1. The System was, and now is, established in accordance with the provisions of the Constitution of the State of Nevada, and also in accordance with the provisions of an Act of Congress entitled "An Act donating Public Lands to the several States and Territories which may provide Colleges for the Benefit of Agriculture and the Mechanic Arts," approved July 2, 1862 (c. 130, 12 Stat. 503), and acts amendatory thereof or supplementary thereto.
2. The Board of Regents are the proper trustees of the System to receive and disburse all appropriations made to this State under the provisions of an Act of Congress entitled "An Act to apply a portion of the proceeds of the public lands to the more complete endowment and support of the colleges for the benefit of agriculture and mechanic arts, established under the provisions of an Act of Congress approved July second, eighteen hundred and sixty-two," approved August 30, 1890 (c. 841, 26 Stat. 419), and all appropriations hereafter to be made under the Act.
3. The Board of Regents shall make a report at the end of each fiscal year, in connection with its annual report to the Governor, of other matters concerning the System, including the amounts received and disbursed under the provisions of this section. The Governor shall transmit all annual reports to the Legislature.
4. The Legislature of Nevada hereby gratefully assents to the purposes of all grants of money made heretofore and all which may hereafter be made to the State of Nevada by Congress, under the Act of Congress, the title of which is recited in subsection 2, and agrees that the grants must be used only for the purposes named in the Act of Congress, or acts amendatory thereof or supplemental thereto.
[1:59:1891; C § 1416; RL § 4656; NCL § 7750] + [2:59:1891; C § 1417; RL § 4657; NCL § 7751] + [3:59:1891; C § 1418; RL § 4658; NCL § 7752] + [4:59:1891; C § 1419; RL § 4659; NCL § 7753] — (NRS A 1969, 1434; 1993, 345; 2005, 359)