The Arvada enterprise. (Arvada, Colo.) 1908-1970, 1917-11-22
State School Funds
To Help Farmers

vestn1ent of public school funds
has been declared constitutional
by the Supreme court of the state,
and the land board is now pre-
pared to Immediately put into cf-
feet the provisions of this bill.
You are requested to carefully
consider the following quotations
from the bill, to the end that you
may not be put to unnecessary
work. Inconvenience and expense.
After carefully considering the
limitations under which the Board
necessarily works in compliance
with this law, you will promptly
advise us il you desire to continue
the application, and if so, we will
fuHfh you with necessary appli-
cat d blanks.
Ste1on l, paragraph 3, provides
that he school funds may be in
vested
BY loans on unincumbcrcd cul-
tivaSd farm land within the
State of Colorado, and in the man
ncr hereinafter provided
Section 2 of the Act provides:
"lnvestment by loans on cul-
tivatcd farm lands within the
State of Colorado shall be made
only to persons who are actual
residents on such land, and then
only on lands of which the ap-
praised value is not less than ~
per acre, and in sums not to ex-
coed ~, 10000 to any one person
SIGH loans shall be made for at
lest one and not more than five
|y9Gs, and shall be evidenced by
ptaiissory notes bearing six per
cent (6%) interest per annum,
payable annually until due, with
interest at the rate of eight per
cent (s%) per annum after ma
turity on both principal and de-
linqucnt interest, said promissory
notes TO be cscurcd by a deed of
trust t. the public trustee Of the
|AouH wherein the land is situ-
atcd. in favor OF the State of Gov
orado, upon real estate as above
described of an appraised value of
at least three times the amount Of
the sum borrowed.
Applications for loans ON cul-
tivatcd farm lands shall be made
direct to the State Boardeof Land
Commissioners upon blank forms
to be provided for that purpose,
and no loan shall ever be made
u'less the applicant has a good
TIL" in fec simple to the lands Of
fcrcd as security for the loan.
Upon receipt of the application
the State Board Of Land Commits
sioners shall, unless they disap-
prove of the loan in the first in
stance, cause the land to be thor
uugnly examined and appraised.
and il, in their judgment, the Sc
curity is ample and the applicant
III all respects 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
irrigated lands. such requirements
shall be made by the Board of
Land Commissioners as shall Sc
cure to the state first lien upon
all water and water rights for the
irrigation Of said lands"
Also
"Thc State Board of Land Com
missioncrs shall in each case re-
quirc from the applicant an alb
stract Of title To the land"
"All expenses Of appraiscmcnt
and examination of the land, the
examination of title, the record
ing of the deed Of trust, and any
other expenses necessary for max
ing the loan, shall be paid by the
applicant. and the State Board Of
Land Commissioners may. from
time to time. require Of said APP
plicant. such deposit as may b.
necessary to dcfray said cxpcn-
scs."
"Thc State Board of Land Com
m'ssioncrs may. at its discretion.
require the applicant. when the
loan is made. to carry appropriate
insurance on the buildings ON the
premises covered by the deed Of
trust in favor Of the State Of Col
orado. such insurance policy to
placed in the custody Of III,
treasurer Of the State with the
note, abstract and deed Of trust.
and the failure of the applicant
to pay premiums upon said pol.
icy Of insurance when the same
become due. shall be sufficient
cause for declaring the principal
of said loans due and payable"