Untitled Texas Attorney General Opinion ( 1942 )

2
OFF&E OF THE ATTORNEY GENERAL OF TEXAS
AUSTIN
Bonorabl4 F. ii. Law, ;'reeident
Board of Dit4otor6
Agrio~turel and ~echadiOo1 Coll4ge oi #4x46
cOlh&B 3thtiOA, %X.AS
tl86 ot Oh4 A&-
Ion and other
6 Btatss Govern-
o$ au thu rork prOgre6666, 4.6a
bran %'mtIereb to the Baax'd of Di-
t i'or legzd senioes in thr
04aMJag6, and ror the approval
or the entfrs iSSU6 or boa66 in ttlr 4mOunt or
pe5o.CC.
‘hssWn5 that tku Board ot Mreotors will
aoaalt2.ud4 that ths ritatawat Zor 14gcll 641mio46
i6 r4464nable it Wok&d 1ik4 t4 be 4ldV16eb, it
pOSSibl4, by the time Of it8 narf m44tiog On
Wr4h 14, whsthsr the B06rd 16 prohibit& frm
making payment of th4 bill bsoau64 ot ths pro-
V161066 Of S44ti46 lo Oi E. B. as8, AOt6 &t th4
R-r S46@46 Of tbo 49th LO&IZltorO,~UBd4r
whloh Aot ths bond6 have born. lmtu.4.
*Httrstofor8, undu the pmvi6io~s oi the same
Aot th8 Board of Dir4otQr6 aUthOti?ied MOth4r
Issue of.bonds in the amount of'#1;,220,000.00 for
the purpose of prorldiiq fan48 to build four
'donnitorls~, to eonatriaot additional equipment
iOr the oentral powar anb.staam plant OS the
College, amI to rsfund ~lB0.000.00 of bon&
~rl````rlfnlQ4OioraFiOlp6~ DOnal-
. That166UO& bO5&6 W46,4p
proved by the Attorney Uenoral OIL the 15th bay
Of July lWl, U5dU AttOrPlg 04Zkti'S Oplni011
. Be. d, Book Ho. 8. That -6P4 of bands m
mold and d4llmr4d to 4 6yndi46t.4 of imustmnt
bankera. At tha tiaethabl8mlou~0iivucla
th4 Board of Ulm4ton nualmd 4 at&a.& rOr:
la@ 64r?lo*6, iaOlU&lng pmpratloB of pr4444a-
i6&6 and.approml or tllo i66ll4 la the aanlnt or
$&WO.tXt. The Ward rOU5d thrrttba bill -6
r446OMbl4 aad paid it.
*Thu qutwtio5 oociirontiag tha Board at thlm
&MI is uhethu by paybg for th4 6enioss in
OOBB4OtiO5 inth thr ~1,8%0,0~.00 iScSU4 in th0
amount of ~3300.00, it h6r 4xh4o6tad it6 aWx4r-
ity UEder the Aat to p6y for b@!%l 66niO66 66
to bond6 thiW46fter 166U4d Uad4r th4 hot, md
partioularly for senlo4s nbi4h bars bsrn r~det-
~d4i~wrrfarewe, to the $ZW,t%bOO bond bSU4.
*5*atlo5 1. The B0ud 0s Dlncrtars or the
AgriOtitwlrtl and YIeUhaaieal COllOg4 Oi~Fmai
16 authorized to 0066trU6t Or~aOQUlXW, and
total cost, type or oo56traotlon, ohpihty, anb
jiiane an4 epeolflcatlon6 thsreror hats been ap
prorod by suoh kfmd of Dimators. * * *
“Ssotion 3. For the m&IO60 or aonstl?uotlng
or aoqulrlng, ertsndl~ or laproving and squlp-
ping any one or more of said building6, said
Board or Directors is authorized to 166114, 8011,
-6 d8liVW it6 negotiable r.YWlIle bOAd6, frCmn
tlma to tim4 end in rtuth amounts or amount a6 it
sup 0056166r neocrsmaryi * + *
*aeotion 8. !ch4 hard 16 MthOriZed t0 OOn-
atmot; 4quip and Isa64 an or2108 building to
be uawl bp the irratltutlon dlrwtly or with
consent of maid Board,by any -my oi the
uJdt@d Stat06 &?4ZY3m5t t0 hOU64 44tttitdU Of
the D6p6rtsleBt 0r&r10ultum
0r ths ullit4d
Stat46 Or aOtiriti46 Of th4 United 8tlhtO6 OOY-
ummeat in oonneotion with th4 Zt4tlona.lIMSon6e.
Pro&ram, ~rovlded thnt tha t&d oo6t of 046.
6tlWOti~ OX 80&~ aad 4qlI&pii@ 6814 build-
% 6kd.l BOt OXOUd ThrU -d ThOU6Md ~labX’6
($3oo,ooo). + * *
*s4otloB 10. BO breksrags fee, Or dOPtL\I68lOJi,
Or atformy’8 rMS in OX0466 Of %%IWIty-five Hundred
D0ll6~s (#&,SOO), shall br paid out or ~the fU+S of
the A k. rd con464 or lbxas, or out or the fund6 to
be Qariv4d frou the bond6 or other evldon406 of ob-
lf$tbtiOA authorized heel.&"
Aftsr oarcrful rea Of 8. B. 838 (~O~t~64VWlth]
L4glalattu4, Regular Seaslon
"f"3 wa have oomludob that said Mf
olsarly contsmpltkt4e 64r4r41.laeu46 or beads for on6 or more
Eomx'4blo F. Ye Law, page #+
j~U'~06a6 sod that Said bond6 nray bo iSSUed from tilt64to tSm4
over atty numbir or psar6.
T~OM:OX'O, it it3 the O&dliOA Or thi6 department that
the llmitatlQ5 ap dctf$~inf$``tJtiOIl 10 Or eald Aot 4pP1146 fo
'4eoh isou6 a0 it E" We think thet it lDurt of
nooesslty ap?lf to aaoh lndlri&ml issue rather than to the
aggrogeto amount.or bond8 rrhloh may be ultimately euthorltsa. ,
A6 stated above;there 1s A0 limltatlon in said Aot on the
tote1 6motmt, number or dlrr4ront 166ues or period or tlm4
wlthln which such authority may bs exeroilred. X0 know that
aortain lsgal fees are neoansary in the preperatlon or pro-
oeodlng6 for th4.io6uano4 of bonds and it uould be pMotIOal-
ly impossible to guogs the fee that shotfld be ahargod on the
rlrst leeue when there 16 no m6p or detsrminlng how many isews
.msy be ~eodod in the futux-4 or at what time thoy m6y be ineued.
‘Ph.full So4 CO&i be exhaUSted in the first 166yO and not-
*ould MuI``LI to Pag th0 f406 whloh rOUld iJOOO66Prily Ori64 irr
oonneotion with th4 166U6666 of subuoquent bonds. Any other
ooiutruofionof said Act would probably have the affoot ef
rendorinfgthe Aot umvorlcablo.
It isa th0r6*0rcr, the opFrrl06 0s tbi6 a4pdimont tb6t
th4 Board of uirootors of the Agrioulturaland Xoohaaioal Cal-
loge of %X46 hair the aUthOrlty on&or H. B. jge to pytho
#l&O.00 foe for 14g41 6onfooe ru5dorod in oonneotionrlth
#O i6654504 Or $?iw,wo d$ AAk or$k4 wildiBg &n&8, prO-
~%a06 or oourm that thb Board or oirootan imWlUd4 that uld
foe i6 r466OIIiibl4.
'i%USt& t&t tF6 m ;TptW QlMJSti46~0 UP0
.
V-Y hu4 ml=
APPROVXD ?uR 19, 1948 ATTORXFX -Ai OF !titXM
/s/
ATTORNZ?-
COB-6
APE’R~ OPIXIOX C&%X BY B.W.F., Ohairman