The Monte Vista journal., 1917-11-24

slider the following quotations from
the bill, to the end that you may not
be put to unnecessary work, incon-
venience and expense. After care
fully considering the limitations un-
der which the Board necessarily
works in compliance with this law.
| you will promptly advise us If you
desire to continue the application,
and If so we will furnish you with
necessary application blanks.
| Section l, paragraph 3, provides
that the school funds may be invest
ed
"By loans on unincumbcred culti-
waited farm land within the State of
Colorado, and in the manner herein
after provided"
Section 2 of the Act provides:
Investment by loans on cultivated
farm land within the State of Colora-
do shall be made only to persons 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 not to exceed
50, 10000 to any one person; such
loans shall be made for at least one
and not more than five years, and
shall be evidenced by promissory
notes bearing six per cent. C per
cent? interest per annum, payable
annually until due, with interest at
the rate of eight per cent. (S per
cent? per annum after maturity on
both principal and delinquent inter
est. said promissory notes to be Sc
cured by deed of trust to the pub
lie trustee of the county wherein the
land is situated, in favor of the State
of Colorado, upon real estate as
above described OF an appraised VAL
ne of at least three times the amount
of the sum borrowed.
Applications for loans on culti-
waited farm lands shall be made d.
rect to the State Board of Land Com
missioners upon blank forms to be
provided fo~ that purpose, and no
loan shall ever be made unless the
applicant has a good title in fee SIM
ple to the lands offered as security
for the loan, Upon receipt Of the ap-
plication the State Board of Land
Commissioners shall. unless they dis
approve the loan in the first instance,
cause the land to be thoroughly ex-
amined and appraised. and II. in
q ir,1f h..
and the applicant in allrespects 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 irri-
gated lands. such requirements shall
be made by the BOARD Of Land Com
miss'oners as shall secure to the
state first lien upon all water and
water rights for the irrigation OF
said lands"
Also
The State Board of Land Com
missioners shall in each case require
from the applicant an abstract of
title to the land"
"All expenses of apraisement and
examination of the land, the examin-
alton of title, the recording of the
deed of trust, and any other expenses
necessary 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 to defray said expens-
cs."
"The State Board OF Land Com
missioners, may at Its discretion. re-
quire the applicant, when the loan
Is made, to carry appropriate insur-
ance on the buildings on the promises
covered by the deed of trust in favor
Of the State of Colorado, such insur-
ance policy to be placed In the GUS
tody of the treasurer of the State
with the note abstract and deed OF
trust and the failure of the applicant
to pay premiums upon sale policy of
insurance when the same become
due, shall be sufficient cause for de-
claring the principal of said loans