The Iowa transcript. (Toledo, Tama County, Iowa) 1858-1866, 1860-11-08

Tar as asapphcabfe to all cases where land
is purchased, or money borrowed from
the University Fund, and in case Of
delinquency as provided for in said
section, the Treasurer of the State
University shall make the report there
in required to the District Attorney of
the district where the party SO pur-
chasing or borrowing resides, or where
the real estate given as security for
said purchase or loan is situated.
SO. When, in the opinion Of the
Board Of Supervisors, it may be nec-
essary to have portion of the school
lands stated in this act within their
county surveyed, they may employ the
county Surveyor for the purpose, who
shall be paid out of the county treas
ury upon proof made Of the request
and performance of the service.
s 90. The permanent school fund
shall be loaned out, as hereinafter pro-
vided, as the same may come into the
hands Of the County Treasurer, but no
loan to any one person or company
shall exceed the sum Of FIVE hundred
dollars,nor shall any loan OF the school
fund be made to the Clerk of the Dis
trict Court, Treasurer. or to any mem
Der Of the Board Of Supervisors. Said
loans shall not be mad. for shorter
time than one year nor for more than
FIVE years.
s2l. The payment Of the money
thus borrowed. together with the inter
est thereon, at the rate OF ten per cent
per annum, shall be secured BY prom
!ssory notes executed by the party
borrowing together with two good
snreties, and by mortgage on unincum-
bered real estate, which, exclusive Of
any by 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.
s %. The value of real estate offer
cd as security for money loaned as
herein provided, shall be fixed by three
appraisers 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 consideration any buildings
that may be on the land said apprais-
ers shall be allowed for their services
the sum Of fifty cents each, to be paid
by the party borrowing, and party
borrowing shall pay for recording the
mortgage given to secure such loan.
S23: When any person or persons
desire to 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, it would be
to the interest of the School Fund to
grant such application, he shall ordei
the necessary papers to be made out
to secure the amount thus to be Dor
rowed as required by section 21 and
% Of this act. When the same arc
made out, they shall be presented
to the said Clerk of the District Court
who shall if he approve the same, en-
dorse thereon the word accepted. and
sign his name below the same, and the
Clerk shall examine the title to any
real estate offered as security, and
make and preserve and abstract ol
such titles, which shall be certified by
him and submitted to the Board, Of Su-
pervisors at their first meeting thereaf.
ter; 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 q
copy ofthe proniissory note, certifying
over his hand and official seal that it is
correct copy Of the same, which, to
gether with mortgage securing in
has been filed in his office, and npor
the parties presenting said certificate
to the Treasurer, said Treasurer shall
pay the amount specified in said cop,
Of note out Of the permanent School
Fund in his possession, and return the
said certified copy as his voucher
The said Clerk of the District Cour
shall file tire originalnote in his office
and also the mortgages after having il
recorded.
Sec. "a. At each meeting Of tn.
Board of Supervisors, the Clerk Of the
district Court shall make a full state
ment Of all money received for and loan
ed out Of the School Fund under hi.
control, and shall also submit for theil
examination all notes, mortgages, and
abstracts Of title connected with the
school fund which have come into hi.
possession since their last meeting
Said Board Of supervisors At the firs