The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1890-03-08

subdivisions of sections, according
to the United States surveys
and laws relating to the sale of public
iandsA stating the value per acre of each
and every such lot, at fair cash valua-
alton, without reference to the improve
ments thereon; they shall, also, return a
particular description of all improvements
made by any claimants upon each lot, if
any, with full and fair estimate of the
value of such improvements, with the
name OF the person claiming the same; pro-
vlded, That no university land shall be ap-
praised at a sum less than three dollars per
acre. Sec. lS-Any person having settled
upon or improved university lands, shall
nave the option to purchase the same at
the last previous appraisement price; or to
lease the same on the terms offered by the
chancellor and regents, whenever such
bonds shall be offered for sale or lease, but
II such person refuse or neglect to pur-
chase such lands at the appraised value, as
aforesaid, then the same shall be sold at
public sale to the highest bidder; or if he
refuse or neglect to lease as aforesaid, then
such land with its improvements may be
leased to any other person on such terms,
not more favorable than We're offered to
the person claiming the improvements, as
the chancellor and regents may deem
best. Sec. 19-An university lands
not sold as provided in the last
previous section, shall from time to
time, at the discretion of the chancellor
and regents, after the same shall have been
duly appraised and returned, be offered for
sale at public auction, after notice given in
accordance with instructions prescribed by
the board of regents, and no such lands,
except as provided in the last preceding
section, shall be subject to private sale I'M
til they shall have been first offered for
sale at auction, but no bonds shall be sold
at public auction for less sum than the
last previous appraised value Sec. 90
After lands have been offered for sale at
public auction and remain unsold, the chan
cellor and regents may, from time to time,
sell the same at private sale, at not less
than the last appraised value thereof. Sec.
2l-At the sale of lands, either at public or
private sale, at least 10 per cent of the
purchase price must be paid by the pur-
chaser, and the remainder of the price may
be paid on such terms and at such rate
OF interest as the chancellor and re-
gents may deem best, but the
interest must be paid annually in
advance and no deed of conveyance can be
issued until the amount of purchase price
and the interest thereon is paid in full.
Section 22-Whenever the purchaser of
any lands shall have paid for the same in
full, the chancellor and regents shall exc
cute to the purchaser good and sufficient
deed Of conveyance, which must be signed
by the chancellor and secretary and sealed
with the corporate seal of the university.
Section 23-The chancellor and regents are
hereby given full power and authority to
make all other needful rules and regula-
lions for the disposition and control of the
the lands granted to the university
by this act, and they are also
hereby given full power and authority
to do and transact any and all things
necessary to carry into effect the provis-
ions of this act. Sec. 24-The proceeds OF
such sale as the sale continues, shall be de-
posted with the treasurer of the uniyer-
sity, who shall keep separate account of the
same. Sec. 25-The regents of the univer-
sity of Utah are further empowered and
required to invest the proceeds of such
sales of university lands in safe securities
for the benefit of the university Sec. 90
All moneys derived from the sale of uni
versity lands shall constitute fund for the
future uses of the university Such funG
shall remain a perpetual endowment fund
both as to principal and compound Interest
accrued during the period of ten years from
date of acquisition Of such moneys. AnC
thereafter only the interest thereof may be
expended for the uses of the university
Sec. GA minute and careful account Of
this trust shall form part of the treasur
er's annual report to the regents and of the
chancellor's biennial report to the Legisla
tive Assembly.