OFFICE OF THE ATTORNEY GENERAL OF TEXAS
AUSTIN
Eonornble Caorge E. Sheppard
CO~iptrOller Of TubliC AOOOUntS,
Austin, Texas
bear Yr. Sheppard2
'Your letter of F
tained the loss
e Tabesoo Inde-
xes rixponsibie
nent Sohool. &md
Legislature shall not have power to
to pwohssors thereof. The Con@-
ve'st the proceeds of such Bales,
heretofore made, as i3ay be direoted by
the Board of Education herein provided for, in the,
bonds of the United States, the State of Texas ,' or
counties in said %ste, or In suoh other seourities,
and linder such restriotions aa may be prescribed by
law; and the State shall be responsible for all in-
vestmnts. *
,
.
uonorable George ?I. Sheppard, p>:Se 2
%e am not advised as to the, so&e of the money
that was invested iu the Tebesoo Indopendent School bonds.
The constitution81 prov!sion abova ouoted makes the State
responsible for the 5nvestinont of all funds obtained from
tho salo of the publio free school land. If tha funds that
wore invested in se5d bonds oaze from suoh source, then the
State Is reaponslble for said investment.
In no tkmt, however, could this loss be charged
against the general revenue of the State vilthout an appro-
priation speoifioally mode by the Legislature for such pur-
pose, and you would not be outhorizad to take money from
the General :?evenue Fund snd cover this loss of the yer-
nanent School Pund w5thout speclflc approprletlon end ’
authorization to do so Srom the Le&laturs.
In vieu of the fact that this fund oenuot be re-
plentished except by the direct end positiive approprlatlon
by the Legislature, it may not be~ncoessory to determine
its orlglnal souroe.
George i?. Barous
Assistant