1928:

In 1928 Attorney General Claude Pollard issued an opinion stating that the U. T. Board of Regents could issue bonds against the annual income from the PUF (the AUF).

1929:

On October 24, 1929 the stock market crashed and ushered in the Great Depression.

1931:

On April 8, 1931 legislation was passed which provided in addition to other amendments, that the interest and dividends of the PUF would be divided 2/3 (U. T.) 1/3 (Texas A&M). PUF income was allowed to be spent on building construction and equipment purchases.