The Glenwood post., 1916-10-14

land commissioners at its next meeting.
which report shall be carried into tao
records Of the board.
, The register of the state board of
land commits. toner's shall also keep in
his office, in books to be provided for
that purpose, accounts to be known Is,
"Permanent 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 az
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 nay 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 forc-
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,
i 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
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-
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 t6To) 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 ~
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 is made. in
clude in said levy tax npon al' taxa
BILE property within the stat of sufff-
rient amount to reimburSe t." 'chooF
fund for the amount Of said loan, prin-
cipal, interest and costs and such tax,
when collected. shall be, by the state
treasurer, credited to the state school
fund.
All lands 50 sold under foreclosure
and convened 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 a separate
list properly designated by the state
board of land commissioners and when
the same are sold by tn" state board
of land commissioners, all moneys re-
ceived for the purchase of sush 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 OF
said 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
missioners or the attorney general shall
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 ther. Ia.
All expenses of apprais, m-i,t and ex-
animation of tie land, tie examination
Of title, the recording OF the deed of
trust, and any other expenses secessary
Tor making said loan, shall be paid by
the applicant, and the sta;e board of
land comm. .ssioners may, from time to
time, require of said applicant, such
deposit as may be nee. ssary to defray
said expenses.
The state board of land commission
ers, may at its discretion, require the
applicant, when the loan is made, 10