Ladysmith news-budget. [volume] (Ladysmith, Rusk County, Wis.) 1907-1927, 1913-08-22

Approved July 21, 1918. Copy Law.
NO. lot, Al published July "a, 1913.
cHAPTER 647, LAWS or 1919 .
AN ACT-To repeal sections $3.50 to
Iating to the issue Of county bonds
for the reclamation of cut-over
lands, to amend section 25S and TO
create section 258m of the statutes,
relating to the investment of the
trust funds and providing for loans
therefrom and from funds OF prl-
vate origin and for the appointment
of q superintendent of farm loans
and assistants, and making an ap-
preparation therefor, and providing
The people of the State of Wisconsin,
represented in Senate and Assembly,
do enact as follows:
SIS, inclusive, of the statutes, reiat-
ing to the issue of county bonds for
the reclamation OF cut-over lands, are
hereby repealed.
Section 2. Section 258 of the stat
utes is amended to read: Section 200.
l. The said commissioners OF the pup
lie lands shall, in their discretion, IN
vest the moneys belonging to the
school fund, the university fund, the
agricultural college fund and the nor
NAL school fund from time to time as
such moneys may be paid into the
treasury keeping separate the invest.
ments of each fund, in the following
other manner, tO-Wit:
CD In the purchase Of the bonds
of this state. to be replaced by certifi-
Gates of indebtedness as hereinafter
(2) In loans to school districts in
the state, or to the school directors or
any town therein in which the town
ship system of schools exists. as here
matter provided, for the purpose OF
erecting school buildings or refunding
their Indebtedness but for no other
purpose.
go In approved mortgages on agri-
cultural lands as provided in section
258m of the statutes.
States, Maine, New Hampshire, Yer
mont, Massachusetts, Rhode Island,
Connecticut New York, Ohio, Michi-
gan. ILLINOIS and Iowa. and in the
bonds of cities, villages, towns and
counties Of this state issued pursuant
to law since the adoption of the
amendment to section 3 of article XI
Of the constitution of this state; all
such bonds to be deposited with the
state treasurer.
(5) In loans to towns, villages,
cities, counties and boards of educa-
ton, duly incorporated as such, of any
CITY within this state, as hereinafter
provided; and every such town, Will
age. city county and board of educa-
ton, is empowered to borrow Of said
commissioners, from said funds or
either of them, such sum or sums Of
money, for such time and upon such
conditions as may be agreed upon be-
tween said commissioners and the
town. village, city, county or board of
education applying for loan, sub
5ect. however, to the limitations, re-
strictions and conditions hereinafter
set forth.
O. The preference in investing the
trust funds shall be given to the loans
provided for in subdivisions (2) and
CD of subsection | in the order named.
Section g. There is added to the
statutes a new section to read: Sec
ton assn. 1 Loans made from the
trust funds on the security of agricul
tural lands shall be made in accord
ance with the following provisions:
(a) The commissioners shall from
time to time furnish each county
clerk of the state with sufficient
number of blank applications for
loans to meet all reasonable requests
in his county for such blank applica-
tiods. Each blank application shall
contain questions relative to the pur
pose for which the loan is desired, the
residence of the applicant for the loan,
his interest in the land offered as Sc
curity. the surveyors description, the
assessed and the market value of the
land, the nature of the land and any
other matters which the commission
ers deem relevant. Any person desir
Ing a loan may make request for
blank application for a loan to the
county clerk Of the county in which
the land which it is proposed to offer
as security is located and the county
clerk shall furnish such person with
blank application and shall advise
him as to the proper manner of fling
the application. The. applicant for
loan shall take oath before the county
clerk to the truth of the statements
made in his application and shall file
the application with the county clerk
for transmission to the commission
ers Of public lands at Madison In ad-
dition to the application the applicant
shall also file with the county clerk an
abstract of title to the land which APP
plicant offers as security. together
with a certificate from the district at
torney> of the county in which the land
is located to the effect that the said
district attorney has examined the alb
stract of title and believes the title to
be valid. Upon receipt of the appIica-
ton for a loan, the abstract of title
and the certificate of the district at
torney to the validity of the title, the
county clerk shall Immediately trans
nit the said documents by mail to the
commissioners of public lands at their
office In Madison. together with
statement by himself as to the as
sessed and the market value of the
land offered as security and as TO any
misstatement he believes the applicant
to have made in his application for
loan. In addition to the statements
made as above prescribed by the coun-
ty clerk and the district attorney the
commissioners may request such fur
Their statements from these other
value of the land offered as security
for loan and the truth of the state
ments made by the applicant in his
application as may reasonably be in
their power as county officers to make
and all county officers snail comply
with such requests, when made, with
out compensation
(b) The commissioners shall meet
twice monthly whenever one or more
applications for loans are awaiting
consideration, or oftener in their dis
erection, to consider applications, and
they shall consider and dispose of all
applications in the order in which the
applications were received. The COM
missioners may grant applications for
loans for which sufficient security as
hereinafter provided is offered, subject
to the approval of the attorney general
of the title to the land offered as Sc
curity The commissioners may grant
applications for the full amount asked
or when the consider the security Of
fered to be inadequate, they may re-
6uce the amount of the loan to a. sum