(a) The State of Arkansas signifies and declares her assent to the grant of land and land scrip as authorized and contained in the Act of Congress entitled, "An act donating public lands to the several states and territories, which may provide colleges for the benefit of agriculture and the mechanic arts", approved July 2, 1862, and altogether on the terms and conditions provided in the act, and also to the Act of Congress entitled, "An act to amend the fifth section of an act entitled, 'An act donating public lands to the several states and territories, which may provide colleges for the benefit of agriculture and the mechanic arts', approved July 2, 1862, so as to extend the time, within which the provisions of said act shall be accepted, and such colleges established", approved July 23, 1866.
(b) The State of Arkansas shall observe and perform the conditions contained and provided in the enactment, that is to say:
(1) The State of Arkansas will replace any portion of the fund provided by section four (4) of the act, or any portion of the interest thereon, which shall by any action or contingency be diminished or lost, so that the capital fund shall remain forever undiminished, and will apply the annual interest thereon regularly, without diminution, to the purposes mentioned in the fourth section 7 U.S.C. § 304, subject only to the exception contained in section five (5) of the Act of Congress approved July 23, 1866;
(2) The State of Arkansas, further assenting, agrees that no portion of the fund, nor the interest thereon, shall be applied directly or indirectly, under any pretense whatever, to the purchase, erection, preservation, or repair of any buildings;
(3) The State of Arkansas further agrees to provide at least one (1) college, as described in section four (4) of the Act of Congress approved July 2, 1862, and in accordance with the act amendatory of that act; and also to pay the United States the amount received of any lands previously sold to which the title of purchasers was valid;
(4) The State of Arkansas further agrees that an annual report shall be made regarding the progress of each college in accordance with paragraph four (4) of section five (5) of the Act of Congress.
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