Tama County Republican. (Toledo, Tama County, Iowa) 1867-1872, 1872-05-09

ifthey had been made within the limit pro-
yided by the act to which this act is amend
atory.
Approved April 10, 1872.
| CHAPTER Sc.
| AN ACT making counties responsible for
the collection and payment OF school fund
interest. and to amend an act for the bet
| ter protection of the school fund, approx.
ed, April Sth, 49,
| SEcTroN l. Be it enacted by the General
I Assembly of the State Of Iowa, That 1t shall
| be the duty of the Auditor of State to des.
| ignate and employ some competent person
| or persons to visit the several counties Of
! the State whose school fund accounts re-
main unadjusted. and effect complete set
| ,lement of said accounts, under the direc-
| tons and instructions of said Auditor of
/ State. and shall ascertain and determine
the true amount of the permanent school
fund in said counties, ana shall make two
final settlement sheets showing the same,
one of which shall be filed in the office of
! the county Auditor. and one in the Office Of
, the Auditor of State. Said settlements to
be approved by the county Auditor on the
part of the county. and by the Auditor Of
| State on the behalf OF the State.
| SEC. 2. For the purpose OF defrayiug
| the expenses which may be necessarily in
| Cured in affecting the settlements provided
| for in the foregoing section Of this act,
| there is hereby appropriated from the State
| Treasury the sum of two thousand dollars,
or so niue thereof as may be necessary, to
be expended under the direction of the Au-
| diior OF State, who shall take vouchers for
| each item of expenditure, and make re-
| port of the same to the General Assembly
in his biennial report.
SEC. 3. On and after the first day of
January, A. D. 1879, the boards of super>
visors Of the several counties shall have
sole control and management of all loans
| on mortgages then held, or thereafter made,
and shall, when necessary, have them fore
| closed at The expense of the county; and
any losses sustained or gains realized upon
foreclosures and re sales Of mortgaged
properly. shall be made good by, or inure
10 the benefit of the county, as the case
may be. Propded, however, that upon a
foreclosure of contracts, whel the land is
bid in by the county, the Au itor Of state,
as soon as notified by the county auditor
| that the foreclosure has been effected, and
| the lands bid in, snail give the county cred
! it for the original amount of the notes re-
naming unpaid and on being noti6e | by
| the county ardtor that q re- sale has been
effected, he shall charge the county with
the full amount Of re sale; but when the
land is purchased by a third party on the
| foreclosure, for less amount than due on
| the contract notes, the loss shall be sus-
| tianed by the county. County auditors
! shall report annually on the first day of
| January the amounts Of all sales and re-
| sales of the 10Th section, 50O, 600 acre grant,
! and escheated estates made the year previ-
| Gus and the Auditor of State shall charge
| up the same to said counties and also charge
interest on the same from the date Of said
| sales or re. sales. at the rate of eight per
| cent, per annum.
SEC. 4. On and after the first day ef
! January, A. d. 1874 the Auditor of State
shall charge up to each county having per-
| manent school fund Under its control, inter-
| est on the whole amount in said county at
the rate of eight per cent, per annum semi
annually, OH the first day Of January and
July of each year, which amount so charged
| shall become due and payable on the first
da.s of January and July Of the year fol-
lowing, and be embraced in the semi-annu-
al app,riionment Of interest collected for
/ the year 1873, and each year thereafter,
and shall be deemed the whole amount due
! from each county on account Of interest nc.
crued subsequent TO the first day of Janua-
ry, 1874. Any surplus of interest-collected,
over the eight per cent, charged to the
counties, shall be paid into the county
treasury for the benefit of the county. If
any county should fail to collect the full
amount Of interest due the State, the de-
ficiency shall be advanced from tho county
treasury, and if any county becomes delin-
quent in the payment of the full amount of
interest due the State, the Auditor OF State
shall charge to, and collect; from, such
county penalty Of one per cent. per month
on the amount delinquent. until paid.
SEC. 5. Section 2 of chapter lis, acts of
the Tenth General Assembly is hereby re-
pealel and hereafter, whenever there are
funds belonging to the permanent school
| fund IN any county amounting to one tlous-
and dollars that casnot be loaned according
10 law, The county auditor may certify the
| fact to the Auditor Of State, who shall order
a transfer Of sald furds to some other
county or counties, where in his opinion it
eau be loaned readily. Upon such trans
fer being made, the Auditor Of Sta shall
give The county making the transfer credit
| for The amount transferred, and sha l
| charge the county or counties to which the
transfer is made with the amount transfer
re and shall afterwards charge interest
on the actual amount in possession of each
county.
Sec. g. The county auditors shall con-
tinue to report to the Auditor of State semi
annually as new required by law, the
amount of interest co!ecte 1 and which ac-
crned pre- ions TO the first day of January,
A. u. 1874, until the amount of interest
due up 10 that date has heen lecled. The
aided TO the semi-annual apportonment of
interest heretofore provided for. The coun-
ty auditor shall also embrace in said re-
ports III the year 1873 and thereafter, the
amount of interest collected, and which ac>
crued subs quent to It'd first day Of Janla-
ry, 1874, in n separate item.
| sEc. z. Nothing in this &C. shall be so
construed as in any way 10 change the rules
now prescribed by law for regulating the
! looming Of the schoo. fund, or the rate Of
ialefe4t ehltef4 th3eor.
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