Governor, Comptroller, Treasurer and Secretary of State shall sell all of said bonds at one time and the money arising therefrom shall, until needed, be placed in good and solvent banks in this State, at the best interest obtainable, which interest shall be added to the building fund hereinafter provided for. It is further provided, however, that any and all bids may be rejected, and said advertisements shall so provide; and in the event that all bids are rejected, said officials are authorized to re-advertise and sell said bonds at either a public or private sale, and in such manner as in their judgment may be necessary to effect a satisfactory sale; provided, said bonds shall not be sold at less than par and accrued interest, as aforesaid. The bids at all public offerings shall be tendered in sealed envelopes, addressed to the Secretary of State, and shall be opened publicly and simultaneously in the presence of all of said officials, or of a majority thereof, in the presence of all the bidders present and in the presence of any one else who desires to be present, and all bids shall be published in full in one or more of the Nashville papers.

quirement of.

Every bidder at public offering of the said bonds, as a condition precedent to the consideration of his bid, which condition shall be stated in the advertisement, shall deposit with the Secretary of State a cer- Bidders, retified check upon a national bank or upon a regular depository of the State of Tennessee, drawn to the order of the State Treasurer in an amount equal to two (2) per cent of the face value of the bonds bid for. In the event of a private sale the said officials shall stipulate that the person or persons purchasing the bonds at private sale shall deposit, as evidence of good faith, a certified check upon a national bank or upon a regular depository of the State of Tennessee, drawn to the order of the State Treasurer, in the minimum amount required in the case of a public offering of the bonds or such other or further amount as said officials shall deem necessary or expedient; provided, however, that all such deposits shall be returned by the Treasurer to any and all unsuccessful bidders at any public sale within three (3) days af

of sale.

ter the bonds have been awarded to the bidders. If the successful bidder at a public sale or the person to whom the bonds are sold at a private sale, shall refuse or neglect, on the date fixed by said officials for the payment of the bonds, to pay to the Treasurer of the State of Tennessee the amount of the bonds awarded to him or them at the price named in his or their bids and accrued interest, if any, less the amount deposited by him or them, the amount or amounts of the deposits shall be forfeited by him or them to and retained by the State Treasurer as liquidated damages for such neglect or refusal, and shall be paid into such building fund for the University of TenAdvertisements nessee. Said advertisements for the public sale of said bonds shall state the time of delivery of said bonds, and payments may be made therefor in either the cities of Nashville, New York, Philadelphia, Boston, Baltimore or Chicago at the purchaser's option. Said advertisement for public sale of said bonds shall require unconditional bids upon blank forms to be approved by the Governor without interlineation or erasure. The Treasurer of the State of Tennessee shall first advertise the said bonds to bear a four (4) per cent rate of interest and if the same can be sold at this rate for par or above, then they shall be sold as four (4) per cent bonds, but in the event they cannot be sold at par or above on a four (4) per cent rate of interest, then the Treasurer shall re-advertise said bonds at a four and one-quarter (44) per cent rate of interest, and in the event there are no satisfactory bids at this rate, the said bonds shall be readvertised upon a four and one-half (42) per cent rate of interest.

Bond redemption, adver

SEC. 4. Be it further enacted, That the Governor, tisement of. Comptroller, Treasurer and Secretary of State are hereby authorized and directed to make advertisement in one or more newspapers published in the cities of New York, Philadelphia, and Chicago, and in such other papers as they deem necessary each year, offering to repurchase from the holders thereof so much of said bonds as can be taken up with the money then on hand; provided said bonds can be re

purchased at or below par; and in case the holders of said bonds offer to resell same to the State upon such terms, then said officials are hereby authorized to repurchase the same.

ceeds of sale

used.

SEC. 5. Be it further enacted, That the funds aris- Bonds-proing from said bond issue shall be used in the erec- of-how tion of buildings on the grounds of the University of Tennessee, embracing its colleges and Experiment Stations, and on the grounds held by the State of Tennessee for the use and benefit of said University, its colleges and Experiment Stations; provided, that a sum not exceeding one hundred thousand dollars ($100,000.00) shall be expended in the construction of buildings for an Agricultural Experiment Station in Middle Tennessee upon land which shall be provided by other means than by payment out of the State Treasury or out of any funds arising from this Act, the location of said Experiment Station to be approved by the Governor, the Commissioner of Agriculture, and a duly appointed representative of the Middle Tennessee Farmers' Institute. And, provided further, that the sum of one hundred thousand dollars ($100,000.00) of said funds to be used to liquidate.the present indebtedness of the University of Tennessee, contracted in the erection of its present buildings. The remainder of the funds arising from the bond issue shall be used for the erection of such additional buildings and improvements as the Board of Trustees of the University shall decide to be necessary for its proper development.

State Treas

paid out.

The proceeds of the sale of the one million dollars Funds-held by ($1,000,000.00) of bonds above provided for, together urer, how with all interest accrued thereon, shall be held by the Treasurer of the State of Tennessee, subject to the order of the Board of Trustees of the University of Tennessee, and shall be paid over by the Treasurer of the State to the Treasurer of the University of Tennessee at such times and in such amounts as may be called for by the Board of Trustees of said University.

SEC. 6. Be it further enacted, That there shall be and hereby is levied for the year 1917 and annually

Special tax.

thereafter, a tax on all taxable property of this State, to the amount of one-half (2) mill on each dollar of such taxable property, the entire amount of which tax shall constitute a special fund to be known as the "University of Tennessee Development and Maintenance Fund." This fund shall be kept separate and apart from all other funds, and shall be exclusively applied:

FIRST: To the payment of the interest on the bonds issued under the provisions of this Act, said payment being made by the State Treasurer semiannually to the holders of said bonds in the same manner as the interest is paid on other State bonds.

SECOND: To the payment each year of the sum of Sinking fund. twenty thousand ($20,000.00) dollars from proceeds of said levy for the retirement of said bonds as they mature.

Agricultural

Extension

Act.

University of
Tennessee.

Maintenance

and development.

THIRD: To make such payments supplementary to contributions from other sources as may be needed to secure the full allotments to this State under. the Smith-Lever Agricultural Extension Act.

FOURTH: To pay the interest on the fund created by the sale of the land scrip received by the State under the Federal Land Grant Act of 1862 and its amendments, which fund is represented by certificates of indebtedness of the State in the hands of the Trustees of the University of Tennessee, and on which fund the State now pays annually interest to the amount of twenty-three thousand, nine hundred and sixty dollars ($23,960.00).

FIFTH The remainder of the fund shall be applied to the development and maintenance of the University of Tennessee, its colleges, Experiment Stations and Division of Extension. The Comptroller is hereby instructed to issue his warrants on the first day of July, and the first day of January annually for the full amount of "The University of Tennessee Development and Maintenance Fund" lying in the Treasury as such times, in favor of the University of Tennessee, to be used exclusively for the development and maintenance of the same under the plans and directions of the Board of Trustees of

Experiment

said University; provided, that a sum not less than ten thousand dollars ($10,000) annually shall be ex-stations. pended on the upkeep and development of the West Tennessee Experiment Station. at Jackson; that a sum not less than ten thousand dollars annually shall be expended on the upkeep and development of the Middle Tennessee Experiment Station to be established under this Act; that a sum not less than five thousand dollars ($5,000) annually shall be expended in the continuation of the co-operative experiments in Middle Tennessee; and that a fund not ex- Students' exceeding five thousand dollars ($5,000) annually may be applied toward the payment of the traveling expenses of students of the University as now provided for in the General Education Bill.

SEC. 7. Be it further enacted, That the moneys realized from the sale of the bonds and tax levy provided for in this Act shall in no event be used for any other purpose than those herein provided.

SEC. 8. Be it further enacted, That on and after the receipt by the University of Tennessee of the first installment of the fund to be provided by the half mill tax levy provided for by this Act, said University of Tennessee shall relinquish in favor of the elementary schools of the State, all claim on the funds provided for said University under the General Education Act of 1909, and its amendments, and the same is hereby apportioned as provided in Section 8 of aforesaid Act of 1909 as follows: fivesevenths to the fund for equalizing elementary schools and two-seventh to the high school fund, provided, that no part of the fund provided for in this Act shall go to or be used by the Tennessee Polytechnic Institute of Cookeville.

SEC. 9. Be it further enacted, That this Act take

penses.