The weekly Ottumwa courier. [volume] (Ottumwa, Iowa) 1857-1872, 1872-05-09
CHAPTER s6.

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 Sth,
1862
General Assemble bff I'll It TIE sfafss offoMs. sls
That it shall be the duty of the Audi
tor of State to designate and employ
some competent person or persons to
visit the several counties of the State
whose school fund accounts remain un-
adjusted, and effect complete settle
ment of said accounts, under the direc-
tions and instructions of said Auditor
Of State, and shall ascertain and deter
mine the true amount of the perma-
nent school fund in said counties, and
shall make two final settlement sheets
showing the same, one OF which shall
be fled in the Office of the county Au-
ditor, and one in the Office of the Au-
ditor of State. Said settlement to be
approved by the county Auditor on
the part OF the county, and by the
Auditor OF State on behalf Of the
SEC. >. For the purpose of defiay-
ing the expenses which may be neces-
sarily incurred in effecting the settle
ments provided for in the foregoing
section of this act there is hereby ap-
propriated from the State Treasury the
sum of two Thousand dollars, or so
much thereof as may be necessary, to
be expended under the directioA of the
Auditor of State, who shall take
vouchers of each item Of expenditure.
and make report Of the same to the
General Assembly in his biennial re-
port.
Sec. 3. On and after the first day
of January, A. ID. 1874, the Boards OF
Supervisors of the several counties
shall have sole control and manage
ment of all loans or mortgages then
held, or thereafter made, and shall,
when necessary have them foreclosed
at the expense of the county and any
loses sustained or gaips rAalized upon
| foreclosures and re-sales Of mortgaged
property, shall be made good by, or in.
ure to the benefit of the county. as the
case may be. Provided, however, that
upon foreclosure of contracts, when
the land is bid in by the comfy, the
Auditor of State, as soon as notified
by the county Auditor that the fore.
closure has been effected, and the lands
bid in, shall give the county credit fol
the original amount Of the notes re.
manning unpaid and on being mott.
fled by the county Auditor that a re-
sale has been effected, he shall charge
the county with the full amount of re-
sale; but when the land is purchased
by third party on the foreclosure, fol
less amount than due on the contract
notes, the loss shall be sustained by ths
county. County Auditors shall repor
annually OH the first day Of Jannar,
the amounts Of all sales and rc-sales O
the 10th section, 100000 acre gran, ,ant
escheated estates made the year pre-
vious: and the Auditor of State sI,al
charge up the same to said counties ant
also charge Interest on the same from
! the date Of said sales or re-sales al ths
rate of eight per cent. per annum.
SEC. 4. On and after the first day .
january, A. ID. 1874. the Audito
Of State shall charge up to each count,
having permanent school fund unde
: its control, interest on the who'll
: amount in said county atthe rate 0
eight per cent. per annum semi-annu
: ally, on the first day of January ant
: July OF. each year, which amount s.
: charged shall become due and payabl
!. on the first days of january and Jul
of the year following, and be embraces
in the semi-annual apportionment 9
{ interest collected for the year 1873, an
. each year thereafter, and shall 3
+ deemed the whole amount due ifor
! each county on account Of interest at
! crued subsequent to the ilrst OF Janua
- ry, 1874. Any surplus of interest CO.
o lected, over the eight per cent. charge
s. to the counties, shall be paid into "a
SO county treasury for the benefit OF tn
!, county. Ifany county should iali :
~ collect the full amount Of interest Gu
'r the State, the deficiency shall be af
Il. vanced from the county treasury an
l. Y amy county becomes DELINQUENT
the payment offhc full amount OF II
terest due the State, the Ariitor
State shall charge to, and collet from
" such county penalty ofone Ter cen
ID per month on thc amount dcinquei
I'M until paid.
MI SIC. 3. lection . OF chapter lS,ac
~ of the TentA General Assembly herr
lby repealed and hereafter, whnev,