Indiana State sentinel. (Indianapolis, Ind.) 1861-1865, 1861-03-27

ter all oaths and take Acknowledgements required by
SEC. IS. Mortgages taken for such loans shall be
considered Of record from the date thereof and shall
have priority or a mortgages or conveyances not pre-
vOusly recorded, and all other liens previously
CURED in the county where the land lies.
SEC 80. The Auditor shall cause such mortgages TO
be recorded immediately retaining the cost OF record
ing OUT OF the money borrowed.
SEC 60 On failure TO pay any installment Of inter
est when the becomes due, the principal shall
forthwith become due and payable and the note and
mortgage may be- proceeded on and collected.
SEC. 81. The mortgage may be in substance fol-
lows: and the Auditor shall specify therein whether
the belongs to the Common School Fund the
Congressional Township Fund; and if the latter
particular township whose funds are thus loaned.
PORN Or THE MORTGAGE.
SIC. 81. ], 4. b., of the County Of -. in the
State of Indiana Tor the Of there describe the fund
out of which the loan was made) mortgage all there
with interest at the rate OF per per aunum;
payable annually in advance, according the
Of the note hereto annexed.
SEC. 90. The note accompanying the same may be in
substance follows, to-wt l. A. B., promise to pay
the State OF Indiana for the there rece the par
ticular fund.- on or before -, the sum Of - dol
lars, with interest thereon the Of per cent
per annum in advance, commencing the - day
OF -, IS, and do agree that in case Of failure to
pay an nstamcnt OF interest when the shall be-
come due the principal shall become due and pay
able, together with all arrears OF interest and on
two per cent. damages shall be collected with costs
and the premises mOrtgaged may be forthwith sold
by the County Auditor for the payment of such prin
cipal sum, interest damages and costs.
SIC. 81. On making loan of any fund the Auditor
shall draw his warrant in favor Of the borrower upon
the County Treasurer, who shall charge the proper
yund.
SEC. %. All leans refunded, all interest shall be
paid to the County Treasurer and his receipt shall be
hled with the County Auditor who shall give the payer
quietus therefor and make proper entries.
SEC. 96 Whenever the amount due on any mortgage
gha ba mid and
the Auditor shall indorse on the note and mortgage
that the has been fully satisfied and the
same TO the person entitled thereto and ON the pro-
auction OF the same thus ndorsed the cOrder shall
enter satisfaction upon the record.
SEC ~. When the interest principal of any such
loan shall become due and remain unpaid the Auditor
shall proceed 10 collect the same by suit on the note
10y sale of the mOrtgaged premises, in the manner
prescribed in the nineteth section Of This act he may
also, by suit, The possession of the mortgaged
premises before sale thereof and he SHALL the fourth
Monday in January annually, offer for sale all
gagged lands ON which payments OF principal interest
due and unpaid
SEC So. In all cases where the mortgaged premises
shall fail to sell Tor sufficient satisfy the prin-
cipa and interest of the loan made aud the costs ac-
cTucd by of such failure the County Auditor
shall bring suit the executed by the gagOr,
and whenever judgment shall be rendered thereon no
apprasenen OF property shall be allowed execution
issued on such Judgment.
SEC. % Before sale of mortgaged premises, the
Auditor shall advertise the in some newspaper
printed in the county where the land lies if any there
be, otherwise in paper il the State thereto
three weeks successfully and also by notice the
Court house door, and in three public places in the
township where the land lies.
SEC. 100 At such sale, which shall be held at the
door, the Auditor shall sell SO much of the
morigaged premises the highest bidder, for cash. as
Will pay the amount due for PRINCIPAL interest, dan
ages and costs.
lOl. In case of no bid for the amount due the
Auditor shall bid in the same of the fund,
and thereafter may be- shall sell The same,
having first caused il TO be appraised by three dsin-
erested reeholders of the neighborhOod credit
being payable annually in advance. but no such sale
shall be for less sum han the appraised value thereof
SEC l02 Lands heretofore bought in, account O
the fund which have been appraised, shall he sold in
like manner.
SIC. l03 Upon full payment being made for such
lands, the deeds therefor shall be executed by the
County Auditor, and shall be in record of
the Board Of County Commissioners before delivery
SEC. lOi At The public sale The Court house door,
provided for in this act the County Treasurer shall
also attend and make OF such Sales which
shall be signed 10y the auditor and treasurer, and
being recorded in the auditors Office. shall filed in
the treasurers Office and such record copy thereof
authenticated by the auditors treasurcrs certificate,
shall be received evidence of the therein
contained
SEC. lO5 When any land is bid on 10y the Auditor
at such sale, deed need be made therefor 10 the State
but the statement of such sale and the record thereof
shall vest the title in the State tor the the
fund.
SEC JOG. Forms and modes of book KEEPING shall.
from time to time, be prescribed for the county au-
dtors and treasuiers by the State Superintendent Of
Public Instruction.
shall annually report in writing to the Board of
County Commissioners of their respective counties
the March session of said Board relative school
fund held IN trust by said counties, distinguishing in
said reports between the Congressional township and
Common School Funds, indicating the thereof
the additions them within the current year then end
ing, the from wheEce such additions are de-
rived the conditions of them TO their safety giving
the amount thereof safely invested, unsaiey inv esed
and uninvescd at the date of said report, giving
the amount of interest collected upon said funds with
in the year then ending, and the amount then due and
unpaid.
SEC los. The Board of County Commissioners shall
annually, at their said March sessions, in presence Of
the auditor aud treasurer examine said report the
and proceedings of said officers in relation to
shall compare with said reports, the cash. the notes,
mortgages, records and books of said offices, with
view ascertain the condition of said funds their
payment of the annual interest thereon the
becomes due and make up to said funds losses which
have accrued may accrue.
SIC. l09. The County Commissioners said session
shall make out for their respective Counties report
in writing of the result of such examination showing
First, The amount of said funds at the close of last
year.
Second, The number acres unsold Congressional
township school lands and the approximate value
thereof
Third, The amount added from fines and forfeitures
Fourth, The amount added by the Commissioners of
the Sinking Fund.
Fyth, The amount added from all other sources
Sirth, The total amount of the funds.
Serehth, The amount refunded within the year.
Eighth, The amount re-loaned within the year.
Ninth, The amount safely invested.
Tenth, The amount nnsafely invested
E1ereHfh, The amount uninvested at date of report.
Tregth Amount of fund lost since 1872
Thirteenth, Amount of interest collected within the
year.
Fourteenth, Amount Of interest delinquent
Aud in said report the Commissioners shall distin-
gush between the Congressional township fund and the
common school fund.- and in their of the inter
est or revenues derived from said fund they shall OBJ
serve the same distinction.
SEE. Such report shall he entered on the records
Of sail fharaa Ir fha
bers Of The Board, the auditor and treasurer shall be
transmitted 10 the Auditor of State and the State SUI
perintcn of Public Instruction.
SEC Ill. County Auditors shall receive for their
vices IN managing the School Funds, the per
damages accrung ON all sales for the pay Of
loans and four per all disbursements of inter-
est; and the county shall per cent
on all disbursements of interest, and per
the amnnt of school tax disbursed aud the Of
said per cent. disbursements thus ascertaned shall
lie paid in the same manner, and of the
enue other services of said officers paid.
SIC. H. The following ices only shall he charged in
case Of mortgage for loans:
TO each appraiser cts
FOR recording morigage........ cts
For drawing mortgage cts
For making borrowers affidavit ..........iO cts
For clerk and recorders certificate and examin-
ing title each. % cts
Which shall be paid by the borrower.
DESTRUCTION OF TIE SCHOOL REVENUE.
SEC. ll3. There shall be two allorionmenis Of the
school revenue for tGtiE made IN each year by the
State Superintendent Of Public Instruction the
day of October, unless the said day of the mont should
be sunday and if SO, then the day following.
SET. ia. To enable the Superintendent 10 make said
appointments and ascertain the amount If said
collected and ready tor that purpose the auditors
OF the several counties of the counties Of the shall
promptly after making the settlements with the county
treasures OF their respective counties, in March, for
he amount coll sccd list; and in October for the
amount Of delinquent tax collected, make report
said super nendeut, OF the precise Of school
revenue fur tuition collected in their respective
ties, and ready for apportiOnment and distribution,
which report shall be verified by the oath afrma
tion of the auditor endorsed thereon.
SEC. ll5 ll5l The first IF said reports IN each year
shall not he delayed later than the Sd Monday in April
aud the second not later Than the tenth day Of OctO
ber said reports shall show First The amount of school
collected since the last report, whether upon the
current years tax list. delinquent Second, The
amount of interest collected and previously report
ed upon loans of Common School Funds, any in-
which is due payable to said fund.- arising
from the sale of seminary property otherwise.
Third, The amount derived from liquor licenses and
unclaimed fees not previously reported Fourth, The
total amount of school revenue thus collected and
ready for apportiunment. Fyih, The income derived
from the Congressional township school fund.- includ.
the interest loans of said fund.- and deferred
payments for school lands which have been sold and
the and profits derived from the leasing or rent
ing of any such lands otherwise Syf, The amount