The Tipton advertiser. [volume] (Tipton, Cedar Co., Iowa) 1856-1962, 1860-07-05

est thereon, at the rate of ten per cent
per annun,, shall be secured by promis
sorry notes executed by the party Dor.
rowing together with two good sureties,
and by mortgage on unincumbered real
estate, which, exclusive Of any buildings,
is appraised by the appraisers hereinafter
provided for, at double the value of the
amount of money loaned; which real
estate must be situated in the county
where such loan is made.
22. The value of real estate offered
as security for money loaned as herein
provided, shall be fixed by three apprais-
ers under oath, who shall be selected by
the Clerk of the District Court. and in
making the valuation provided for, the
appraisers shall not take into considera-
tiou any buildings that may be on the
land said appraisers shall be allowed for
their services the sum of fifty cents each,
to be paid by the party Borrowing, and
party borrowing shall puy for recording
the mortgage given tc secure such loan.
5 70. Whea any person or persons
desire tc borrow from the permanent
School Fund, he or they shall apply to
the Clerk Of the District Court of the
county. and if in the opinion of the said
Clerk of the District Court, it would be
to the interest of the School Fund to
grant such application, he shall order
the necessary papers to be made out to
secure the amount thus to be borrowed
as required by sections Il and % Of this
act. When the same are made out, they
shall be presented to tho said Clerk of
the District Court, who shall if he
approve the same, endorse thereon the
word accepted, and sign his name below
the same, and the Clerk shall examine
the title to any real estate offered as Sc
curity, and make and preserve an ab-
stract Of such titles, which shall be GER
tilted by him and submitted to the Board
of Supervisors at their first meeting
thereafter; the Clerk may charge fee
not to exceed two dollars for his services
in making said abstract of title, to be
paid by the party borrowing. He shall
then give to the party borrowing copy
of the prommissory note, certifying over
bis hand and official seal that it is cor
rect copy of the same, which, together
with mortgage securing it has been
filed in his office, and upon the parties
presenting said certificate to the Treas
nrcr, said Treasurer shall pay the amount
specified in said copy of note out of the
permanent School Fund in his posses
sion, and retain the said certified copy
as his voucher. The said Clerk of the
District Court shall file the original note
in his office, and also the mortgage after
having it recorded
"A. At each meeting OF the Board
of Supervisors, the Clerk Of the District
Court shall make full statement of all
money received for and loaned out of the
School Fund under his control, and shall
also submit for their examination all
notes, mortgages, and abstracts of title
connected with the school fund which
have come into his possession since their
last meeting. Said Board of Supervisors
at the first meeting after such report and
papers are submitted to them, shall either
approve or disapprove of each and every
lean made by said Clerk of the District
Court. Should they disapprove of any
loan or security thus reported, they may
require the party borrowing to give ad-
ditional security within thirty days; and
in case of failure so to do, the entire
amount both of principal and interest ow-
ing to the school fund shall be deemed
to have become due, and the District
Attorney shall be directed Immediately
to collect the same; and in such case
should it be found impossible to collect
the entire amount due, and the security
prove insufficient, then the Clerk of the
District Court and his bondsmen shall
be liable for the deficiency. The pro-
vision herein contained with regard to
principal and interest becoming due on
the failure to give additional security
when required, for money borrowed from
the school fund, is hereby declared to
be part of every contract made under
and by virtue of this act whether cx-
pressed in such contract or not
S25 When any person desires to
pay either principal or interest due the
School fund, he shall obtain certificate
from the Clerk of the District Court spec
flying the amount due from such person
to the school fund, stating whether it is
principal or interest, or both, and setting
forth distinctly the amount of each. -
Upon the presentation of which certifi-
cate to the County Treasurer. and not
until then, the Treasurer shall receive
the amount so specified from the person
presenting the certificate, and shall en-
dorse on said certificate the date, and
his name, and upon the return to the
clerk Of the District Court of such GER
tificate, so endorsed, the party returning
it shall have receipt from said clerk for
the amount so paid.
5 26. On the first Monday of Janua.
ry A. d. 1861, the County Judge shall
transfer all accounts, books, notes and
mortgages, which have come into his
hands as the officer having charge of .the e
School fund, to the clerk of the District
Court, and shall make out and deliver to
said clerk, to be by him presented to the
Board Of Supervisors, at their first meet.
ing, full and complete settlement sheet,
in which shall be specified each loan
made from the school fund in his coun.
ty, the amount of each loan, when made,
to whom due, when due, the amount
OF interest due, and remaining un-
paid, with the name of the party
SO delinauent, the amount of schoc,
iunds IN the hands of the Treas
urer-also full and accurate list Of all
DOCKS, papers, bonds. mor,oaros .rd