United States Statutes at Large/Volume 4/22nd Congress/1st Session/Chapter 248
Chap. CCXLVIII.—An Act granting certain city lots to the corporation of the Columbian College, for the purposes therein mentioned.
Grant of city lots to the value of $25,000.Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That there shall be, and hereby are, granted to the Columbian College, in the District of Columbia, lots in the city of Washington, to the amount, in value, of twenty-five thousand dollars; which said lots shall be selected and valued by the commissioner of the public buildings, when requested by the trustees of the said college; and when the said lots shall be so selected and valued, the same shall be vested in the said corporation, in fee simple; to be by them held and disposed of in the manner following, that is to say:Sale authorized, &c. the said corporation, by proper and lawful act or acts, under their corporate seal, shall sell and dispose of the said lots, as soon as reasonably practicable, for the best price or prices they can obtain; and shall vest the proceeds of the same in some public stock, or in stock of some incorporated bank.
Commissioner of public buildings to make return of the numbers, &c.Sec. 2. And be it further enacted, That, when the lots aforesaid shall be selected and valued as aforesaid, the said commissioner shall make return of the numbers and description thereof to the clerk of the circuit court of the county of Washington; to be by him recorded among the records of land titles in the said county.
Proceeds of sales to be used by trustees only as capital, to be vested, &c.Sec. 3. And be it further enacted, That the proceeds of the sales aforesaid, so to be vested, shall not be otherwise used by the said trustees than as a capital, to be by them for ever hereafter kept vested as aforesaid; and the dividends or interest therefrom accruing, shall, by them, be used and applied in aid of the other revenues of the said college, to the establishment and endowment of such professorships therein as now are, or hereafter shall be, established by the said trustees; and to no other purpose whatever.
Approved, July 14, 1832.