Cedar Falls gazette. [volume] (Cedar Falls, Iowa) 1860-1895, 1866-08-10
LAWS OF IOWA.
PHbiished by .iutlto,ity.l
CHAPTER Il.


Relating to Sale and Lease of Lands be-
longing to State Agricultural college,.
AN ACT authorizing and regulating
the sale and lease of lands belonging
to the Iowa State Agricultural Col
lege.
SECTION l. Be II enacted By the Gen
erdt Issenf6ty OF TIE STATE of lara, That
the Trustees of the Iowa State Agricul-
tural College and Farm are hereby all-
thorized to sell or lease all Of the lands
granted to the State Of iowa, by the Act
of Congress entitled, "An Act donating
public lands to the several States and
Territories which may provide Colleges
for the benefit of Agriculture and Me-
chanc Arts,o approved July Cd, 1862,
which grant was accepted by the Cen
eral As&embly of the State of Iowa,
September 18th, 1852, upon the follow
ing conditions, regulations and rcstric-
tons, to-wit: None of said lands shall
be sold for Il less sum than fifty per cent
above the price that each piece of said
lands respectively was appraised at by
the Trustees of the Agricultural College
and Farm in the year 1865, but may be
sold by the purchaser paying one-fourth
ut the time of sale, and the balance at
any time within ten years from the day
ofsale, the purchaser to pay eight per
cent. interest per annum, annually in
advance, on the deferred payment
And failure to pay the interest or the
principal within sixty days after it be-
comes due, the purchaser shall forfeit
all claim to said land, rs we'll as that
portion of principal and interest he had
paid to the Agricultural College.
sec. = That any of said lands may
DC leaseu In amounts not to exceed 100
acres TO any one man, for any term not
exceeding ten years, the lessee TO nav
elght per cent. per annum in advance
upon the price of said land, which is
hereby declared to be fifty per cent. ad-
uitionai to the price at which each piece
OF SAID lands respectively, Were apprais-
ed by the Trustees of the Iowa State
Agricultural College and Farm, in the
year 1860, and the said lessee shall have
the privilege of purchasing said land at
or before the expiration of the lease, at
the above described advance price
The lessee failing to pay the interest on
SAD lease within sixty days from the
time the same becomes due, shall forfeit
ms lease, together with the amount of
the interest he has payed, and the inn
SEC. 3. The money arising from the
sale OF said lands, shall be paid into
the State Treasury, which shall be IN
vested by the State Treasurer, in bonds
OF the State of Iowa, or United States
registered bonds, as directed by the
ACT or congress, granting said lands
AND the moneys arising from the inter-
est on the leases of said lands, shall bc
paid over to the Trustees of the Iowa
State Agricultural College and Farm.
to be loaned by said Board of Trustees
on good and sufficient security, until
needed to defray the expenses of the
College.
SEC. L., The Trustees of the Iowa
State Agricultural College and Farm,
are hereby endowed with all necessary
authority to appoint agents, or do any
ether acts to carry out the provisions OF
this Act as well rs the provisions of
chapter one hundred and seventeen, of
the Acts of the Tenth General Assem-
bly,; and all parts or provisions of Chap
ter one hundred and seventeen, of the
Acts OF the Tenth General Assembly,
conflicting with this Act, are hereby re-
pealed. --- r..
SEC. 5. This Act being deemed of
immediate Importance by the General
Assembly, shall take effect from and
after its publication in the Iowa State
Rcgister and the Iowa North West,
published at Fort Dodge, Iowa.
Approved March 29th, 1866.
; l hereby certify that the foregoing
Act was published i'm the Iowa State
Register April LIST, 1906, and in the
Iowa North West April til, 1866.
~ JAMES WRIGHT,
Secretary ofState.