The Lamar register., 1916-10-18


hereafter may apply by law to public
school lands; provided, however. that
such lands shall not constitute a part
of the public school land. but shall be
treated and considered in manner
hereinafter mentioned.
As soon as the deed from the public
trustee shall issue to the state, the
same shall be placed on record in the
proper county and the state board of
land commissioners shall certify the
facts to the state board Of equaliza-
ton. or such other officer. board or
bureau as may hereafter have author
ity to make levies in behalf OF the
state. giving the amount due upon said
loan to the school fund. except that in
terest for this purpose shall be charged
per annum upon the principal amount
of said note. together with all taxes
due ON said land as hereinafter pro
vided, and the state board of equaliEa-
tion or such other officer. board or bu-
reau as may hereafter have authority
to make levies in behalf of the state,
shall at the next meeting where the
levy of taxes for state purposes IL
made. include in said levy a tax upon
of sufficient amount to reimburse the
school fund for the amount of said
loan. principal. interest and costs, and
such tax, when collected. shall be, by
the state treasurer, credited to the
state school fund.
All lands sold under foreclosure
and conveyed to the state by virtue
of such foreclosure by the public trus-
tee of the county where the land is silt
uated. shall be carried upon separate
list properly designated by the state
board OF land commissioners and when
the same are sold by the state board
of land commissioners, all moneys re
ceived for the purchase OF such land.
shall be paid by the register Of the
state board of land commissioners to
the treasurer of the State Of Colorado,
and credited to the general fund OF
said state. even though the amount or
said purchase price Is in excess of or
less than the amount OF the orlgi-
loan INTEREST
thereon.
In the event that foreclosure be-
comes necessary, the state board OF
land commissioners or tho attorney
general shall have the right to with
draw from the custody of the treasurer
of the State of Colorado all papers. in
GLIDING the note, deed Of trust and alb
stract Of title belonging to said loan,
giving to the treasurer receipt there
for.
All expenses of appraIsement and ex-
animation Of the land, the examination
of title, the recording Of the deed OF
trust, and any other expenses neces-
sary for making said loan, shall be
paid by the applicant. and the state
board OF land commissioners may, from
time 70 time, require Of said applicant
such deposit as may be necessary to
defrsy said expenses.
The state board OF land commission
ers. may at its discretion require the
carry appropriate insurance on the
buildings on the premises covered by
Of colorado. such insurance policy to
be placed In the custody OF the treas
uTer OF the state with the note, nb-
strRct and deed OF trust. and the fail
ure OF the applicant TO pay premiums
upon said policy Of insurance when the
same become due. shall be sufficient
cause for declaring the principal OF
said loan due and payable
In the event that any property upon
which the state OF Colorado holds
deed OF trust or loan made In the
manner aforementioned. shall. after the
execution OF such deed OF trust. be In
cluded in any irrigation district. drain
age district any other district
wherein a levy is made for local pub
lie improvements, the lien thereby ere
ated shall be subject to and subordi-
nate to the lien OF the deed Of trust IN
favor Of the state, which shall be In
no wise defeated by the lien of such
irrigation district, drainage district or
local public Improvement.
Neither shall any such land be sub
ject to taxes which accrue for any pur-
pose after a public trustees deed
thereto shall have been executed In be-
half Of the State OF Colorado as herein
that in the event that there are taxes
other than those arising out OF or In
connection with any irrigation district,
drainage district, or local Improvement
district Of any Kind or nature, which It
is necessary TO pay IN order TO pre-
serve the lien OF the deed OF trust IL
favor OF the state. the state board OF
land commissioners shall certify that
fact to the state treasurer. giving the
amount OF EuCn taxes ana the state
treasurer shall remit sucn amount 10
the treasurer Of the proper county. tax
ing his receipt therefor Such payment
to be made from the school fund and
charged as part Of the loan against
the debtor.
Applications for loans upon improved
farm lands shall as soon as practical
bic after the same have been received
by the state board Of land commits
-foners be posted I'm some conspicuous
place open to public inspection in the
office OF the state board Of land com
rnissioners. and such notice shall give
the name Of the applicant, the amount
OF money applied for, the description
Of the property offered as security and
the time for which the loan is desired.
and all such applications shall be con-
sidered by the board in the order IN
which they are received.
The state board OF land commission
ers shall make all rules and regula-
tons necessary for the effcctual per
Torrance of the terms OF this act, not
Inconsistent Herewith. and shall have
the right. at any reasonable time. TO
require from the state treasurer a
statement Of the total amount Of mon
ey In the public school fund, the
amount invested and the manner In
which IL Is invested. together with the
time for which it is Invested, the rate
OF interest which II bears. and also
the amount in said fund uninvested,
Section 3. That sections 5lss- 5ltg,
5000 SOL. SOP. sos. 5204. b205, sos
52O7 and 52Os Of the revised statutes
of 1908 OF the State Of Colorado are
hereby repealed. and all acts and parts
OF acts In conflict herewith are hereby
repealed.