The Guthrie daily leader. [volume] (Guthrie, Okla.) 1893-1996, 1907-02-02

by three dlsinterested appraisers who
nhall be non-residents uf the county
wherein the land is situated. 10 be
designated as the Legislature OF said
state shall prescribe. and the said ap
praisers shah make a true appraise
mcnt of said lands al the actual cash
yaue thereof exclusive OF improve
mcnis. and shah separately appraise
all permanent improvements thereon
at their fair and reasonable valGe. and
In case the leaseholder does not be
ame the prrchaser the purchaser at
said sale shall under such rules and
regulations as the Legislature may pre-
scribe. pay to or for the lease.holder
the appraised value OF said improve
msnis. and TO the state the amount bid
for the said lands. exclusive of the
appraised valve OF improvements; and
N said sale no bid for any tract at
less than the appraisement inereof
shall he accepted: and provided, fur
ther. that In the sale and transfer of
any of the public lands of the state
the title 10 any minerals sufficiently
extensive or valuable for commercial
purposes contained or deposited with
IN or under said lands shall not pass
! by any such sale and transfer but
shall be reserved in the state with the
/ right to the use OF SO much of the sur
face as may he necessary 10 develop
and remove such minerals. by making
irst compensation to the owner of the
surface for the use thereof
Section 10. The permanent com
mon school and other educatinal funds
shall be invested only in first mort.
cages upon good and improved farm
lends within the state under such
/ restrictions and upon such conditions
as the legislature shall provide In
no ease shall more than fifty per cent
of the reasonable valuation of the land
without the Improvements be loaned
on any tract, and the rate OF interest
/ shall not be less than five per cent
or more than six per cent and shall
be payable semi-annlally on the first
/ Mondays of Janvary and July When
ever there is to exceed ten thousand
dollars of the permanent school fund
or other permanent educational fund
in the hands of the state treasurer,
the same shall be apportioned bv the
state superintendent of public nstruc-
| llbh nhiuhE tut OIEdhiItu counties OF
the state in proportion to their tax.
able valuation OF improved lands and
the sum apportioned to each county
shall be Immediately paid to the coun-
" treasurer of such county, and the
sci oral counties shall hold and man
age tho same as trast funds and they
tshall be and remain responsible and
accountable for tho principal. and each
| county shall semiannuall account for
and pay TO the state the interest upon
all such moneys received by them
| from the date of receipt until return
ed. whether loaned or not, and in case
Of loss of any money so received by
any county. either principal or inter
est such county shall reimburse said
fund out of its cognty revenue provid-
el. that wherever there are money of
said fand in any cocnty amounting TO
one thousand dollars that have re-
NAMED unloaned for a period Of one
year, said sum may be retnrned to the
state treas Ter to be re-apportloned to
some other county or counties where
there is a demand for said sums. The
legislature shall provide by law for the
safe guarding OF the investment OF
these funds for the prompt collection
OF interest and income thereof, and
for carrying out the objects and in
tents and provisions of this article.