Arizona republican., 1915-06-13
The House Land Bill, Its Form At This Date

 appropriations, etc. for the purpose of securing water rights and other rights for state lands. It is provided, | however that the cost of such in vestigations shall not exceed the amount available from the State Land Classification Fund and no ap- ! propriation is made for the purpose. | The funds in the State Land Classifi- | cation Fund are limited to the fees paid by the purchasers of state lands and such provision being l per cent Of the purchase price of all lands sold payable in installments of 20 per cent annually.
 school lands by the state or any de- partment thereof, remain substantial ly the same as they. are in the pres ent law on the subject
 The permanent funds created by the bill are the same as by the origi- nal house bill and the final revision of the original senate bill with the folloying exceptions. The original house bill provided that the proceeds of lands granted for the payment of county bonds should be used only in paying the principal and interest ac- crued since statehood. The substitute bin follows the final revision of the senate bill. in providing for the pay ment of principal! and all interest ac- crued either before or since statehood. The bill retains the State Land Ad- ministration Fund and provides that the same shall consist of fees charged and collected by the commissioner All uneXpended receipts remaining at the close of any fiscal year in e,,- cess of $20,000 are to be transferred to the general fund of the state An appropriation of S20,000 is made to initiate the fund. the idea being that this appropriation will be returned from the fees paid at the close of the year, or at the close of succeed ing years, should the receipts of the first var not be sufficient. The State Land Classification and Appraisement Fund. provided in the original house bill is retained. put the funds to be placed therein are limited to 1 per cent of the purchase price of all lands sold to be paid hy the purchaser in five annual installments The re suit of this is. that the state is given the power to make necessary investi eations of state lands and water therefor. but the amount available foI such purposes is limited so as to carefully be guarded against eXces- sive or unwise expenditure
 The provisions Tn regard to the in- vcstmcnt of funds are changed so that investments are limited to bones of the United States. bonds of the state of Arizona, or the counties. municipalities or school districts thereof. or first mortgages on farm lands in the state of Arizona. None of the funds shall be loaned at lower rate of interest than per cent per annum and no loans on farm lands shall be made at a lower rate than ; per cent Der annum. Loans on first mortgages on farm lands small not exceed in amount one-half of th, actual value of the land, GOV cred bv the mortgage, which values are to be determined by appraisal of the commissioner. The provisions regarding investments of funds iI stocks or bonds in irrigation com pauies have been eliminated.
 On the whole the bill seems to carry out the idea that the state lands should be disposed of to pri- vate Individuals as speedily as the best interest of the state will permit. Tut that at the same time. sufficient authority should be given the state officials to prevent the unwise dispo- sition of the lands or the products thereof