Daily capital journal. (Salem, Oregon) 1903-1919, 1917-02-26

to promote the sale of said bonds, invit
ing bids on each issue of bonds to bel
sold, and shall ALSO take such steps as it'll
may deem advisable to encourage popu-
lar subscription by the people of the
state of Oregon for any and all of the
bonds AUTHORIZED by said amendment.
Section A. All applications for loans
under said amendment shall be made in
writing to the Stale Land Board upon
forms supplied by said board Each
application shall contain an agreement
drawn up in contract form which shall
fulfill the conditions of Sections and 6
of said amendment, which agreement
shall be signed by the applicant and his
signature attested by notary public
or other person qualified to attest sig
natures within the state of Oregon. Said
application shall be accompanied by the
required fee OF one per cent of the loan
applied for, which fee shall be not less
than $40 and which fees shall be paid
INTO the state treasury and credited to a
fund to be known as the Rural Credits
Expense Fund Should a smaller sum
be granted than is named in the APP
plication, said board shall refund to the
applicant any balance due. Should the
application for loan be rejected the
board shall return to the applicant the
money received with the, application
less such amount as may be necessary
to cover the office and other expense
undergone in Investigating such applica-
tion.
Section 5. Said board shall base the
tn l.
the valuation of the land offered as
security exclusive of perishable inn
provements. In arriving at such valua-
tion the board shall adhere to the gem
eral procedure now followed in loan
1 ing the common school fund, but subject
to such notifications as are required in
this act and in said amendment In ar
riving at such valuation water rights
which have been certified by the state
iof Oregon as being appurtenant to the
land shall be taken into consideration,
Section 6. In accordance with See
/ tion 10 of said amendment an applicant
shall be deemed to fulfill the require
ments implied in the terms "operate
and occupy" under the following eondi-
tons;
/ (a) When said applicant lives upon
/ the land offered as security and where
such land forms single holding, and
where said applicant manages the fand
I himself, performing the labor thereon
/ with the assistance of his family OF
hired help;
4 (b) Where the applicant offers land
4 as security which is made up of noncon.
tiguous holdings on one of which ap
plicaRt lives and from which he operates
4 the different holdings as outlined in
I subdivision (al of this section, which
4 InoneonGguous holding, however, shall
4 not be more than five miles distant
4 from the land on which said applicant
4 lives;
(el Where for any reason the appli
cant must be absent from the land of
fered as security for not exceeding nine
months out of each year, but upon which
he maintains his legal residence and
4 which land he operates as outlined il
subdivision (al of this section;
cd Where on account of water OF
j lack of water or any other condition
which in the Judgment of said hoarC
makes the land Offered as security {
place unfit for a rural home but wher,
the management and work are perform
ed as in subdivision (al Of this see
tion.
| Section I. The State Land BoarJ
| shall take all needful precautions /,
prevent the use Of funds obtained un
der said amendment for purposes oi
| speculation, Ii shall check the work oi
/ its representatives who appraise landi
| and examine titles in the operation OF
said amendment in such manner and al
often as may be necessary to insure
safety and accuracy in fulfilling tn,
purpose Of said amendment
i Section s. The State Land Boari
| shall pay its representatives for til,
services performed in examining tht