The state of West Virginia hereby renews its assent to the provisions and purposes of the act of Congress of July second, eighteen hundred and sixty-two, 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," and of all subsequent acts of Congress amending or supplementing said act, and accepts the grants authorized thereby. The funds derived from the sale of United States land warrants which were donated to this state for the purpose of endowing an agricultural college shall be invested by the board of the school fund in a loan or public stocks of the United States, or otherwise, as required by Congress, for the use and benefit of West Virginia University.