The Lamar register., 1916-10-11


counties. cities, town or city. and
city and counties OF the state OF
Colorado provided, however. that
before any moneys are 50 invested
in bonds OF counties cities, town
or city. and city and counties or
school districts the validity or
such bonds shall first be deter
mined by the attorney general of
the state, and the state board OF
land commissioners must he salts
fled that such bonds are In all re-
spects legal and a safe Investment
and lr IS further provided how
ever. that such bonds or warrants
shall be purchased at a price not
to exceed par value and the ac-
crued Interest thereon.
Section >. Investment by loans on
cultivated farm lands within the State
Of Colorado shall be made only 20 per
sons who are actual residents on such
land. and then only on lands OF which
the appraised value Is not less than
$500 per acre and In sums of not to
exceed - 10000 % any one person
one and uot more than five years and
shall be evidenced by promiss1ry notes
bearing six per cent $50 interest per
annum' payable annually until dur,
with Interest AZ the rate q eight PEI
cent l875J per anuum after maturity
on both principal and delinquent iu-
tsrest, said promiss0ry notes 20 be s--
cured by a deed of trust 70 the public
trustee of the county wherein the land
Is situated, iu favor ot the state of
Colorado, upon real estate as above de-
scrfhed of an appraised value OF at
least three times the amount Of the
Applications for loans on cultivated
farm lands shall De made direct 20 the
state board Of land commissioners upon
blank forms 20 be provided for that
purpose. and no loan shalI ever be
made unless the applicant has a good
title In fee simple 10 the lands offered
security for the loan Upon receipt
Of the application the state board of
land commissioners shall, unless they
disapprove the loan iu the first In
AZ BE- h.
Iy examined and appraised. and II. ia
their Judgment. the security Is ample
and the applicant in all respects comes
within the terms Of the provisions Of
this act. they may approve the loan.
provided, however that In the event
that the loan Is made on irrigated
lands. such requirements shall be made
by the board Of land commissioners as
shall secure to the state first lien upon
all water and water rights FOR the irri-
CATION Of said lands.
When the application is approved by
the state board Of land commissioners,
the register shall complete the contract
by taking promlssory note payable to
the State OF Colorado and secured by a
deed Of trust upon the land In manner
and form as above mentioned, and he
shall forthwith transmit the deed OF
trust to the county clerk and recorder
soon as the deed OF trust is returned
from the county clerk and recorder
with the usual certificate Of record, the
register shall transmit the note and
deed of trust and all other securities
in question to the state treasurer. who
shall thsrsupon pay to the applicant
the amount OF money named IN said
note. The state board OF land commits
sloners shall In each case require from
the applicant an abstract OF title TO
the land, certified to include the deed
Of trust. which said abstract shall also
be deposited with the state treasurer IN
connection with the note aud deed of
trust.
Failure to pay any or all taxes when
the same are due. or failure 70 pay the
n
anct with the terms OF the note, shall
render the principal due and payable.
anything IN the note or deed Of trust
to the contrary Notwithstanding
When a loan has been made and the
borrower desires TO renew the same for
one or not more than five years. n
may be done IN manner the loan s. ~
made in the first instance. but no new
abstract. except continuation OF the
same down 70 the time Or extension,
nor examination OF tItIs prior 10 the
original loan. nor new deed of trust
need be required, unless the deed %
trust Is 10 be given upon other lands
The time OF payment, without further
security. may be extended ia writing to
be recorded as the original security
was recorded. and before maturity og
the claim when the state board Of land
comm issio1grs shall so order. but such
extension OF time shall not operate to
release any security held, and lapse ~
time shall IN no case be a bar 10 any
action 10 recover any part OF the school
or other permanent fund so loaned. nor
shall II prevent the Introduction OF evil
deuce in such action. any provision OF
the law to the contrary notwlthstaud-
ing
All payments Of either principal or
interest upon loans. or Of any other
character, shall be made TO the regis
ter OF the state board OF land COM
miss!ouers, who shall forthwith trans
NIT the same TO the treasurer with a
certificate showing the amount and the
purpose for which the payment is made,
and the treasurer shall forthwith In
dorse upon the note In proper form the
% Va hon hs 4ga
Is fully paid, the treasurer shall cancel
the note and deliver the note. abstract
Of title and deed OF trust and ali other
securities to the register Of the state
board OF land commissioners. the reg
lister OF the said board shall execute
and deliver request for the release
Of such deed Of trust and return the
note, abstract and other securities to
the debtor and report the same to the
state board Of land commissioners al
its next meeting, which report shall be
carried into the 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
lhat purpose. accounts to be known as
Permanent Fund Accounts" in which
memorandum Of all notes MORTGAGES.
deeds OF trust. bonds. money and assets
Of every kind and description which
may come into his hands as such reg
lster and separate accounts OF princl-
pal and Interest must be kept
Nhen outstanding notes for money
OF any permanent fund loaned or in
tsFest thereon become due. the register
OF the state board OF land commission
ers shall. by mail. at once notify the
debtor to make payment thereof with
IN thlrty days. II such debfor shall