The Laws of Texas, 1934-1935 [Volume 29] Page: 25 of 2,086
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FORTY-THIRD LEGISLATURE-SECOND CALLED SESSION. 15
any contract with reference to the collection and disposition of
the revenues derived from any building so constructed in the
acquisition or construction, management, and maintenance of
any building or buildings acquired hereunder, and in anticipation
of the collection of such revenues, and for the purpose of
paying the cost of the construction or acquisition of said building
or buildings and grounds said boards are severally empowered
by resolution to authorize, sell, and deliver its negotiable
bonds or notes from time to time and in such amount
or amounts as it may consider necessary. Any bonds or notes
issued hereunder shall bear interest at not to exceed six per
cent per annum, and shall finally mature not more than forty
years from date.
SEC. 3. Subject to the above restrictions each of said boards
is given complete discretion in fixing the form, conditions, and
details of such bonds or notes. Any bonds or notes issued hereunder
shall not be an indebtedness of the State of Texas, but
shall be payable solely from the revenues to be derived from
the operation of said buildings.
SEC. 4. Each of said boards is authorized and empowered
to pledge all or a part of such revenues to the payment of such
bonds or notes, and to enter into such agreements regarding the
imposition of sufficient charges and the collection, pledge and
disposition of such revenues as it may deem proper.
SEC. 5. Each of said boards is authorized to enter into
agreements relating to the maintenance of a maximum percentage
of occupancy of such dormitories.
SEC. 6. Upon the acquisition, construction, or erection of
such building or buildings, absolute control and management
shall vest in the respective board of the institution of the building
so constructed or acquired, subject to any condition that
may be provided in the grant.
SEC. 7. It is further provided that land owned by the State
or any of said institutions may be used as building sites and
ground for such buildings acquired under the provisions of
SEC. 8. Provided further that each of said boards is hereby
authorized to acquire by gift or by purchase out of funds derived
by pledging the revenues as herein provided such tracts
of land, without cost to the State of Texas as may be necessary
as building sites and grounds for the erection of such buildings.
SEC. 9. Provided further that each of said boards may make
such contracts as may be necessary to properly carry out the
provisions of this Act.
SEC. 10. Should any part or section of this Act be held to
be unconstitutional, it shall not affect any other section or part
SEC. 11. This Act shall not repeal any statute now in effect,
but shall be accumulative of all other statutes affecting the educational
institutions of higher learning in Texas.
SEC. 12. It is provided further that any contract or agreement
heretofore entered into, or any application now pending
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Gammel, Hans Peter Mareus Neilsen. The Laws of Texas, 1934-1935 [Volume 29], book, 1935; Austin, Texas. (texashistory.unt.edu/ark:/67531/metapth17292/m1/25/: accessed April 30, 2017), University of North Texas Libraries, The Portal to Texas History, texashistory.unt.edu; .