7 U.S.C. § 304

Investment of proceeds of sale of land or scrip

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All moneys derived from the sale of lands as provided in section 302 of this title by the States to which lands are apportioned and from the sales of land scrip provided for in said section shall be invested in bonds of the United States or of the States or some other safe bonds; or the same may be invested by the States having no State bonds, in any manner after the legislatures of such States shall have assented thereto and engaged that such funds shall yield a fair and reasonable rate of return, to be fixed by the State legislatures, and that the principal thereof shall forever remain unimpaired: Provided, That the moneys so invested or loaned shall constitute a perpetual fund, the capital of which shall remain forever undiminished (except so far as may be provided in section 305 of this title), and the interest of which shall be inviolably appropriated, by each State which may take and claim the benefit of this subchapter, to the endowment, support, and maintenance of at least one college where the leading object shall be, without excluding other scientific and classical studies and including military tactics, to teach such branches of learning as are related to agriculture and the mechanic arts, in such manner as the legislatures of the States may respectively prescribe, in order to promote the liberal and practical education of the industrial classes in the several pursuits and professions in life.

Notes of Decisions

Cited in 7 cases, 1933–2009 · leading case: Gannon v. Bd. of Regents, 692 N.W.2d 31 (Iowa 2005).

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Gannon v. Bd. of Regents, 692 N.W.2d 31 (Iowa 2005). “” 7 U.S.C. § 304 (2000). It also referenced a state statute that requires ISU to adopt and teach practical courses of study, embracing in their leading branches such as relate to agricultural and mechanical arts, mines and mining, and ceramics, and such other branches as are…”

Knight v. State of Ala., 787 F. Supp. 1030 (N.D. Ala. 1991). “7 U.S.C. § 304 . 536. Towards that end, each state was entitled to 30,000 acres of land or land scrip for each of its senators and representatives in Congress in 1860.”

Roy v. Pennsylvania State Univ., 568 A.2d 751 (Pa. Commw. Ct. 1990). “7 U.S.C. § 304 . By the Act of April 1, 1863, P.”

Benner v. Oswald, 592 F.2d 174 (3rd Cir. 1979). “See 7 U.S.C. § 304 for the Land Grant Act and 24 P.”

State Ex Rel. Bryant v. Dolan, 249 N.W. 923 (S.D. 1933). “247 [7 USCA § 304]), which after providing for a perpetual trust fund, states: “ * * * And the interest of which shall be inviolably appropriated, by each State which may take and claim the benefit of sections 301 to 308, inclusive, of this chapter, to the endowment, support,…”

In Re Montana Trust & Legacy Fund, 388 P.2d 366 (Mont. 1964). “” 7 U.S.C. § 304 . Because of this explicit language, we conclude that securities purchased with funds created from the sale of lands granted by section 16 of the Enabling Act may not be sold for less than the purchase price or face value.”

N. Colorado Water Conservancy Dist. v. United States, 88 Fed. Cl. 636 (Fed. Cl. 2009). “”); 7 U.S.C. § 304 (“All moneys derived from the sale of lands .”

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