Eagle River review. [volume] (Eagle River, Wis.) 1890-1927, 1913-08-29
fplbllshed JnIy q. l9l9.

No. 5O7. Al Published Jny 20 1910
CHAPTER s47, LAWS OF 1913.
An ACT To repeal sections G97--8O 20 691-6o' IN,
elusive OF the statutes, relating 70 the issue o.
,,iu,v bonds for the reclamation Of c1toVer lanas
10 amend section 2jS and TO create seeuoh Ao,m
OF he statutes. relating to the Investment q tis
trust funds and providing for loans thereflom anu
from funds Of private origin and for the appoint
nent Of superintendent Of arm loans ana asslst,
ants and making an appropriation therefor, ana
The people Of the State Of wisconsin represented In
senate and Assembly. do enact as follows:
Section l. Sections 307-00 10 697-66 inclusive OF
tho etstitfs relating 10 the issue Of county bonds
Tor the reclamation Of cut-over lands are here0S
repealed. ...- .,,
10 read: Section 25S. l. The said commissioners on
the public lands shall in their discretion. invest the
moneys belonging 70 the school fund. the university
fund the agricultural college fund and the normal
school fund from time 20 time such moneys may
10 paid into the treasury, keeping separate the m
vegtmefds VI each fund In the following nameu
stocks and loans but In no her manner, to-W1t;
"a In the purchase Of the bonds Of this state
to he replaced by certificates Of Indebtedness as here
matter provided
to the school directors Of any town therein In which
the township system Of schools exists as hereinafter
provided for the purpose OF cree ing schoo Duuinss
or refundlng their Indebtedness. but for no other
purpose.
go In approved mortgages on agricultural lands
as provided in section 25Sm Of the statutes
"a In the bones OF the United States, Maine,
New HAMPSHIRE, Vermont. Massachusetts Rhode Is
land Connecticut New York. Ohio. Michigan, Illinois,
and Iowa ana in the bonds Of cities. villages towns
and counties Ct this state issued pursuant TO law
since the adoption Of the amendment to section or
icc II 81 the constitution Of this state; all such
bonds 70 be deposited with the state treasurer
~ In loans TO towns villages. cities. counties and
boards ~ C,nfat0n duly incorporated as SUCH OF any
cty within Lls state, as herena ter pr 7ided; and
every such own. VI age, city, county board OF
education. Is empowered 10 borrow Of said commits
sionrrs from said funds or either Of them such sum
mr. gn If fNF Iph mi
conditions as may be agreed upon between said
commissioners and the town. village city county or
board Of oducadon applying fer Loan subject. how
to the limitations. restrictions and conditions
hereinafter set forth.
2 The preference IN Investing the trust funds shall
he given 10 the loans provided In subdivisions ~
and 49,. Of subsection ! IN the order named
Section B. There is ADDED TO The statutes new
section to read: Section 25em. /. Loans made from
the trust funds on the security Of agriculture lands
shall he made in accordance with the following pro-
visions:
jaj The commissioners shall NON time to time
furnish each county clerk Of the state with sum
Client number Of blank applications for loans to meet
all reasonable requests in his county for such blank
epp catons. Each blank application shall contain
questions relative to the purpose for which the loan
is desired the residence Of the applicant the loan
his interest In the land offered as security the sur
yCyOr description the assessed and the market value
Of The land the nature Of the land and any other
matters which the commissioners deem relevant Any
person desiring a loan may make request for blank
application for a loan to the county clerk Of the
county In which the land which # is proposed to offer
as security Is located and the county clerk shall fur
sish such person with blank application and shah
advise him as 10 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
missionCrs OF public lands at Madison. In addition
to the application the applicant shall also file with the
county clerk abstract Of title to the land which
the applicant offers security. together with GER
tncate from the district attorney Of the county in
which the land is located 10 the effect that the said
district attorney has examined the abstract Of title
ana believes the title to be valid Upon receipt Of the
application for loan the abstract Of title and the
certificate of the district attorney 20 the validity OF
the title the county clerk shall Immediately trans
init the said documents by mail to the commissioners
OF public lanCs at their ONCE in Madison together
with statement By himself TO the assessed and
the market value OF the land offered as security and
81 to any msstatement he believes the applicant 10
have made In his application for loan. In addition
10 the statements made as above prescribed by the
county clerk ana the district attorney the commits
oncrs may request such further statements from these
or o.her county officers with respect 10 the value OF
the land ohered as security for loan and the truth
n the statements made BY the applicant in his appli-
cation as may reasonably be in their power as county
officers 10 make and all county officers shall connolly
Hth such requests, when made, without compensation
90 The commissioners shall meet twice monthly
Whenever one CT more applications for loans are
awaiting consideration, cfteHer In their discretion
10 consider applications and they shall consider and
dispose OF all applications in the order in which the
applications we're received. The commissioners NAV
irant app caions for loans for which sufficient Sc
amy rs provided Is 0uered, subject
approval OF The attorney general OF the title to the
and offered as security. The commissioners may grant
applications FOR the full amount asked or when they
'0nSCT the security offered % be lnadeauHte thev
may rcduce the amount OF the loan 10 q sim
or which they deem the security TO be ADEQUATE
tel The commissioners shall require as security
or every farm lean nrst mortgage on agricultural
and or A market value at least double the amount
it he loan exclusive OF the value OF buildings np5
ite In fee simple by the borrower
tdl No lean shan be granted TO any person WIN 4.
not an actual resident Of the state Of Wisconsin and
roma lde occupant OF the land offered security
tel no loan shall be granted upon any land OF
Which the market value is less than ten dollars per
~ No loan Of less than one hundred ~ r,o,. ,n.v
I've thousand dollars shap DC made to any ore nersnr
md no person shall be granted separate loans aggre
'atng mere than 1rc thousand dollars
IS AZ least one hundred thousand dollars NJ tbs
noucys available from the trust fund FOR loans shall
= set aside each year FOR loans Of not more than orn
ReuSand dollars and the balance OF the moneys avail
'h'e from the trust funds shan be loaned "a d.
ioars '"o"'Suu
i. On Loans shan be granted only for the purpose
y assisting The borrower to erect necessary dwelling
Huses ard ram buildings 10 build Slos and to clear
ms tSad % siumps. trees brush and fallen timber
.n IA, me s,r oOrvwr SHAH pay charge q FIVE per
Ion u one year from the date Of the loan ana sr,
ny thereafter 80 lon6 as the loan remains unpaid
vi loans shall be made for term OF twenty ve,rs
M shsll be reiayable at the option Of ths S,ySo,
whole or IN part on any interest date occurring moi
ess unan hve nor more than twenty years after tbe
ave OF INC loan ard when partial payments are made
he annual charge u FIVE per cent shsi ts made n1
non the unpaid balance Of the principal Of tbs lo
Z. Inc commissioners shall make payment 10 nov
overs of the sums loaned tc them in accoriance with
he following proyisions ''
tai BSery applicant for loan shall select hank
feesase deposits OF the money loaned to him by the
90 When the commissioners gran. n loan H.
ai deposit IN the bank selected b. the applicant foy
ne iosa sum u money eaSal 70 the amount of tbc
jan stahtea ann shall furnish the bank with the
ierteEge and other papers necessary TO The nrspfr
,eurine of the loan prepared ready for The slspat,,r
tpe applicant Tor the loan and the bank shan aerse
hold tue sum of money deposited until directed
Inc commissioners 10 pay it 20 he aIsplesnt for
le loan or 70 dispose OF IL in some other manner
ireeted ~ the commissioners: ana the hsuf shssl
lrthcr scrCe 10 record the mnrtrane napers i,b ~
roper register ~ deeds and "a return The nauers
the comntSSloners without charge 10 the ,,,uo.
fssienets or 70 the borrower. except tha. the bank
sy require the borrower TO pay the Zee charged IN
e register OF deeds for recording he morteaRe
tel Before authorizing the bank of Ser,osIt sst.,,
the applicant Tor loan % make paylaent Ia hi,n
the amount o. hts l0a0 the commissioners sbsu
usiy themselves that the imltovefncll for ths NAL
& or which the loan granted has bean a,r,r,
ishtd. livery applicant fer a lean ,rho b.s -.
cted the improvement for which Nc 80 ~
antcd, SHAH netify the county clerk az he no,nsv
Which the land On which the int,rovpn,ens 49,.
ected is located, and shah make payment - M
nnS clerk 81 rec equal to two per cert If tie
ionnt 81 loani and the county clerk shall transmit
Is fec 10 he commissioners at their cnicp il Nssise
n notice that TIE applicant Ger the loan rsnnr+s
AZ he has completed the Improvement gor The ,,at
3 OF which the loan was granted. The ror,,nis
ners, as soon as possible after he recelnt froTn
county cleFk o. the Zee and the notice ure-
security hy the applicant for the loan ~ he 49,.
the superintendent Of farm leans or Nv ore ~ ~