Texas Attorney General Opinion: V-799 Page: 4 of 5
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Hon. D. K. Woodward, Jr. - Page 4 (V-799)
would be put in the anomalous position of preparing
the bonds and then approving his own work. It is
evident from the requirement of anroval of the
bonds by the Attorney General that these Constitu-
tional provisions contemplated that the governing
boards of the respective institutions would have
attorneys of their own employ to prepare the nec-
essary proceedings. Your third queEion is, there-
fore, answered in the affirmative.
Your fourth question is whether the govern-
ing boards of the respective institutions have the
authority to retain the bond proceeds and to deposit
the same as special trust funds, to be used for carry-
ing out the bond purposes, such deposits to be secured
by bonds or other evidences of indebtedness of the
United States, or bonds which are guaranteed as to
both principal and interest by the United States in
an amount not less than the amount so deposited,
In each Section 17 and Section 18, it is pro-
vided, "This amendment shall be self-enacting." We
think that the amendments contemplate that bonds can
be issued and sold by the respective governing boards,
as outlined therein, and the proceeds of the sale
turned over to such governing boards to carry out the
bond purposes. We do not think that the amendments,
either expressly or by implication, contemplate that
the proceeds would be turned over to any other State
office or officer. Only the respective govern.-
boards are the agencies charged with the expend tiwie
of the funds to carry out the bond purnoses.
It is manifest that the large sums of money
which may be realized from the sale of bonds cannot
be expended immediately, and that the building pro-
gram of an institution might cover several years.
Yet, in order to take advantage of an attractive
market, the governing boards may determine to issue
bonds at one time in an amount which will be suffi-
cient to defray the entire cost of such building
program, Such action, we think, is clearly author-
ized by the Constitutional amendmentS, and that the
respective governing boards are the agencies to
retain the bond proceeds. Your fourth question,
therefore, is answered in the affirmative0
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Texas. Attorney-General's Office. Texas Attorney General Opinion: V-799, text, March 31, 1949; (https://texashistory.unt.edu/ark:/67531/metapth265618/m1/4/: accessed April 26, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting UNT Libraries Government Documents Department.