The Daily Ardmoreite. [volume] (Ardmore, Okla.) 1893-current, 1908-01-31

EH'"fG G -1t' 10 CONFER q" III. O"""SS't't'S fi f.t
Land office, consisting of the Co5cynot Sccr--
fa,y Of State, State .4ndifoy Superintendent Of
Publ. Instruction, and the President Of the Boari
Of agriculture authority to manage, loan and IN
sesf, aud regulate the b,,esfucnf and Deposit T
the Permanent School Funds
BE IT ENACTED By THE PEOPLE or THE
STATE or OKLAHOMA:
SECTION /. That the Commissioners Of the Land
Office. consisting Of the Governor the Secretary of
State State Auditor Superintendent OF Public Instruc-
ton, and the President Of the Board OF Agriculture
be- and they hereby authorized and empowered to
manage loan invest and deposit, the permanent School
Fund donated to the State OF Oklahoma BY the Con-
gress Of the United States, arising from the sale
Of lands and from other sources.
SECTION , All OF the permanent school funds
shall be invested in first mortgages upon good and
improved farm lands within the State, and in
shall more than fifty per cent OF the reasonable value
Of the lands without Improvements, be loaned Upon
any tract) The interest on said farm loans shall not
exceed five per cent per annum. Oklahoma State
bonds county bonds OF the counties OF this State
school district bonds Of the school districts OF the State
funds preference shall be given such securities IN
the order named
SECTION 3. Until such time said funds may
he safely and adyanageousy invested in the secur-
ties mentioned in the preceding Section, said Commits
sioners OF the Land Office shall be, and they
hereby authorized and empowered to deposit said
in such banks trust companies they may
select, but shall in every take as security for
such deposits the following classes OF securities and
others: Bonds OF the State OF Oklahoma, bonds OF
the counties school districts cities and towns OF
this State, State and County warrants and approved
State, county and municipal bonds OF other States,
bonds OF the United States, first mortgages real
estate, warrants other legal evidence OF ndebt-
edness authorized by law to be issued by municipal
ities payment OF paving sewer. works electric
lights other public indebtedness and for which
special is authorized be levied and collected for
the payment thereof and surety company bonds, and
additional security any deposit which said Board
may make the said Commissioners OF the Land Oh
flee shall have the authority accept surety compa-
nies trust companies sureties but in each
said Board of Land Commissioners shall accurately
investigate the value OF securities Offered for such de
posits. PrO5ldcd, hOSlctcr, such surety company
trust company shall neither be in any manner inter
ested directly indirectly in any bank or trust COM
pany for which it becomes additional surety; nor shall
any surety, bonding trust company be accepted as
ADDITIONAL surety tldt mas more la Onc-tOurtn OF
its paid capital invested in bank stock The said Board
OF Land Commissioners may whenever they deem it
advisable require additional securities after deposit
is made as they deem necessary to the safety
OF the deposit.
SECTION T. The Commissioners Of the Land OF
flee may appoint such assistants and incur such ex-
penses as necessary in the management and hand
ling OF such property and funds and shall pay such
expenses out OF the income Of the school funds
SECTION $ The Commissioners OF the Land OF
flee shall report to this Legislature before final adj
journment the condition and management OF such
funds, and thereafter to each Legislature.
SECTION g. All laws and parts of laws in
conflict with this Act are hereby repealed.
SECTION 7. An emergency exists for the preser-
walton OF public safety by whereof this Act
shall take effect from and after its passage and APP
proval.
(Signed) VIM. II. MURRAY,
Speaker OF the House OF Representatives
GEO. w. BELLAMY,