RS 641 - Free school fund; seminary fund; agricultural and mechanical college fund; state indebtedness; interest
A. The debt due by the state to the free school fund arising from the sale of lands granted by Congress for school purposes may remain a perpetual loan to the state on which it shall pay to the several townships four percent per annum interest or the parish school board of any parish in which there lies a township or the major portion thereof containing a sixteenth section so sold shall have the right to use these entire proceeds in the acquisition, construction, and equipping of public school plant facilities, and the state shall no longer pay four percent per annum interest thereon.
B. The debt due by the state to the seminary fund is hereby declared to be one hundred thirty-six thousand dollars, being the proceeds of the sale of lands heretofore granted by the United States to this state for the use of a seminary of learning, and the state shall pay an annual interest of four percent on said amount.
C. The debt due by the state to the agricultural and mechanical college fund is hereby declared to be the sum of one hundred eighty-two thousand three hundred thirteen dollars and three cents, being the proceeds of the sale of lands and land scrip heretofore granted by the United States to this state for the purpose of a college for the benefit of agricultural and mechanical arts. The state shall pay an annual interest of five percent on the said amount.
D. The above funds shall be kept separate on the books of the treasurer of the state as a perpetual record of said loans.
Added by Acts 1975, No. 508, §1.