An Act to amend the established University

Title

An Act to amend the established University

Subject

Nebraska State Laws

Description

An Act to amend “An Act to establish the University of Nebraska (pages 117-118)-
Two years after the original passage of the act to establish the university, this short amendment was created. The legislature wanted to clearly delineate between the regents’ fund and the university fund. Where two thirds of land sale profits would benefit the university fund, and the other third was to supplement the regents’ fund.

Creator

Nebraska Legislature

Source

Original Statutes Nebraska

Publisher

Mills & Co., Printers and Publishers

Date

1871

Rights

Nebraska State Law Library

Original Format

First publication of Nebraska Statutes

Text

AN ACT To amend an Act entitled “An Act to establish the University of Nebraska.”

            SECTION 1. Be it enacted by the Legislature of the State of Nebraska, That section twenty-one of the act entitled “An Act to establish the University of Nebraska,” approved, February 15th, 1869, be the same is hereby amended so as to read as follows: “Section 21. The funds of the University shall be two, to-wit: The Endowment Fund and Regent’s Fund, the Endowment Fund shall be kept by the Treasurer in two accounts that derived from the proceeds of the sales of lands donated to the State by the United Stats, “to establish and endow a State University,” under the act of Congress of April 19th, 1864,” in one account, and that derived from the proceeds of the sales of lands donated to the State by the United States, to provide Colleges for the benefit of agriculture and the mechanic arts. In an act of Congress approved, July 2nd, 1862, in another account.

            “To the funds received from these two sources there shall be added to the first two-thirds, and to the second one-third of the proceeds of all lands, or of all moneys acquired by donation or bequest, when other object is not stated, and of the fees for admission to the University, all money so received shall be invested as fast as five hundred dollars shall accumulate in such United States, or guaranted (sic) state stocks as will pay not less than six per centum annually, and the principal of such investments shall never be appropriated by the Legislature, or used by the Regents for any purpose whatever. The Regents’ fund shall consist of the proceed of the investment of the endowment fund, of the proceeds of annual rental of University and Agricultural College lands leased, the tuition and text-book fees of students, and of a tax of one-quarter of one mill on the dollar valuation of the grand assessment roll of the state, which shall be levied in the year 1872, and annually thereafter.

           

            Approved, March 25, 1871

Files

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Citation

Nebraska Legislature, “An Act to amend the established University,” Nebraska U, accessed January 17, 2022, https://unlhistory.unl.edu/items/show/407.

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