The Lamar register., 1916-10-11


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 pubic
school lands; provided, however, that
such lands shall not constitute n part
OF the public school land. but shall be
treated and considered as 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 equallza-
tion. 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
solely at the rate of six per cent tb'c)
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 equaliza-
tfon 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 is
made, include in said levy a tax upon
all taxable property within the state,
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 so sold under foreclosure
and conveyed to the state by virtue
oT such foreclosure by the public trus-
tee OF the county where the land IS sit
uated. shall be carried upon a separate
list properly designated by the state
board Of land comm missioners 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
md In a. a
said state. even though the amount Of
said purchase price Is In excess OF or
less than the amount OF the orlEl-
nal loan, together with the Interest
thereon.
In the event that foreclosure be-
comes necessary. the state board Of
land commissioners or the attorney
general shall have the right to with
draw from the custody Of the treasurer
of the State Of Colorado all papers. in
Guiding the note, deed OF trust and ab-
stract OF title belonging to said loan.
giving to the treasurer a receipt there
for.
An expenses Of appraIsement and ex-
animation Of the land. the examination
Of title. the recording Of the deed oil
trust, and any other expenses neceb-
sary for making said loan, shall be
paid by the applicant. and the state
board Of land commissioners may, from
time to time. require Of said applicant
such deposit as may be necessary 10
defray said expenses
The state board Of land commission
ers. may at its discretion. require the
applicant, when the loan Is made, tc
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
be placed in the custody OF the treas
urer Of the state with the note, ab-
stract and deed OF trust. and the fall
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 pnNnhle.
In the event that any property upon
which the state Of Colorado holds q
deed of trust or loan made In the
manner aforementioned, shall. after the
execution OF such deed OF trust, be in
cludod In any irrigation district. drain
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
teCt to taxes which accrue for any pur
pose after public trustees deed
half Of the State Of Colorado as herein
above provided for; provided, however.
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 II
is necessary TO pay In order to pre-
serve the lien OF the deed of trust IN
favor Of the state. the state board OF
land commissioners shall certify that
fact to the state treasurer, giving the
amount Of such taxes and 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 part Of the loan against
the debtor
Applications for loans upon improved
farm lands shall as soon as practical
BILE after the same have been received
by the state board OF land commits
rioners be posted In some conspicuous
place open to public inspection In the
office of the state board OF land com
missioners, 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 Goa
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-
tions necessary for the effectual per-
formance 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, tho
amount invested and the manner in
which il Is invested. together with the
time for which II is invested, the rate
OF interest which II bears. and also
the amount in said fund unlnyested; i.o
Section 3. That sections 5lss, 5ls9,
$500, 52Ol. 52O2. SOS. 52O4. 52O5, 520s.
52O7 and G2Os of the revised statutes
of 1908 Of the state OF Colorado are