Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1917-04-09

after added to the principal fund Of said
account under the provisions OF section sew
enteen of chapter eight, of the Revised Stat
utes. They may make Investigations concern
ing the rights of the State in and to any
islands other lads and may report to any
future session of the legislature their recon-
mendatlons relative to securing such lands as
the State is or may hereafter be entitled TO-
and may recommend the sale of the same If
they deem sale advisable
Section 8. The said commissioners shall
in their discretion invest the principal of the
funds which have arisen or may hereafter
arise from the sale and lease of the lands re-
served for public uses, keeping the principal
funds separate from the interest in the fol-
lowing named bonds and loans, but in no
other manner. to wit: l. In the purchase
of bonds Of this State: ?. In approved
provided in this 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 loan
made in pursuance of the third clause as
above shall be in writing, stating the amount
required, the purpose for which it 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 taxable property within the town,
village, city or county making the application
and of the existing Indebtedness thereof.
Section S. Loans made from such fund
the security of agricultural lands shall be
made in accordance with the following pro-
visions: The commissioners shall from time
10 tlHle IuTulSn Inc Chairman VI Tie IHuIllCl-
pal officers of the various Cities towns and
plantations of the State with sufficient num-
Der of blank applications for loans. Each
blank application shall contain questions rela-
tive to the purpose for which the loan is de-
sired. the residence of the applicant for the
loan, his interest in the lard offered as Sc
curity, a detailed description of the bounda-
ries Of such land, the assessed and the mar
ket value of the same, the nature of the land
and any other matters which the commits
soners may deem relevant. Any person de-
string loan may make request for blank
application for loan to the chairman of the
municipal officers of the town in which the
land which it is proposed to offer security
is located and the said chairman shall furnish
such person with a blank application and
shall advise him as to the proper manner of
filing the same. The applicant for loan
shall take oath before the city, town or plan
tation clerk to the truth Of the statements
made in his application, which application
shall thereupon be transmitted to the COM
missionerS at Augusta.
Section 6. In addition to the application
the applicant shall also file abstract of
title to the land which the applicant offers as
security, which abstract of title shall like
wise be transmitted to the Farm Lands Loan
Commissioners, as aforesaid. In addition to
the statements made as above prescribed the
commissioners may request such further state
ments from these other town officers with
respect to the value of the land offered as
security for loan and the truth of the state
mentS made by the applicant in his application
as may reasonably be in their power as town
officers to make and all such officers shall
comply with their requests, when made, with
out compen sation.
Section 7. The commissioners shall meet
twice monthly whenever app
cations for loans awaiting consideration
or oftener in their discretion, to consider APP
plications and they shall consider and dis
pose OF all applications in the order in which
such applications received. The COM
missioners may grant applications for loans
for which sufficient security hereinafter
ln1 Dfrn to t,o
of the attorney general of the title to the land
offered as security. The commissioners may
grant applications for the full amount asked
when they consider the security offered to
be inadequate. they may reduce the amount
of the loan to sim for which they deem the
security TO be adequate. !. The commission
ers shall require as security for every farm
loan first mortgage on farm real estate of
market value at least double the amount of
the loan held under complete title in fee
simple by the borrower; 2. No loan shall be
resident of this State and bona fde occu-
pant of the land offered 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 than three hundred
than five thousand dollars shall be
made to any person. and person shall
be granted separate loans aggreCating
than five thousand dollars; 5. At least one
hundred thousand dollars of the moneys
available from the reserved land fund shall
be set aside each year for loans under this
act and much of said amount as may be
necessary. is hereby appropriated TO be loa ned
as provided for in this act; g. Loans shall
be granted only for the purpose of assisting
the borrower to erect necessary dwelling
houses and farm buildings, to build Silos, to
clear his lands Of forest growth and for the
purchase OF live stock; 7. The borrower shall
pay charge of five per cent per annum for
the use of the loan at the expiration of one
year from the date of the loan and annually
thereafter so long as the loan remains unpaid
All loans shall be made for term of not less
than three more than twenty years but
the principal of the loan in whole in part
at the option of the borrower may be paid
on any interest date occurring not less than
three nor more than nineteen years after the
date of the loan and in any event the whole
shall be payable in twenty years and when
partial payments made the annual charge
of five per cent shall be made only upon the
unraid balance of the principal of the loan.
Section s. The commissioners shall loan to
borrowers in accordance with the following
provisions: l. Every applicant for loan
shall select a bank to receive deposits OF the
money loaned to him by the commissioners
,. When the commissioners grant loan they
shall deDosit in the bank selected by the APP
nlicant for the loan of money equal
to the amount Of the loan granted and shall
furnish the bank with the mortgage and no.
tice necessary to the proper securing of the
loan. prepared ready for the signature of the
applicant for the loan. and the bank shall
agree 10 hold the sum of money so deposited
until directed by the commissioners to pay
it to the applicant for the loan or to dispose
of it in some other manner directed by the
commissioners; the bank shall further agree
to record the mortgage with the proper regis
ter of deeds and to return the papers to the
commissioners without charge TO the commits
sioners to the borrower, except that the
bank may require the borrower to pay the
fee charged by the register of deeds for
cordinc the mortgage together with any sums
paid for revenue stamps may be required
by law. and the amount necessary to REIN
burse the commissioners for sums paid for