Texas Attorney General Opinion: V-168 Page: 3 of 5
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Hon. R. P. Spacek, Page 3, V-168
". . . New bonds, bearing the same
or a less rate of interest, may when or-
dered by the governing board thereof be
issued, either as term bond or as serial
bonds . . the State Treasurer 0haBi,
when requested b the gevetsraing boards of
said districts, exchare bands net atured
held by him for the Permanent School Fund
for the new refunding bonds issued by the
same incorporation undet the provisions
of this subdivision, provided the interest
rate sh4al not be loVered or the term ex-
tended without the onasent of the $tate
Board of Eduoation.
This Departmeat, in Opinion No. 0-5213, held
that House ill 164 of the 48th Legislature, was con-
stitutionally invalid , saying:
"The above*quoted sect ion of Article
VII of the Constitution vests in the Comp-
troller, under the direction of the Board
of Education the power -- Jurisdiction --
to invest the proceeds Of the sales of her
public free school lands in the bonds there-
in stated, or in such other sec~rittes under
such restrictions s t may be paesribed by
law0 This vesiture Of jurisdiction is ex-
clusive, and the power and discretion there-
in conferred may not be exercised in any
"The provision that such investments in
the securities therein mentioned, 'under such
restrictions as may be prescribed by law' nec-
essarily means restrictions prescribed by law
in aid or furtherance of the exercise of the
jurisdiction and powers conferred, and not in
denial or destruction thereof. Thus, the leg-
islature might prescribe under this clause the
relat ive or magizta tsMate of the different
classes of permissible aivetlastit., the )atur-
ities and rates of interest of soh securities,
and the like, but it would have 4a0 pOwer to
substitute its discretion for that of the Comp-
troller, under the direction of the Board of
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Texas. Attorney-General's Office. Texas Attorney General Opinion: V-168, text, April 28, 1947; (texashistory.unt.edu/ark:/67531/metapth264988/m1/3/: accessed January 23, 2019), University of North Texas Libraries, The Portal to Texas History, texashistory.unt.edu; crediting UNT Libraries Government Documents Department.