The Glenwood post., 1916-10-07

u The registe- of the state board of
land commissioners shall also keep in
MS office, in books to be provided for
that purpose, accounts to be known as
''Perman|.nt Fund Accounts,'' in.
which memorandum of all notes.,
mortgages, deeds of trust, bonds, money
and assets of every kind and descrip
tion which may come into his hands as
such register and separate accounts of
principal and interest must be kept.
When outstanding notes for money
of any permanent fund loaned or inter
est thereon become due, the register Of
the state board of land commissioners
shall. by mail, at once notify the debt
or to make payment thereof within
thirty days, if such debtor shall neg
lect to comply with such notice, the
register of the state board OF land com
missioners shall report the same to the
attorney general, who shall Immediate
ly bring action by foreclosure or such
other procedure as may be necessary
and appropriate to recover the same,
and an injunction may issue without
bond and a receiver be appointed fo-
cause, when so prayed.
Foreclosure of lands under deeds Of
trust given to the state in accordance
with the foregoing provisions. shall be
upon the same terms and conditions,
except as herein otherwise provided,
as are prescribed by law for the fore
closure of ordinary deeds OF trust to-
the public trustee and the state board
of land commissioners or any officer Or
representative of that board or the at
torney general or any representative of
the attorney general, shall have the
right to bid in, in behalf Of the state,
said lands at such foreclosure sale, and
the same shall be subject to redemption
in the same manner and under like con
ditions as are lands sold under deeds
of trust in the ordinary course OF
business.
In the event that such lands shall be
bid in in behalf of the state as afore-
mentioned are not redeemed, deeds
shall be executed by the public trustee
to the State Of Colorado and such land
shall thereafter be under the control
and direction of the state board OF
land commissioners, subject to all terms
and conditions which now or hereafter
nav 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 as in manner herelnaf-
ter mentioned.
As soon as the deed from the pubic
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 equalizer
ton, or such other officer, board or
bureau as may hereafter have authority
to make levies in behalf of the state,
giving the amount due upon said loan
to the school fund, except that interest,"
for this purpose shall be charged solely
at the rate of six per cent (6%o) per
anrum upon the PRINCIPAL amount "f
said note. together with all taxes due
on said land as hereinafter provided,
and the state board of equalization or
such other officer, board or bureau as
may hereafter have authority to make
levies in behalf of the state, sail, at
the next meeting where the levy OF
taxes for state purposes is made. IN
clude in said levy tax upon al' taxa
hle property within thn stat of suffi-
ciant amount to reimb"re the 'chool
fund for the amount of said loan. prln--
cipal interest and costs and such tax,
when collected. shall be. hv the state
trea surer, credited to the state school,
fund.
All lands so sold under foreclosure
and conveyed to the state bv virtue of
such foreclosure by the public trustee
of the county where the land is situ-
ated, shall be carried upon separate
list properly designated by the state
board of land commissioners and when
the same are sold by the state boar1
Of land commissioners, all moneys re-
| e. hos Df snoh 1anT
shall be paid by the register of the
state board of land commissioners to-
!. tho treasurer of the State of Colorado.
and credited to the general fund of
said state even though the amount of
sad purchase price is in excess of or
less than the amount Of the original
loan. together with the interest thereon
In the event that foreclosure becomes
necessary, the state board OF land com
missoners or the attorney general shalk
have the right to withdraw from the
custody of the treasurer OF the state
of Colorado all papers, including the
note. deed of trust and abstract of
title belonging to said loan, giving to
the treasurer a receipt thei.i'r.
III expenses OF apprl.s,m hi and ex-
animation of tne land, the examination
of title, the recording OF the deed Of
trust, and any otner expenses necessary
for making said loan, shall be paid by
the applicant, and the sta. board of
land commissioners may, tlom time to
time, require of said applicant, such
deposit as may be nee -ssary to detraS
said expenses.
The state board of land commission
ers, may at its discretion, require the
applicant, wnen the loan is made, TO
carry appropriate Insurance on the
buildings on the premises covered by
the deed of trust in favor of the State
of Colorado, such insurance policy to