An Act to amend the established University

Nebraska State Laws

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.

Nebraska Legislature

Original Statutes Nebraska

Mills & Co., Printers and Publishers

1871

Nebraska State Law Library

First publication of Nebraska Statutes

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 15^th, 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 19^th, 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 2^nd, 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