be appointed by the Secretary of the Interior: *Provided further*, That none of said lands shall be sold at less than the appraised value, and in no case at less than two dollars and fifty cents per acre: *Provided*, That the funds derived from the sale of said lands shall be invested in the bonds of the United States and deposited with the Treasurer of the United States; that no more than one-tenth of said lands shall be offered for sale in any one year; that the money derived from the sale of said lands, invested and deposited as hereinbefore set forth, shall constitute a university fund; that no part of said fund shall be expended for university buildings, or the salary of professors or teachers, until the same shall amount to fifty thousand dollars, and then only shall the interest on said fund be used for either of the foregoing purposes until the said fund shall amount to one hundred thousand dollars, when any excess, and the interest thereof, may be used for the proper establishment and support respectively of said universities.
Approved, February 18, 1881.