SECTION 4.

It shall be the duty of the State Treasurer to keep all moneys derived from the sources hereinbefore mentioned in a separate fund, to be designated and known as the University Bond Fund, and out of the moneys he shall pay, after approval of the State Board of Examiners:

1. All sums when due as principal or interest on the bonds heretofore issued and referred to in section 3 thereof, and being the first bonds issued against said fund, and provided for in an act entitled "An Act to provide for the erection, completion, furnishing and equipment of buildings for the University of Montana, approved March 4th, 1897."

2. The costs and expenses of issuing the bonds herein provided for. 3. The interest on bonds herein authorized when due.

4. When such bonds shall become payable he shall call in and pay the same as rapidly as the money in such fund will permit after pro viding for the interest. In the event there shall not be sufficient funds. in said University Bond Fund to pay the interest when due, the State Board of Examiners shall, by an order entered upon their minutes, cause warrants to be issued on the University Bond Fund for the amount of the interest due, and the warrants so issued shall bear interest at the rate of five per cent. per annum; said warrants shall be paid by the Treasurer as soon as sufficient funds accumulate in said fund and applicable thereto to pay the same, and by reason of the delivery of said warrants to the holder of said bonds in satisfaction of accrued interest, there shall be no default in the payment of interest.

Section 5. It shall be the duty of the State Treasurer, to give notice, by advertising for not less than two weeks in one newspaper published in the city of Helena, Montana, and in one newspaper published in the City of New York, that he will, on the 15th day of April, 1901, sell forty thousand dollars, of the said bonds herein authorized, and will receive bids therefor, and said bonds shall be by him sold to the highest bidder, or to the person offering to take the same at the lowest rate of interest, as may be directed by the State Board of Land Commissioners. If no Bids are then received, or if none of the bids made are accepted, said bonds may be sold afterwards at private sale, provided; that the said State Board of Land Commissioners shall have the right to open, receive and examine all bids for such bonds, and in its discretion accept or reject the same, and

provided further; that none of said bonds shall at any time be sold for less than par. When the State Board of Education shall determine to issue bonds for said thirty thousand dollars they shall be sold in the same manner as provided above in this section, and under the same conditions.

SECTION 6.

The moneys derived from the sale of the said forty thousand dollars of said bonds shall be used to erect, furnish and equip buildings for the use and benefit of the University of Montana, and to be known as the Woman's Hall and University Gymnasium, and shall, by the State Treasurer be paid out on the warrants of a Commission, or agent, created by the State Board of Education, and under such regulations as said Board may adopt.

The money derived from the sale of said thirty thousand dollars of bonds shall be devoted to the erection of such University buildings as the State Board of Education may direct.

SECTION 7.

The erection of said buildings shall be under the control of the State Board of Education. Said Board shall have power to appoint a Commission, or an agent to superintend such construction; and said State Board of Education is hereby authorized to employ an Architect as it may be deemed necessary, in preparing the plans and specification for and in superintending the construction of said building.

The expense thereof shall be paid out of the said building fund herein specified. Provided; that all Architects, Superintendents and Contractors for the erection of said buildings shall be citizens of Montana. Said State Board of Education shall have power, through its said Commission, or its agent or agents above provided for, to make any and all contracts for the erection of said buildings and their equipment. All contracts for the erection of the same must be approved by said State Board of Education before the same shall become valid and binding.

SECTION 8.

The State of Montana shall in no wise be held liable for the payment of the bonds herein authorized or the interest thereon.

SECTION 9.

This Act shall be in full force and effect from and after its passage and approval by the Governor.

Approved March 16th, 1901.

HOUSE BILL 156.

An Act entitled an act for the erection, furnishing and equipment of 1 dormitory building and for the installation of a heating plant for the State Normal School of Montana, and providing for the issuance of bonds to raise money therefor.

Be it enacted by the Legislative Assembly of the State of Montana:

Section 1. The state board of land commissioners of the State of Montana is hereby authorized and directed to issue bonds to the amount of twenty thousand dollars; the minimum denomination of such bonds shall be two hundred and fifty dollars and the maximum denomination one thousand dollars each; said bonds to be known as the state normal school second mortgage bonds, to bear date of May first, A. D. 1901, to become due in twenty years after date and payable ten years after date thereof. Said bonds shall bear interest at the rate of not more than five per cent per annum, payable Semi-annually, on the first day of November and the first day of May of each year, at the office of the State Treasurer of the State of Montana.

Said bonds shall run from the State board of land commissioners of the State of Montana to bearer, and shall be signed by the State board of land commissioners and countersigned by the Secretary of State, who shall attach his seal thereto. Provided, however. That nothing in this Act shall be so construed as to in any way hold the State of Montana liable for the payment of the bonds herein authorized, or the interest thereon.

Section 2. The bonds provided for in section one of this Act shall be sold and issued as hereinafter provided.

Section 3. All funds realized from the sale or leasing of the lands and licenses to cut trees thereon (being one hundred thousand acres) granted by the United States to the State of Montana, for the establishment and maintenance of a State normal school under and by virtue of the provisions of Section Seventeen of the Act of Congress, approved February 22nd 1889, entitled "An Act to provide for the

division of Dakota into two states and to enable the people of North Dakota, South Dakota, Montana and Washington to form state governments and to be admitted to the union on an equal footing with the original states, and to make donations of public lands to such states," except such funds as may be necessary for the payment of the bonds to the amount of fifty thousand dollars heretofore issued against such funds and interest thereon, are hereby pledged as security for the payment of the principal and interest of the bonds authorized by this Act, and all moneys or revenues from said lands or any of them, whether on account of the sales or leases of said lands or the sales of timber therefrom, or otherwise (except such moneys as are necessary to the paxment of principal and interest on the bonds heretofore issued, being the same above referred to) are hereby set apart and shall continue a fund for the payment as hereinafter provided of the principal and interest of the said bonds, which shall be a lien on said normal school bond fund.

Section 4. It shall be the duty of the state treasurer to keep all moneys derived from the State normal school lands herein before mentioned in a separate fund, to be designated and known as the state normal school bond fund, and out of the moneys in such fund, he shall pay, after the approval of the State board of Examiners;

a. All sums when due as principal or interest on the bonds heretofore issued and referred to in Section three hereof, and being the first bonds issued against said funds.

b. The cost and expense of issuing the bonds authorized by this Act.

C. The interest on the bonds herein authorized when due; and

d. When such bonds shall become payable, he shall call in and pay the same as rapidly as the money in such fund will permit, after providing for the interest. That in the event there shall not be sufficient funds in the State normal school bond fund to pay the interest when due, the state board of examiners shall, by an order entered upon their minutes, cause warrants to be issued on the state normal school bond fund for the amount of the interest due, and the warrants so issued shall bear interest at the rate of five per cent per annum; Said warrants shall be paid by the treasurer as soon as sufficient funds accumulate in said fund and applicable thereto, to pay the same, and by reason of the delivery of said warrants to the holders of said bonds in satisfaction of accrued interest, there shall be no default in the payment of the interest.

Section 5. It shall be the duty of the state treasurer of Montana to give notice by advertising for not less than two insertions in one newspaper published in the city of Helena and in one newspaper published in the city of New York, that he will on the sixth day of April, A. D. 1901, sell the twenty thousand dollars of bonds hereby authorized, and will receive bids therefor, and said bonds shall on said day be sold to the person bidding the highest therefor or to the person offering to take the same at the lowest rate of interest, as may be directed by the state board of land commissioners; and no bonds shall be by him sold for less than par. Said bonds to be sold shall be issued by the state treasurer, and payment received therefor by him in lots of ten thousand dollars each, as fast as funds are required to be used in paying estimates and other expenses in the erection and equipment of said dormitory building and in the installation of said heating plant. and no more shall be delivered than shall be necessary to erect said building and install said plant, and to properly furnish and equip the

same.

Said bonds shall bear interest only from date of the issue thereof, and not from date of sale.

Section 6. The money derived from the sale of said bonds shall be used to erect, furnish and equip a dormitory or boarding hall, and a heating plant, for the normal school at Dillon, Montana.

Section 7. Immediately upon the receipt of the proceeds of the sale of said bonds, the state treasurer shall turn over the same to the treasurer of the executive board of the state normal school, and the same shall be disbursed by him, on orders of the executive board of said school, in the erection, furnishing and equipment of a dormitory or boarding hall for said school and in the purchase, installation and equipment of a heating plant for said school; upon plans and specifications, approved by said executive board of the said state normal school and also by the state board of education, and the supervision of the construction, furnishing and equipment of said building and plant shall be under the supervision and direction of said executive board, subject to the approval of the said state board of education.

Section 8. Before the money or proceeds of the sale of said bonds shall be turned over to the treasurer of the executive board by the state treasurer, the said treasurer of said board shall give a bond to the state of Montana in double the amount of the money turned over, with two or more good and sufficient sureties to be approved by the state treasurer, and conditioned that said treasurer of said executive board