Buchanan County bulletin. [volume] (Independence, Iowa) 1869-1891, 1872-05-17
CHAPTER Sc.

AN ACT making counties responsible
for the collection and payment Of
school fund interest, and to amend an
act for the better protection Of the
school fund, approved, April 8th,
1862.
SECTION !. Be it enacted by the Gen
eral Assembly of the State of Iowa, THAT
it shall be the duty Of the Auditor Of
State to designate and employ some COM
petcnt person or persons to visit the sew
eral counties of the State whose school
fund accounts remain unadjusted, and ef.
feet complete settlement Of said ac-
counts, under the directions and instruc-
tions of said Auditor of State, and shall
ascertain and determine the true amount
of the permanent school fund in said
counties, and shall make two final settle
ment 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 Audit
or of State on behalf of the State.
Sec ?. For the purpose of defraying
the expenses which may be necessarily
incurred in effecting the settlements pro-
vided for in the foregoing section Of this
act, there is hereby appropriated from
the State treasury the sum of two thou
sand dollars, or so much thereof us may
be necessary, to be extended under the
direction of the Auditor of State, who
shall take vouchers for each item of ex-
penditurc, and make report of the
Al =
biennial report.
SEC. 8. On and after the first day Of
January, A. D. 1874, 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 foreclosed at the expense of the
county; and any losses sustained or gains
realized upon foreclosures and re sales of
mortgaged property, shall be made good
by, or inure to the benefit Of the county,
as the case may be. Provided, however,
that upon a foreclosure of contracts,
when the land is bid in by the county,
the Auditor of State, as soon as notified
by the county auditor that the forecl0-
sure has been effected, and bid in, shall
give the county credit for the original
| amount Of the notes remaining unpaid;-
and Oh being notified by the county au-
ditor that a resale has been effected, he
shall charge the county with the full
amount of resale; but when the land is
purchased by third party on the FORE
closure, for less amount than due on
the contract notes, the loss shall be sus.
| 90, ,><,l 1Nxyk !,
shall report annually on the LIST day OF Jan.
amounts ofall sales and rc-sales of the
10th section, 500,0 acre grant, and es.
cheated estates made the year previous;
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 tho rate
of per cent. per annum.
SEC. 4. On and after the first day OF
January. A. d. 1874, the Auditor of State
shall charge up to each county having
permanent school fund under its control,
interest on the whole amount in said
county at the rate of eight per cent. per
annum semi-annually, on the first day OF
January and July of each year, which
amount so charged shall become due and
payable on the first days of January and
July of the year following, and be em-
, braced in the semi-annual apportionment
Of interest collected for the year 1875,
and each year thereafter, and shall bc
deemed the whole amount due from each
county OH account Of interest accrued
subsequent to the first day Of January,
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
deficiency shall be advanced from the
county treasury, and If any county be.
comes delinquent in the payment or the
full amount Of interest due the State, thu
Auditor Of State shall charge to. and col
lect from. such county penalty Of one
per cent per month on tho amount de
linqucnt until paid.
: SEC 8. Section Of chapter 118, acta
Of the Tenth General Assembly, il hcro
by repealed; and hereafter, whenever
, there are funds belonging to the perna
, nent school fund in any comfy amount
ing to one thousand dollars that
! be loaned according to law, the &
! auditor may certify the hct TO the ~
: or OF State, who shall order : trans
: said funds to soma other county or CO.
: ties, wherc In his opinlon & ean 3
h loaned readily Upon snCk trano1i =
ins made tht Apdlkqr ol eto1n e m m