Bismarck weekly tribune. [volume] (Bismarck, Dakota [N.D.]) 1884-1943, 1893-03-10

now is or hereafter may be required by
law for the sale of school lands. In no
case shall the lands so offered be sold for
less han the appraised value. The terms
of sale shall be One-third cash and balance
in two equal installmcnts to run not more
unpaid installments of purchase money
shall bear interest at the rate Of 6 per centum
per annum, payable annually in advances;
Provided, .hO,ccrcr, That in no instance
shall the time of maturity of the deferred
payments be fixed beyond the date of the
maturity Of said bonds; Upon the sale Of
such lands the State shall give the pur-
chaser an assignable certificate of pur-
chase, but in no instance shall the State
issue q patent to such purchaser or his
assigns until the full purchase price has
been paid. The land so contracted to be
sold shall be taxable from and after the
issuance of the certificate of sale, and in
contracted to be sold for any one year
shall remain due and unpaid until the date
fixed by law for the sale of such land for
such delinquent taxes, such default shall
work a forfeiture. of all rights and inter-
ests of the purchaser or his assigns in and
to such lands, and any sale of such land
for such taxes shall in no manner or form
affect the rights of the State in such lands.
SEC. ii. All moneys received from the
sale of said lands shall be paid into the
State Treasury and placed to the credit of
the Capitol Building Fund, and the money
so received or so much thereof as may be
required shall be used to pay the interest
the same become due and the principal of
said bonds when the same shall mature
and to reimburse the State for any money
advanced to pay interest on such bonds.
SEC. IL. 1t shall be the duty of the said
Board of Capitol Commissioners to request
and direct the sale of a sufficient amount
OF said lands to realize the amount of
said bonds as soon as the said lands can be
sold for not less than the appraised value.
and it shall also be the duty of the said
board at such time as it shall Judge best
for the interests of the State, but not later
than twenty years from the date of the ap-
sale of sufficient of said land to realize the
amount of money needed to pay the prin-
cipal of said bonds at the date of the ma
turity thereof.
SEC. Is. When any of the lands herein.
before mentioned have been twice offered
for sale and no bid therefor equal to the
appraised value shall have been received,
it shall be the duty of the State Board Of
School and University Lands to cause such
land to be again appraised.
SEC: IA. Whenever there shall be in the
State Treasury funds arising from the sale
Of lands as herein provided, in excess of
five thousand dollars which will not, in the
Judgment of the State Treasurer be needed
to pay interest or principal of said bonds
for the term Of five years or more, it shall
be the duty of the State Board Of Univer-
sity and School Lands to invest such
money as by law provided for the invest
ment of money belonging to the perma-
nent school fund, but in such manner that
the same shall be available to liQuidate the
interest or principal upon said bonds when
required.
SIC. Is. Said commissioners shall make
q full end complete report to the next Leg
lslative Assembly of all their doings under
the provisions of this act.
Approved February "a, 1898.