North Carolina - Acts on Education Topics

An Act in Relation to the Land Scrip Fund for Establishment of Colleges for the Benefit of Agricultural and Mechanical Arts.

1874-75 Public Laws: Chapter CCLII

Public Laws of the State of North Carolina Passed in 1874-75 - Pages 339-340.

Whereas, The investment made by the late board of trustees of the University of North Carolina of one hundred and twenty-five thousand dollars of the land derived from the land scrip donated by Congress to this State for the establishment of one or more agricultural colleges was made in great part in worthless securities; and whereas, The State is bound by the conditions of the Act of Congress making said donation to restore the losses in said fund and to establish said college or pay back said fund to the United States; therefore,

Section 1. The General Assembly of North Carolina do enact, The Public Treasurer is directed to issue to the trustees of said University a certificate of indebtedness for one hundred and twenty-five thousand dollars, bearing interest from the first day of January, one thousand eight hundred and seventy-five, with interest at six per cent., payable semi-annually on the first days of July and January in each year, which shall be paid out of any moneys in the treasury not otherwise appropriated, said interest to be used by said trustees for the purpose of establishment of at least one college in accordance with the provisions of the aforesaid Act of Congress.

Sec. 2. The bonds reported as in the hands of said trustees, commonly called "special tax bonds," being void and worthless, shall be burned by the said trustees, and the bonds not special tax bonds reported by them shall be held subject to the disposition of the General Assembly.

Sec. 3. This Act shall be in force from its ratification.

Ratified the 20th day of March, A.D. 1875.

Curtis H. Brogden, Governor
James L. Robinson, Speaker of the House of Representatives
Robert F. Armfield, Lt. Governor and President of the Senate

State of North Carolina,
Office Secretary of State,
Raleigh, May 15th, 1875.

I, William H. Howerton, Secretary of State, hereby
certify that the foregoing are true copies of the original
acts and resolutions on file in this office.

William H. Howerton,
Secretary of State.



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