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.
The University of Wyoming's Geology Building, circa 1986.
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