out of the re-building of the University, and to the purchase of a suitable library, philosophical apparatus therefor, or proper furniture, in place of those destroyed by the burning of the University.

4656. Report of sales. 24. The board of trustees shall, in their annual report, include a full statement of the amount of the sales of such lands, and the application of the funds received therefor, as reported to them from time to time.

4657. One trustee to attend sales. 25. One member of the board of trustees, to be designated by the board, shall attend to the public sales of the said lands, to prevent combinations injurious to the interests of the University; and he shall have power to withdraw the said lands, or any portion thereof, from sale, when, in his judgment, the interests of the Uni versity would be thereby promoted, and shall have the power and right to designate and determine in what sub-divisions any of the said lands may be sold, at the time of said public sale, for the best interests of the said University.

4658. No member to deal in the lands. 26. No member of the board of trustees of the University shall, either directly or indirectly, become the purchaser of any such lands at any sale made by the County Auditor, or by private entry with the Auditor after any forfeiture of purchase; and any sale made to any member of the said board, contrary to the provisions of this section, shall be absolutely void, and the purchase-money, and interest which may have been paid thereon, shall be forfeited to the University fund.

4659. Trustees to get information. 27. The commissioners of the University lands in Gibson and Monroe counties, and the several County Auditors and Treasurers of the counties in which any of the University lands are situated, shall furnish such information in relation to the lands and other property of the University, as may, from time to time, be required of them by the said board of trustees, and shall report, annually, the amount of unpaid purchase-money due on the lands sold for the use of the said University in each of their counties.

[1867, p. 20. In force March 8, 1867.]

4660. Annual appropriation. 1. There shall be appropriated, out of the State Treasury, the sum of eight thousand dollars annually hereafter, to be paid semi-annually, commencing on the thirty-first day of March, 1867. The same shall be paid out of said Treasury, upon the warrants of the Auditor of said State, as the interest upon said University fund is now paid out.

[1873, p. 17. In force February 19, 1873.]

4661. Annual appropriation. 1. There shall be appropriated, out of the State Treasury, fifteen thousand dollars annually hereafter for the use of said Indiana University, additional to the amount appropriated therefor by the Act of March 8, 1867, to be paid semi-annually, commencing on the thirtieth day of September, 1872. The money hereby appropriated shall be paid out of said Treasury, upon the warrants of the Auditor of State, as the interest upon the said University fund is now paid

out.

[1883 S., p. 82. In force March 3, 1883.]

4661a. Endowment. 1. There shall be assessed and collected, as State revenues are assessed and collected, in the year of eighteen hundred and eighty-three, and in each of the next succeeding twelve years, the sum of one-half of one cent on each one hundred dollars' worth of taxable property in this State, which money, when collected and paid into the State treasury in each of the years named in this act, shall be placed to the credit of a fund to be known as the permanent endowment fund of the Indiana University.

4661b. Application of fund. 2. That whenever, after the first day of May, eighteen hundred and eighty-four, there shall have been paid into the State treasury a sum of said permanent endowment fund sufficient to pay off any of the interest bearing indebtedness of the State, it shall be the duty of the Treasurer of State to pay off and cancel such indebtedness, and it shall be the duty of said Treasurer of State to continue to pay off and cancel said interest bearing indebtedness which may be due, or which by the terms of the contract creating such indebtedness, may be paid off, whenever there is a sufficient sum of said permanent endowment fund in the State treasury to pay off the same out of said permanent endowment fund.

4661c. Bond. 3. It shall be the duty of the Treasurer of State immediately after paying off any of the interest bearing indebtedness of the State, as provided for in section two of this act to make and issue to the trustees of said university and to their successors in office a non negotiable bond of the State in an amount equal to the sum drawn from said permanent endowment fund and used in such payment. Said non negotiable bond shall be signed by the Governor and Treasurer of State, and attested by the Secretary of State and the seal of the State, and be made payable in fifty years after date, at the option of the State, and said bond shall bear five per cent. interest from date until paid, which interest shall be paid semi-annually on the first days of May and November of each year, and the same shall be applied to the current and extraordinary expenses of said university and be paid to the trustees thereof under the same rules and regulations as is now required by law in the payment of the revenues of said university. The non negotiable bonds provided for in this act, when executed, shall remain in the custody of the Treasurer of State.

4661d. Loan. 4. That so much of said permanent endowment fund as shall not at any time be absorbed by the non negotiable bonds of the State, as contemplated in this act, shall be loaned by the Auditor of State at six per centum interest, payable annually in advance, in real estate security; and in making loans and disbursing interest collected, the Treasurer of State and the Auditor of State shall be governed by the law now in force regulating the manner of making loans of the university funds and paying out interest collected, except as otherwise provided in this act.

4661e. Mortgage. 5. It shall be the duty of the Auditor of State to make a complete record of every mortgage and note executed on account of any loan from said permanent endowment fund, in a book to be kept in his office for that purpose; and on payment of any loan to said fund, said Auditor shall enter a record of satisfaction in full on the margin of the record of the mortgage in his office, and sign the same with his name; and

he shall also, in like manner, enter satisfaction in full on the face of the mortgage; which mortgage, when presented by the mortgagor, or any per son holding title under him, to the Recorder of the county wherein the land mortgaged is situated, shall authorize the Recorder of said county to copy such entry on the record in his office.

4661f. Fund loaned. 6. If at any time hereafter the State shall need the loan of any part, or of all, of said permanent endowment fund, the State shall be a preferred borrower of so much of said fund as shall not be loaned at the time. But it shall be the duty of the Treasurer of State to cause to be executed, as an evidence of any such loan, a non negotiable bond of the State for the amount so borrowed, in like manner as is provided in section three of this act: Provided, If at any time hereafter the said Indiana University shall be consolidated with any other educational institution or institutions of the State, or shall be removed from its present location for any cause whatever, the fund raised under the provisions of this act shall be held and used for the benefit of such institution, as consolidated or changed, notwithstanding such change or consolidation whenever so removed or consolidated: Provided, further, That after said date, no further appropriation shall be made to said university.

[1895 S., p. 171. In force March 8, 1895.]

4661g. Tax levy for State educational institutions. 1. That

there shall be assessed and levied upon the taxable property of the State of Indiana, in the year one thousand eight hundred and ninety-five (1895), and in each year there after, for the use and benefit of the Indiana University, Purdue University and the Indiana State Normal School, to be apportioned and distributed as hereinafter in this act provided, a tax of one-sixth (1-6) of one mill on every dollar of taxable property in Indiana, to be levied, assessed, collected and paid into the treasury of the State of Indiana in like manner as other taxes are levied, assessed, collected and paid. And so much of the proceeds of said levy as may be in the State treasury on the first day of July and the first day of January of each year, shall be immediately thereafter paid over to the Boards of Trustees of the respective institutions for which the tax was levied. to be distributed and apportioned among them severally upon the basis as follows, viz.: To the said Trustees of Indiana University upon the basis of one-fifteenth (1-15) of one mill; to the Trustees of Purdue University upon the basis of one-twentieth (1-20) of one mill; and to the Trustees of the Indiana State Normal School, upon the basis of one-twentieth (1-20) of one mill on every dollar of taxable property in Indiana, and the Auditor of the State of Indiana is hereby directed to draw a proper warrant therefor, and on or be fore the 10th day of January and July of each year the Trustees of the Indiana University, Purdue University and the Indiana State Normal School shall file or cause to be filed with the Auditor of State a sworn and itemized statement of their receipts from all sources including all tuition fees and other revenues derived from students, contingent fees, interest from permanent endowment fund, the proceeds of the tax provided in this act, and all other receipts of every kind, character and description, together with a full, detailed, itemized and sworn statement of their expenditures for all purposes, including maintenance and permanent improvements, the amount paid each member of the Faculty, Board of Trustees or other officer of the institution, and file with such report a copy of the receipts for each separate item of expenditures; it being the intention of this act that the reports herein provided shall set out in full and in detail all expenditures of every kind, character and description, and from and after this act shall be in force it shall be unlawful for the Auditor of State to issue any warrant to Indiana University, Purdue University or the Indiana State Normal School until they have filed their reports as required by this act. [As amended 1899 S., p. 412. Approved March 4, 1899.

4661h. Moneys in lieu of maintenance appropriations. 2. All moneys due said institutions respectively, in accordance with any State law heretofore enacted, or that may hereafter be enacted, making annual appropriations thereto for maintenance, shall be paid to the respective institutions for the fiscal year 1895-6 and not thereafter. It being the intent that the moneys appropriated by the first section of this act shall from and after the date of the first payment thereof be paid in lieu of the moneys described in this section. Provided, that nothing in this act shall affect in any way any permanent fund that may belong to or may have been appropriated for either the Indiana University or Purdue University, named in this act, and that the proceeds of this tax accruing to Indiana University shall be used for maintenance. And provided further, that no part of the school revenue for the State shall be deducted or set apart to the Normal School fund after the July apportionment for the year one thousand eight hundred and ninety-six (1896).

[1897 S., p. 117. In force April 15, 1897.]

46611. State university funds Collection of. 1. The treasurer of state shall proceed at once to collect all outstanding loans belonging to the permanent endowment fund of the State University, located at Bloomington, which may be due, and shall collect all other loans belonging to said fund, as fast as they become due, which money, together with all other moneys that come into the hands of said treasurer, belonging to said fund, shall be immediately apportioned by the auditor of state pro rata among the several counties in this State, according to population, as ascertained by the enumeration taken and made in the year 1895, for legislative apportionment, and that the treasurer of state, immediately thereafter, pay the same to the several county treasurers, according to said apportionment made by the said auditor of state, and take their receipts therefor; and semi-annually, on the first day of May and November of each year, the said auditor of state shall apportion the amount collected during the preceding six months, and the treasurer of state shall pay the same to the respective county treasurers as above provided.

4661j. Loans-County auditor makes. 2. The said moneys so distributed and paid to said counties, as provided by section one (1) of this act, shall be loaned by the auditors of the respective counties in the same manner and on the same terms and conditions and under the same restrictions, subject to the same limitations, and said loans shall be again collected from the borrower, as the common school funds are now loaned and collected. And the said several counties shall be li ble in the same manner and to the same extent, for the principal and interest of said fund, and for the payment of the same, as they are now liable for the payment of the interest and principal of the Common School funds.

4661k. Loans - Auditor of state may not make. 3. The auditor of state is hereby prohibited from making any further loans from said. fund, and all money in his hands belonging thereto shall be by the Auditor of State apportioned, and by the Treasurer of State paid to the several counties, where apportionment is made as provided in section one (1) of this act.

46611. Interest Counties pay. 4. The several counties of this State shall pay the interest on said fund to the treasurer of state at the same time and in the same manner as interest is now paid on the school fund, and said treasurer of state shall at once pay the same to the trustees of the Indiana University, and take proper receipts therefor.

[1897 S., p. 42. In force February 23, 1897.]

4661m. State University - Donations to. 1. That whenever fifty (50) freeholders and taxpayers of any county in this State, or twenty-five (25) freeholders of any city, town, or township in this State, in which any State University may be situate, shall petition the board of commissioners of such county, in the case of the county or township, or the common council, in the case of a city, or the board of trustees of a town in case of a town, to make a donation to such State university, in any sum not exceeding $25,000, as to such county or city; $10,000, as to said township or town, it shall be lawful for such board of com

missioners, on behalf of such county, or township, or the common council, on behalf of such city, or board of trustees on behalf of such town to make such donation, not exceeding the amount so named in such petition, and to enter in their respective records the proper order, ordinance, or resolution therefor, and which shall be a sufficient justification for the proper officer to draw his warrant therefor.

4661n. Agreements as to. 2. Such board of county commissioners, common council of such city, and board of trustees of such town, are hereby authorized for and on behalf of their respective corporations, to make all proper agreements with any such State university, with reference to the purpose for which such donations shall be used; and the terms and conditions on which donated and accepted, and when so made and such donation accepted shall be binding on such State university accepting the same.

4661 o. Bonds May issue. 3. For the purpose of raising the money with which to make such donation, the board of commissioners of such county are hereby authorized to issue the bonds of such county, or township, and such common council, and board of trustees of such town, the bonds of such city, or town, respectively, none of which shall bear a higher rate of interest than six (6) per cent., payable annually, nor run a longer time than six (6) years from their date of issue, and shall not be sold for less than their face value, and accrued interest.

4661p. One donation only. 4. If either the county, city, town, or township, makes such donation, it shall not be lawful for any one or more of such corporations to make a donation under this act.