Case Information
*1 OFF&E OF THE ATTORNEY GENERAL OF TEXAS AUSTIN
Bonorabl4 F. ii. Law, ;'reeident
Board of Dit4otor6 and ~echadiOo1 Coll4ge oi #4x46 Agrio~turel cOlh&B 3thtiOA, %X.AS
tl86 ot Oh4 A&- Ion and other 6 Btatss Govern- o$ au thu rork prOgre6666, 4.6a bran %'mtIereb to the Baax'd of Di- t i'or legzd senioes in thr 04aMJag6, and ror the approval the entfrs iSSU6 or boa66 in ttlr 4mOunt or pe5o.CC. tku Board ot Mreotors will ‘hssWn5 that aoaalt2.ud4 that ths ritatawat Zor 14gcll 641mio46 r4464nable it Wok&d 1ik4 t4 be 4ldV16eb, it *2 pOSSibl4, by the time Of it8 narf m44tiog On Wr4h 14, whsthsr the B06rd 16 prohibit& frm making payment of th4 bill bsoau64 ot ths pro- V161066 Of S44ti46 lo Oi E. B. as8, AOt6 &t th4 S46@46 Of tbo 49th LO&IZltorO,~UBd4r R-r
whloh Aot ths bond6 have born. lmtu.4.
*Httrstofor8, undu pmvi6io~s oi the same Aot th8 Board of Dir4otQr6 aUthOti?ied MOth4r Issue of. bonds in the amount of'#1;,220,000.00 for the purpose of prorldiiq fan48 to build four ' donnitorls~, to eonatriaot additional equipment iOr the oentral powar anb.staam plant OS the College, amI to rsfund ~lB0.000.00 bon& ~rl~~~~rlfnlQ4OioraFiOlp6~ DOnal-
. That166UO& bO5&6 W46,4p
proved by the Attorney Uenoral OIL the 15th bay Of July lWl, U5dU AttOrPlg 04Zkti'S Oplni011 Be. d, Book Ho. 8. That -6P4 of bands m mold and d4llmr4d to 4 6yndi46t.4 of imustmnt At tha tiaethabl8mlou~0iivucla bankera.
th4 Board of Ulm4ton nualmd 4 at&a.& rOr: la@ 64r?lo*6, iaOlU&lng pmpratloB of pr4444a- i6&6 and.approml or tllo i66ll4 la the aanlnt or $&WO.tXt. The Ward rOU5d thrrttba bill -6 r446OMbl4 aad paid it.
*Thu qutwtio5 oociirontiag tha Board at thlm &MI is uhethu by paybg th4 6enioss in iScSU4 th0 thr ~1,8%0,0~.00 OOBB4OtiO5 inth amount of ~3300.00, it h6r 4xh4o6tad aWx4r- ity UEder Aat to p6y for b@!%l 66niO66 to bond6 thiW46fter 166U4d Uad4r th4 hot, md partioularly for senlo4s nbi4h bars bsrn r~det- ~d4i~wrrfarewe, to the $ZW,t%bOO bond bSU4.
*5*atlo5 1. The B0ud 0s Dlncrtars the AgriOtitwlrtl and YIeUhaaieal COllOg4 Oi~Fmai 16 authorized to 0066trU6t Or~aOQUlXW, and
total cost, type or oo56traotlon, ohpihty, anb jiiane an4 epeolflcatlon6 thsreror hats been ap prorod by suoh kfmd of Dimators. * * *
“Ssotion 3. For the m&IO60 or aonstl?uotlng or aoqulrlng, ertsndl~ or laproving and squlp- ping any one or more of said building6, said Board or Directors is authorized to 166114, 8011, -6 d8liVW negotiable r.YWlIle bOAd6, frCmn tlma to tim4 end in rtuth amounts or amount it sup 0056166r neocrsmaryi * + * 16 MthOriZed t0 OOn- *aeotion 8. !ch4 hard
atmot; 4quip and Isa64 an or2108 building to be uawl bp the irratltutlon dlrwtly or with consent of maid Board, by any -my oi the uJdt@d Stat06 &?4ZY3m5t t0 hOU64 44tttitdU Of the D6p6rtsleBt 0r&r10ultum 0r ths ullit4d Of th4 United 8tlhtO6 OOY- Stat46 Or aOtiriti46 oonneotion with th4 Zt4tlona.l IMSon6e. ummeat Pro&ram, ~rovlded thnt tha t&d oo6t of 046. 6814 build-
6tlWOti~ OX 80&~ aad 4qlI&pii@ % 6kd.l BOt OXOUd ThrU -d ThOU6Md ~labX’6 ($3oo,ooo). + * *
*s4otloB 10. BO breksrags fee, Or dOPtL\I68lOJi, in OX0466 Of %%IWIty-five Hundred Or atformy’8 rMS D0ll6~s (#&,SOO), shall br paid out or ~the fU+S of lbxas, or out or the fund6 to the A k. rd con464 be Qariv4d frou bond6 or other evldon406 of ob- lf$tbtiOA authorized heel.&"
Aftsr oarcrful rea Of 8. B. 838 (~O~t~64VWlth] L4glalattu4, Regular Seaslon wa have oomludob that said Mf "f"3 olsarly contsmpltkt4e 64r4r41.laeu46 or beads for on6 or more
Eomx'4blo F. Ye Law, page #+
j~U'~06a6 sod that Said bond6 nray bo iSSUed from tilt64 to tSm4 over atty numbir or psar6.
T~OM:OX'O, it it3 the O&dliOA Or thi6 department that 10 Or eald Aot 4pP1146 fo the llmitatlQ5 ap dctf$~inf$~~tJtiOIl '4eoh isou6 it E" We think thet it lDurt of nooesslty ap?lf to aaoh lndlri&ml issue rather than to the aggrogeto amount.or bond8 rrhloh may be ultimately euthorltsa. , A6 stated above;there 1s A0 limltatlon in said Aot on the tote1 6motmt, number or dlrr4ront 166ues or period or tlm4 wlthln which such authority may bs exeroilred. X0 know that aortain lsgal fees are neoansary in the preperatlon or pro- oeodlng6 for th4.io6uano4 of bonds and it uould be pMotIOal- ly impossible to guogs the fee that shotfld be ahargod on the rlrst leeue when there 16 no m6p or detsrminlng how many isews .msy be ~eodod in the futux-4 or at what time thoy m6y be ineued.
‘Ph. full So4 CO&i be exhaUSted in the first 166yO and not- *ould MuI~~LI to Pag th0 f406 whloh rOUld iJOOO66Prily Ori64 irr oonneotion with th4 166U6666 of subuoquent bonds. Any other ooiutruofion of said Act would probably have the affoot ef rendorinfg the Aot umvorlcablo. isa th0r6*0rcr, opFrrl06 0s tbi6 a4pdimont tb6t It
th4 Board of uirootors of the Agrioultural and Xoohaaioal Cal- loge %X46 hair the aUthOrlty on&or H. B. jge to pytho ru5dorod in oonneotionrlth #l&O.00 foe 14g41 6onfooe #O i6654504 Or $?iw,wo d$ AAk or$k4 wildiBg &n&8, prO- imWlUd4 that uld that thb Board or oirootan ~%a06 or oourm foe r466OIIiibl4.
'i%USt& t&t tF6 m ;TptW QlMJSti46~0 UP0 V-Y hu4 ml= -Ai OF !titXM APPROVXD ?uR 19, 1948 ATTORXFX /s/ ATTORNZ?-
COB-6 Ohairman
APE’R~ OPIXIOX C&%X BY B.W.F.,