The fund is disbursed each year to the several counties in manner provided by law for distribution of the common school fund income. III. University Fund Income: Derived from annual tax levies provided by law, interest on university land certificates and loans, special appropriations from General Fund, United States appropriations, tuition fees, etc. The entire fund is placed at disposal of the university board of regents by transfer to the treasurer of said board, thus balancing the account each year. IV. Agricultural College Fund Income: Derived from interest on agricultural college land certificates and loans. It is disposed of in same manner as University Fund income, and account balanced each year. V. Normal School Fund Income: Derived from interest on swamp land certificates and loans, annual tax levies pursuant to statutes, tuition fees, etc. The entire fund is placed at the disposal of the board of normal school regents, by transfer to the treasurer of said board, and the account balanced each year. STATE DEBT. The bonded debt of the state, created in 1861 to 1863 for the purpose of carrying on the civil war, was, several years ago, either paid or converted into certificates of indebtedness to the Trust Funds of the state under the provisions of statute now contained in Sections 258, 259 and 260, Statutes 1898. The last payment on account of said debt was one thousand dollars of war bonds paid from the General Fund on August 13, 1888. This left still unpaid of the bonded debt the sum of two million two hundred fifty-one thousand dollars ($2,251,000) in certificates of indebtedness, which were distributed as follows: School Fund University Fund Agricultural College Fund $1,563,700 00 111,000 00 60,600 00 515,700 00 $2,251,000 00 None of such certificates has since been paid, nor has any change been made in above distribution thereof. Interest at seven per cent., amounting in the aggregate to $157,570.00 per annum, is included in the annual levy of state tax and credited to the several trust fund income accounts as follows: Such interest credits appear in accompanying statements as receipts of said income accounts from the annual state tax, the several amounts being entered in the statements for each year as "Interest on certificates of indebtedness.” |