Repository: UIHistories Project: Book - History of the University (Powell) [PAGE 626]

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History University of Illinois

First—It 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 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. Third—Any state which may take and claim the benefit of the provisions of this act, shall provide, within five years, at least not less than one college, as prescribed in the fourth section of this act, or the grant to such state shall cease; and said state shall be bound to pay the United States the amount received of any lands previously sold, and that the title to purchasers under the State shall be valid. Fourth—An annual report shall be made regarding the progress of each college, recording any improvements and experiments made, with their cost and results; and such other matters, including state industrial and economical statistics, as may be supposed useful; one copy of which shall be transmitted by mail free, by each, to all the other colleges which may be endowed under the provisions of this act, and also one copy to the secretary of the interior. Fifth When lands shall be selected from those which have Ifcen raised to double the minimum price in consequence of raili^dads grants, they shall be computed to the states at the maximum price, and the number of acres proportionally diminished. Sixtft^No state, while in a condition of rebellion or insurrection against the government of the United States, shall be entitled to the benefits of this act.