Pennsylvania Act 1923-110 — PENNSYLVANIA STATE COLLEGE, SINKING FUND

Act text

PENNSYLVANIA STATE COLLEGE, SINKING FUND
                  Act of May 7, 1923, P.L. 145, No. 110               Cl. 72
                                  AN ACT

     Providing for the redemption and cancellation of the bond issued
        under the act, approved April third, one thousand eight
        hundred and seventy-two (Pamphlet Laws, thirty-nine),
        entitled "An act directing the sale of the bonds composing
        the Agricultural College land script fund, and authorizing
        the issue of a new bond in lieu thereof, and abolishing the
        board commissioners created by act of April first, one
        thousand eight hundred and sixty-three," and for the
        investment of the moneys in the fund resulting from such
        redemption, and the payment of the interest therefrom by the
        Sinking Fund Commission to Pennsylvania State College.

        Whereas, An act of Congress of the United States, approved
     the second day of July, one thousand eight hundred and sixty-
     two, entitled "An act donating lands to the several states and
     territories which may provide colleges for the benefit of
     agriculture and the mechanic arts," under which certain public
     lands or land script was apportioned to Pennsylvania, the
     interest or income from the investment or sale of which land or
     land script to be inviolably appropriated 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;
        And Whereas, Said act of Congress was accepted by the
     Commonwealth of Pennsylvania by act, approved April first, one
     thousand eight hundred and sixty-three (Pamphlet Laws, two
     hundred and thirteen), entitled "An act to accept the grant of
     public lands by the United States to the several states for the
     endowment of agricultural colleges";
        And Whereas, By a act, approved April third, one thousand
     eight hundred and seventy-two (Pamphlet Laws, thirty-nine),
     entitled "An act directing the sale of the bonds composing the
     Agricultural College land script fund, and authorizing the issue
     of a new bond in lieu thereof, and abolishing the board
     commissioners created by act of April first, one thousand eight
     hundred and sixty-three," the surveyor general was directed to
     sell the bonds held in trust for the Agricultural College land
     script fund, and pay the proceeds thereof into the State
     Treasury for the use of the Sinking Fund Commissioners, and
     which act further directed that the Governor, Auditor General,
     and State Treasurer issue a registered bond of the Commonwealth,
     for the sum of five hundred thousand dollars, payable to the
     Agricultural College land script fund of Pennsylvania, after
     fifty years from the first day of February, one thousand eight
     hundred and seventy-two, with interest on the same at the rate
     of six per cent. per annum, to be paid semiannually on the first
     of February and August of each year, and deliver the said bond
     to the State Treasurer for the uses and purposes declared by
     law, which bond was issued as therein directed;
        And Whereas, Said bond matured on the first day of February,
     one thousand nine hundred and twenty-two; now, therefore,
        Section 1.  Be it enacted, &c., That the Sinking Fund
     Commissioners of the Commonwealth of Pennsylvania are hereby
     authorized and directed to redeem from the moneys in the Sinking
     Fund said bond issued under the authority of the act, approved
     April third, one thousand eight hundred and seventy-two
     (Pamphlet Laws, thirty-nine), entitled "An act directing the
     sale of the bonds composing the Agricultural College land script
     fund, and authorizing the issue of a new bond in lieu thereof,
     and abolishing the board commissioners created by act of April
     first, one thousand eight hundred and sixty-three," by
     depositing in the State Treasury in a fund known as the
     "Agricultural College Land Script Fund," said sum of five
     hundred thousand dollars, which bond shall then be cancelled by
     said commission.
        Section 2.  The Sinking Fund Commissioners hereby authorized
     and directed to invest the said five hundred thousand dollars in
     said fund in such securities as the said Sinking Fund
     Commissioners are authorized to invest the funds of the
     Commonwealth, and pay the interest or income therefrom,
     semiannually on the first day of February and August of each
     year, to Pennsylvania State College,--said Pennsylvania State
     College being such a college as meets the requirements of the
     act of Congress of eighteen hundred and sixty-two, under which
     this appropriation was made to the State of Pennsylvania by the
     United States Government: Provided, nevertheless, That any
     difference between the amount of the interest or income realized
     by the said Sinking Fund Commission on such investments and the
     sum of twenty-five thousand dollars, the latter being five per
     cent. of the total amount of such fund, which Pennsylvania
     guaranteed said fund shall yield annually, shall be paid by the
     Commonwealth of Pennsylvania from appropriations made for this
     purpose from time to time.