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Page 15 - State which may take and claim the benefit of this act, to the endowment, support, and maintenance of at least one college where the leading object shall be, without excluding other scientific and classical studies, and including military tactics, to teach such branches of learning as are related to agriculture and the mechanic arts, in such manner as the legislatures of the States may respectively prescribe, in order to promote the liberal and practical education of the industrial classes in the...
Page 15 - That the grant of land and land scrip hereby authorized shall be made on the following conditions, to which, as well as to the provisions hereinbefore contained, the previous assent of the several States shall be signified by legislative acts: First.
Page 15 - That all the expenses of management, superintendence, and taxes from date of selection of said lands, previous to their sales, and all expenses incurred in the management and disbursement of the moneys which may be received therefrom, shall be paid by the States to which they may belong, out of the treasury of said States, so that the entire proceeds of the sale of said lands shall be applied without any diminution whatever to the purposes hereinafter mentioned.
Page 15 - That all moneys derived from the sale of the lands aforesaid by the States to which the lands are apportioned, and from the sales of land scrip hereinbefore provided for, shall be invested in stocks of the United States, or of the States, or some other safe stocks yielding not less than five per centum upon the par value of said stocks...
Page 15 - ... amount received by any State under the provisions of this .act, may be expended for the purchase of lands for sites or experimental farms whenever authorized by the respective legislatures of said States. Second. No portion of said fund, nor the interest thereon, shall be applied, directly or indirectly, under any pretense whatever, to the purchase, erection, preservation, or repair of any building or buildings.
Page 15 - ... that the moneys so invested shall constitute a perpetual fund, the capital of which shall remain forever undiminished, (except so far as maybe provided in section fifth of this act,) and the interest of which shall be inviolably appropriated, by each State which may take and claim the benefit of this act...
Page 15 - If any portion of the fund invested, as provided by the foregoing section, or any portion of the interest thereon, shall, by any action or contingency, be diminished or lost, it shall be replaced by the State to which it belongs, so that the capital of the fund shall remain forever undiminished ; and the annual interest shall be regularly applied without diminution to the purposes mentioned in the fourth section of this act, except that a sum, not exceeding ten per centum upon the amount received...
Page 15 - ... the interest of which shall be inviolably appropriated, by each state which mav take and claim the benefit of this act, to the endowment, support, and maintenance of at least one college...
Page 15 - An act to provide for the further development of agricultural extension work between the agricultural colleges in the several States receiving the benefits of the act entitled 'An act donating public lands to the several States and Territories which may provide colleges for the benefit of agriculture and mechanic arts,' approved July 2, 1862 (USC, title 7, sees.
Page 14 - State treasurer, in bonds of the State of Iowa, or United States Registered bonds, as directed by the act of congress granting said lands. And the moneys arising from the interest on the leases...

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