The independent-reporter. [volume] (Skowhegan, Me.) 1909-1955, 1917-04-12
CHAPTER 3O3.

Lands Loan Commissioners of
Maine and TO Authorize the Invest
| ment of Certain Moneys Now on
| Deposit in the State Treasury
Known as the Reserved Land
Fund
Be 1t enacted, etc.
| Section l. All moneys on deposit
in the state treasury on account Of
lands reserved for public uses which
shall constitute the principal fund
OF such account on January first.
ei ghteen. and all amounts credited
to the szinne under the provisions of
sections nineteen and twenty, of
chapter eight, OF the revised stat
utes, shall remain separate funds.
the principal sum OF which shah con-
tlnue undiminished, except when
payments shall be made therefrom
| to towns under the provisions OF sec
| ton twenty-one. OF chapter eight. OF
the revised statutes, or when invest
ed In securities according to the pro-
visions Of this act.
Section 3 The governor. the state
auditor. the land agent the commits
soner Of agriculture and the state
superint endent OF public schools
shall constitute board TO be known
AZ the Farm Lands Loan Commits
sioners of Maine" Said commission
ers shall have control OF the invest
ment OF the funds arising from the
sale or lease Of public lands now on
deposit In tho state treasury and
| known rs the reserved land fund.
They shall also have control OF the
| Investment OF amounts hereafter
added to the plincipai fund OF said
account under the provisions of sec
/ -. ~ -
the revised statutes They may make
| lnvestiga tions concerning the rights
OF the state In and to any islands
or other lands and may report to any
future session Of the legislature their
recommendations relative to secur-
ing such lands as the state Is or may
| hereafter be entMed to. and may
recommend the sale OF the same II
| they deem a sale advisable.
Section 3. The said commissioners
shall In their discretion invest the
| principal OF the funds which have
| arisen or may hereafter arise from
| tho sale and lease OF the lands re-
served for public uses, keeping the
| principal funds separate from the In
| terest, In the following named bonds
and loans but An no other manner
| to wit: !. In the purchase OF bonds
Of this state; 2. In approved mort
cages on agricultural lands, as here
after provided in thds act: 3. In the
| bonds of any city. town or county
Of Maine; 4. In the bonds of the
United States.
Section a. Every application for a
| loan made In pursuance OF the third
clause as above shall be in writing.
stating the amount required, the
purpose for which III Is to be applied
and the time and terms Of repayment
and shall be accompanied by due
| proof of the assessed valuation for
the preceding three years OF the tax
able property within the town. vii
lage. city or county making the ap-
| plication and of the existing indebt-
edness thereof.
Section 3. Loans mAde from such
fund on the security Of agricultural
lands shall be made in accordance
with the following provisions: The
commissioners shall from time to
time furnish the chairman of the
| municipal officers OF the various
cities, towns and plantations of the
state with q sufficient number OF
blank applications for loans. Each
blank application shall contain Ques-
tions relative to the purpose for
which tbs loan Is desired. the resi-
dance of the applicant Dor tho loan.
his interest in tho land offered as Sc
curity. detailed description of the
| boundaries OF such land, the asses
sed and the market va1us of the
same, THE nature OF the land and
any other matters which tho COM
missioners may deem relevant. Any
person desiring IL loan may make n
request for blank apph cation for n
loan to the chairman of the NUM-
cipal officers OF the town in which
the land which 1t Is proposed to Of
fer as security Is located and the
said chairman SHAH furnish such
person with n BLANK application and
shall advise HIM an to the proper
manner of fling the same. The ap-
pllcant for q loan sham take oath
before the city, town or plantation
clerk 10 the truth Of the statements
made in his application. which appll-
cation shall thereupon be transmit
ted TO the commissioners at Angus
| ia,
Section g. In addition to the ap-
plication tho applicant shall also file
an abstract OF title TO the land
which the applicant offers as secur-
| lty, which abstract of title shall like
yise be transmitted to the Farm
Lands loan Commissioners, as
| al VI tStth. III uuulllOIl 10 UIb Sutit0-
ments made as above prescribed tho
commission may request sucn
further statements from these or
other town officers with respect to
the value of the land offered as Sc
curity for a loan and the truth of
tho statements made by the appli-
cant in hds application as may rea-
sonably be in their power as town
officers to make and all euch officers
shall comply with their requests
when made. without compensation.
Section 7. The commissioners shall
meet twice monthly whenever one or
moro applications for loans are
awaiting consideration, or oftener In
| their discretion. to consider applica-
lions and they shall consider and
dispose OF all applications in the or
der IN which such applications were
received The commissioners may
grant applications for loans for
which sufficient security as herein
after provided Is offered. subject to
tho approval Of the attorney general
OF the title to the land offered - 80
curity The commissioners may
grant applications for the full
amount asked or when they consider
tho security offered to be inadequate,
they may reduce the amount Of the
| loan TO sum Tor WnlCn they ueeiu
the security to be adequate. |. The
commissioners shall require as Sc
curity for every farm loan n first
mort gage on farm real estate of q
market value at least double the
amount OF the loan held under a
complete title in fee simple by the
borrower; .. No loan shall be
granted to any person who is not an
actual resident Of this state and a
bona fide occupant OF the land Of
fered as security; 3. No loan shall
be granted upon any land of which
the market value is less than ten
dollars per acre: 4. No loan of less
| r,