Untitled Texas Attorney General Opinion

OFFICE OF THE ATTORNEY GENERAL OF TEXAS AUSTIN Eononblo 8. C. llleon County Auditoa arsy oounty Peapa, Teur the lond and took note whloh re- rilage or pay- ar8 from date- - - fund or uneamod lnterert fraa May 3 to Awuat 1, whioh had been paid in ldvanoo. The noney ham bsm plaoed in the Coumtr Avaflablo 3ohool &d. “I luauno that,un6rr the tarma of the note above quotr(L, the NO? oan make payment et w tina aa& stop the aoorulag of lntenst Ron that date. Uill you a&ire IPI whrthar I'm rorreot in thlr assumption an3 whetherthere .ir any regu- Boaorablo R. 0. Wl18on, page 2 latlon whioh would prevent the return oi unearned lnterert uhloh ha8 boon doporfted la thr Oountr Available Sohool RumI." L oounty lr re8ted wlth the title to lada whloh hate bmm granted to It ror eluoationdl purporaae (Conat& tution, .etlole VII, seotion 6) It mtq reu or dispoao or thoa in wholo or in part, in the manner to b provided by the Oomdaslonera~ Oourt. (qonstltutlon, Article ?ll, Seo- tion 6r Art1018 2824, Vernon+8 Annotated Clrll Statutes) TZWAthe raot8 stated in pIr letter, we a8sun8 that tronty p ta rhaa rl e xplred iron an4 rlnoe the bata or the oontrrot involve&. Aooordlry to theterm or tho oontraot, the lnterert war payable annual.4 in ldva no e. Vhen the ln- tsreat wm p p ld inl&anoe, it ma aid in 8ompZdanor with the rontreot. On August 1 1940 tie mnkoc or the note above nantloned paid the l&e‘; for one year in cldrani~e. On May 3, 194l, the mekrr or aalA note paaid the entire prla- e&pal or the note. We 40 not think that thl8 would ohaqe or alter the prorl8$onr or the oontraot whloh provided that, the iIltCF86t w6‘ to be pal& uUmil)g in adtanoo. Themfox%, it 1s our oplnlon that there is uo'authorityluthorltiry the rerun4 or return or any portion or ‘:le lntcm8t to the party paying the mme when paid in oompl.&~r with the oontrtot. Your8rer$ truly Atim OEwtRALOf T&s Ardell .kllllam8 A“l‘tant