UIHistories Project: A History of the University of Illinois by Kalev Leetaru
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Repository: UIHistories Project: Book - History of Illinois Land Grant Endowment [PAGE 33]

Caption: Book - History of Illinois Land Grant Endowment
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Land Grant Endowment Eund

33

legislatures of such States shall have assented thereto, and engaged that such funds shall yield not less than 5 per centum upon the amount so invested and that the principal thereof shall forever remain unimpaired: Provided, That tfuf moneys so invested or loaned shall constitute a perpetual fund, the capital of which shall remain forever undiminished (except so far as may be provided in section 5 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, 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 arc 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 several pursuits and professions in life. (As amended March 3, 1883.) Acceptance by the State of Restrictions SEC. 5. And be it further enacted, 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. 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, l)e 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 l>c expended for the purchase of lands for sites or experimental farms whenever authorized by the respective legislatures of said States. SECOND. N O 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 described 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 been raised to double the minimum price in consequence of railroad grant they shall he computed to the states at the maximum price, and the number of acres proportionally diminished. SIXTH. No state, while in a condition of rebellion or insurrection against the government of the United States, shall be entitled to the benefits of tin t. StVi ill. No St. shall be entitled to tb benefits of tins act, tinier it hall express its .1 cptancc th« re< by its legislature within two years from the date of th< approval by the President.