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