The Laws of Texas, 1934-1935 [Volume 29] Page: 104 of 2,086
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94 GENERAL AND SPECIAL LAWS.
BOARD OF REGENTS OF UNIVERSITY OF TEXAS AUTHORIZED
TO COMPLETE ADMINISTRATION AND
LIBRARY BUILDING AND ISSUE NEGOTIABLE
NOTES OR BONDS IN PAYMENT THEREOF.
S. B. No. 25.] CHAPTER 40.
An Act authorizing the Board of Regents of the University of Texas to
complete the construction, furnishing and equipment of the administration
and library building, and for the payment of the cost thereof to issue its
negotiable notes or bonds payable solely from revenues from grazing and
other surface leases of University lands, and to pledge such revenues to
such purpose; to authorize the Board of Regents to enter into such
agreements or contracts with respect thereto as it may deem proper; to
provide for the payment of the cost of furnishing and equipping said
building; to provide for the handling, depositing, and disposition of the
revenues pledged hereunder; to validate contracts heretofore entered
into in furtherance of the purpose of this Act; repealing all laws or parts
of laws in conflict herewith; and declaring an emergency.
Be it enacted by the Legislature of the State of Texas:
SECTION 1. That subject to and in accordance with the terms
hereof, the Board of Regents of the University of Texas, is
hereby authorized and empowered to complete the construction,
furnishing and equipment of the "main" or administration and
library building of the University of Texas, a part thereof being
already under construction.
SEC. 2. That in anticipation of the collection of the revenues
hereinafter authorized to be pledged for the payment of the
cost of the construction, furnishing and equipment of said
building the Board of Regents is empowered by resolution to
authorize, sell and deliver its negotiable interest bearing notes
or bonds from time to time and in such amount or amounts not
in excess of One Million Two Hundred Thousand ($1,200,000.00)
Dollars, as it may consider necessary. Such notes or
bonds shall be payable at such time or times not more than
fifteen (15) years from the date thereof, and at such place or
places, shall be in such form and denominations, shall bear such
rate of interest not more than four (4%) per cent, and shall
be sold for such price and in such manner as the Board of
Regents by resolution shall determine. Any notes or bonds
issued hereunder shall not be an indebtedness of the State of
Texas, but shall be payable solely from the revenues to be derived
by the University of Texas from grazing and other surface
leases of lands heretofore set apart and appropriated for
the endowment, establishment, maintenance and support of the
University of Texas, and said Board is empowered to pledge
all or part of such revenues to the payment of such notes or
bonds, and to enter into such contracts and agreements with
respect to the collection and disposition of such revenues as it
may deem necessary or proper. Any such agreements or contracts
entered into by the Board of Regents shall be binding in
all respects upon such Board of Regents and its successors from
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Gammel, Hans Peter Mareus Neilsen. The Laws of Texas, 1934-1935 [Volume 29], book, 1935; Austin, Texas. (https://texashistory.unt.edu/ark:/67531/metapth17292/m1/104/: accessed May 4, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; .