The Glenwood post., 1916-10-28

Aouo SOhAihlso1OueiS dJ lLo HEAL Hcclluk>
which report shall be carried into tie
records of the board.
} The register of the state board of
land commissioners shall also keep in
his office, in books to be provided for
that purpose, accounts to he known as
"Permansnt 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 mall 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 receiver be appointed for
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 70 redemption
in the same manner and under like con.
dtions as are lands sold under deeds
of trust in the ordinary course Of
business
In the event that such lands shall bs
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
may apply by law to public school
lands; provided, however, that such
lands shall not constitute part of the
public school land but shall be treated
and considered as in manner hereinaf-
| 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 equaliza-
tion, 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
I for this purpose shall be charged solely
at the rate of six per cent t69o) per
annum upon the principal amount of
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
leries in behalf of the sta'e shall, at
the next meeting where the levy OF
taxes for state PURPOSES is male. in
clude in said levy tax upon al taxa
hle property within thn stat of suffi-
oicrt amount to reimbrr"c t." school
1 fund for the amount of said loan. prin-
when collected shall be, by the state
trraeurer, credited to the state school
fund.
/ All lands So sold under foreclosure
and conveyed to the state hv virtue of
such foreclosure by the public trustee
of the county where the lind is situ-
ated shall be carried upon separate
list properly designated by the state
of 1np
the same are sold by tn" state board
i of land commissioners, all moneys :e-
ceived for the purchase of su"h 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
sid 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 hoard Of land COM.
mssioners or the attorney general shall
have the right to withdraw from the
custody of the treasurer o. the State
of Colorado all papers, including. the
note, deed of trlst and abstract of
title belonging to sad loan, giving to
the treasurer a receipt tho, 1 r. ~
! All expenses OF apPrais,m ut and ex-
animation of the land, the examination
of title, the recording OF the deed of
trust, and any other expenses necessary
for making said loan, shall he paid by
the applicant, and the state board Of.
land commissioners may, tIpm, time,SJou
time, require of said Applicant, sich
deposit as may be necessary TO defr'ry.'
said expenses. 49,, -.
The state board of land coinmissi6a-
ers, may at its discretion, require Ithe
applicant, when, the Lean is made, to
carry appropriate insurance on the