Permanent Investment of Educational Funds.

[A correct copy of the law.]

An Act to provide for the permanent investment of any moneys remaining in the State Treasury and belonging to either the "Public School Fund" or "Seminary Fund" of the State or that may hereafter be paid into the State Treasury, to be added to either of said funds, and to provide for cancelling any Missouri State bonds now held by any educational institution under the control of the State by issuing therefor certificates of indebtedness of the State bearing five per centum interest per annum, payable semi-annually.

Be it enacted by the General Assembly of the State of Missouri, as follows:

Section 1.	The Board of Fund Commissioners of the State shall, upon the passage of this act, issue a certificate of indebtedness of the State of Missouri, payable twenty years after date and bearing interest at the rate of five per cent, per annum, payable semi-annually on the first days of January and July of each year, for all bonds of the State of Missouri now in the hands of the Treasurer of the Board of Curators of the State University, except such bonds as may have been called for redemption by the State, and purchased with moneys derived from the sale of agricultural college lands, estimating said bonds at their par value, and hereafter whenever any of the remaining agricultural college land shall be sold, amounting to five thousand dollars, and the proceeds of the sale thereof paid into the State Treasury, a similar certificate of indebtedness shall be issued bearing interest at the rate of five per cent. per annum, payable semi-annually and held in trust by the State as part of the "Seminary Fund."
Sec. 2.	Said certificate of indebtedness shall be signed by the Governor, counter-signed by the Secretary of State and sealed with the great seal of the State; shall be non-negotiable and shall be sacredly held and preserved in the State Treasury as part of the permanent Seminary Fund of the State.
Sec. 3.	Hereafter, when any moneys shall be paid into the State Treasury, from whatever source derived, whether by grant, gift, devise, or from any other source, to be added to either the "Public School Fund" or the "Seminary Fund" of the State, and when the same shall amount to one thousand dollars, the said Board of Fund Commissioners shall issue a certificate of indebtedness of the State of Missouri like that provided for in sections one and two of this act, and in accordance with the terms of the gift, grant or devise, making additions to the public school fund or seminary fund of the State, except in cases where moneys are required, by special gift or devise, a separate certificate shall be issue for each gift or devise, and for the amount of such gift or devise said certificates to be made payable twenty years after date, the interest thereon to be paid semi-annually, to be forever used and appropriated in accordance with law, and the gift, grant or devise providing said fund for public educational purposes, under article 11 of the Constitution of this State and an act approved March 16, 1881, entitled "An act to encourage and increase the public school fund of this State by grant, gift or devise as provided for in section six (6), article eleven (11) of the Constitution of Missouri, and to provide for its safe and permanent investment'page 154
Sec. 4.	The certificates of indebtedness authorized to be issued under this act to the permanent public school or seminary fund of the State shall specify the purposes to which said funds are dedicated, the source from which derived, and the disposition of the interest to be paid on the same; they shall be printed on good parchment paper, and shall be and remain sacred, irrevocable obligations of the State, unconvertible and untransferable, for the purposes of their issue as so much of the permanent "Public School Fund" or "Seminary Fund," the interest thereon to be appropriated regularly in accordance with the terms of said certificates, and to commence running from the date of the delivery of said Missouri State bonds or the payment of the money into the Treasury of the State.
Sec. 5.	All interest due upon the bonds herein referred to down to the date of their surrender or delivery shall be paid over to the Treasurer of the Board of Curators of the University of the State of Missouri, and one-fourth of the interest thus collected shall be paid by him to the Treasurer of the School of Mines, at Holla, according to law.
Sec. 6.	All bonds of the State of Missouri, referred to in this act, shall be delivered to the State Auditor, and as soon as the certificates contemplated to be issued in lieu thereof shall be delivered to the State Treasurer, the State Auditor shall proceed, in the presence of the Board of Fund Commissioners, to cancel the same and all interest coupons thereto attached, by punching, and he shall preserve the same in the scrap-book bond register kept in his office.
Sec. 7.	The State of Missouri is hereby constituted the custodian and is made the trustee of all moneys which may be paid into the State Treasury under this act, and of the certificates of indebtedness which may be issued under the same, and the honor and good faith of the State is hereby pledged for the faithful performance of the trust herein created.