§ 5701. | § 5702. | § 5703. | § 5704. | § 5705. | § 5706.
§ 5701. Designation of University as land-grant college.
The University of Delaware is the institution provided by the State in accordance with 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 Mechanical Arts," being the Act of July 2, 1862, Chapter 130, 12 Stat. 503 [7 U.S.C. § 301 et seq.]. (13 Del. Laws, c. 137, § 1; Code 1915, § 2329; 32 Del. Laws, c. 166, § 1; Code 1935, § 2771; 14 Del. C. 1953, § 5701.)
The University shall, annually, on or before February 1 in each year make up and distribute the reports required by paragraph 4 of § 5 of the Act of Congress of July 2, 1862, Chapter 130, 12 Stat. 504 [7 U.S.C. § 305]. (13 Del. Laws, c. 137, § 7; Code 1915, § 2330; 32 Del. Laws, c. 166, § 1; Code 1935, § 2772; 14 Del. C. 1953, § 5702.)
§ 5703. Proceeds of sale of land scrip; investment.
The $83,000 received by the University from the sale of land scrip pursuant to the Act of July 2, 1862, Chapter 130 [7 U.S.C. § 301 et seq.], shall be invested in securities selected by the Governor and State Treasurer, which securities shall conform in all respects to the requirements of an Act of Congress of April 13, 1926, Chapter 130, 44 Stat. 247 [7 U.S.C. § 304], and shall yield a net return of not less than 2 percent per annum. The principal sum of the proceeds of sale of land scrip shall forever remain unimpaired and the income shall be inviolably appropriated to the University. (37 Del. Laws, c. 207, § 2; 41 Del. Laws, c. 176, § 1; 14 Del. C. 1953, § 5703.)
The securities purchased under § 5703 of this title shall be held by the State Treasurer in a separate fund, as investments of the State are held, and the income shall be collected and disbursed as provided in this chapter. (37 Del. Laws, c. 207, § 3; 14 Del. C. 1953, § 5704.)
§ 5705. Disbursement of income.
The State Treasurer shall pay semiannually to the Treasurer of the University the income accrued upon the securities invested pursuant to § 5703 of this title. (13 Del. Laws, c. 137, § 5; 15 Del. Laws, c. 373; Code 1915, § 2331; 32 Del. Laws, c. 166, § 1; 37 Del. Laws, c. 207, § 2; Code 1935, § 2773; 14 Del. C. 1953, § 5705.)
The income referred to in § 5704 of this title shall be devoted to the maintenance of such course or courses in the University as shall carry out the intent of the Act of Congress of July 2, 1862, Chapter 130 [7 U.S.C. § 301 et seq.]. (13 Del. Laws, c. 137, § 6; 13 Del. Laws, c. 420, § 1; 14 Del. Laws, c. 54, § 1; Code 1915, § 2332; 32 Del. Laws, c. 166, § 1; Code 1935, § 2774; 14 Del. C. 1953, § 5706.)
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