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SEC. 563. Register of Bonds Offered and Bought. [8942] They shall also keep such other books as may be necessary to properly register and describe all bonds offered to them and all bonds bought by them for the benefit of the permanent school, State Agricultural, State Normal and State University funds, or either. Such record-books shall be ruled so as to enable the board to register the name and residence of the person offering to sell any such bonds, the price at which bonds were offered, the name and residence or location of the owner or municipal corporation for whom such offer is made, and a full detailed description of every bond so offered, including the date, number, series, amount and rate of interest of each bond, and when the interest and principal, respectively, are payable, and the date, amount and number of each coupon, and when payable, the name, residence and post-office address of the owner, the name, residence and post-office address of the agent or attorney representing the owner of such bonds, what disposition the owner of the bonds claims has been made of the missing coupons, if any; and upon the presentation of any bond or bonds for the purchase by the School-fund Commission, such bond or bonds, together with the record of the proceedings connected with the issuance of such bond or bonds, shall first be submitted to the attorney-general for his opinion as to the validity thereof. It shall be the duty of the attorneygeneral to immediately examine such bond or bonds and proceedings, and report thereon in writing to the School-fund Commission as to their validity. Upon receipt of such opinion, and before the board shall act upon the question of purchasing such bond or bonds, if the attorney-general approves them as valid, then the record hereinbefore provided for shall be made, and such record shall include the opinion of the attorney-general as to the validity thereof. (Laws 1905, ch. 472, sec. 2.)

SEC. 564. Investment of Funds. [8943] Said board of commissioners shall have the power, and it is hereby made their duty, from time to time, to invest any moneys belonging to the permanent school fund, State Agricultural College, State Normal and State University funds in the bonds of the United States, or bonds of the state of Kansas, or bonds of any municipality of the state of Kansas, school-district bonds, bonds of boards of education, and in the warrants issued by the auditor of state on the state treasurer and by him stamped "Not paid for want of funds.” In making such investment, they shall not pay for any such bonds or warrants any greater sum than par, nor more than the actual market price thereof at the time of purchasing the same, less than par; and whenever any municipality of the state of Kansas shall offer its bonds for sale the State School-fund Commissioners shall have the power to buy the same, if the validity thereof shall have been approved by the attorney-general; provided, that the commissioners shall not invest in any other bonds which, together with other out

standing bonded indebtedness, shall exceed fifteen per cent of
the assessed valuation of said municipality as returned and
fixed by such municipality. (Laws 1905, ch. 472, sec. 3.)
SEC. 565. Quorum.

Quorum. [8944] Any two members of said board shall constitute a quorum. But such board shall not purchase any school-district bond or bonds except at a legal session thereof, nor unless every member of the board is notified in time to be present at such meeting, and notified also that the question of purchasing such bonds is to be considered thereat, designating the bonds. (Laws 1879, ch. 166, sec. 118.)

SEC. 566. Record of Funds. [8945] Said commissioners shall keep a record showing a detailed statement of the condition of the state permanent school fund, State Agricultural, State Normal and State University funds under their control, amount of each fund, how invested, when due, interest paid, and every other act in any manner connected with the management and investment of said funds; and the state superintendent of public instruction shall biennially report all such investments to the governor, to be laid before the legislature, and shall also cause to be published at the end of each quarter of the calendar year, in the official state paper, a statement of the amount of each of such funds then on hand, the amount of each fund invested during this quarter, and a full description of the said bonds bought for each fund, date of such bonds, amount, rate of interest, when payable, number of coupons attached when bought, from whom purchased, and the price or rate paid therefor. (Laws 1905, ch. 472, sec. 4.)

SEC. 567. Where Records Shall be Kept. [8946] All the record-books and records of such board shall be kept in the office of the state superintendent of public instruction, but the same shall be open during office hours for the inspection of every citizen of the state of Kansas. (Laws 1905, ch. 472, sec. 5.)

SEC. 568. Orders Drawn. [8947] In the investment of the state permanent school, State Agricultural, State Normal and State University funds, the commissioners are hereby authorized to draw their orders on the state treasurer, payable out of the fund invested, for the purchase-price of the bond, bonds, or warrants, which orders, previous to their delivery, shall be registered in the state treasurer's office in a book provided for that purpose. Such orders shall not be drawn until the bonds purchased for which the order is drawn shall have been delivered to the state auditor for record and stamped as herein provided. Immediately upon the receipt of such bonds, the state auditor shall cause each bond and coupon to be plainly stamped upon the back thereof, "Property of the state fund, nonnegotiable and nontransferable,” with the name of the fund for which such bond is purchased. He will also cause

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to be made in a book kept for that purpose a record of each of such bonds and each coupon thereto attached, which record shall show amount, date and rate of interest of such bond, when and where payable, the date, amount and number of each coupon and when payable. Whenever any bond or coupon shall have been paid, and one of the duplicate receipts therefor, issued by the state treasurer, shall have been received by the auditor of state, he shall credit such bond or coupon and charge the state treasurer with the amount so received. Semiannually, on the 1st day of March and September of each year, the state auditor shall compare said record with the similar record herewith required to be kept by the state treasurer and verify the same. (Laws 1905, ch. 472, sec. 6.)

SEC. 569. State Treasurer Shall be Custodian. [8948] All moneys belonging to the state permanent school, State Agricultural, State Normal and State University funds shall be paid to and held by the state treasurer, and shall be subject to the order of the Board of School-fund Commissioners. The state treasurer shall also be the custodian of all bonds, notes, mortgages and evidences of debt arising out of the management and investment of the state permanent school, State Agricultural, State Normal and State University funds by said board of commissioners. Immediately upon the receipt by the state treasurer from the auditor of state of any bond, coupon or warrant stamped as herein required and purchased by the State School-fund [Commissioners] for any of the said funds, it shall be the duty of the state treasurer to immediately cause to be recorded, in a book to be kept for that purpose, a detailed description of such bond, coupon, or warrant, showing the date thereof, amount, when payable, rate of interest, number, by whom issued, where payable, and shall give to the auditor of state his receipt therefor. Whenever any such bond, coupon or warrant is paid, the state treasurer shall credit upon such record the amount of such payment and charge himself with the money, and shall issue his receipt for said sum in duplicate, one copy of which shall be transmitted to the auditor of state. (Laws 1905, ch. 472, sec. 7.)

SEC. 570. Separate Account. [7724] He shall keep in a separate book an account of all school moneys received by him, distinguishing between the perpetual fund and the annual fund for disbursement, and shall report to the state superintendent on the 1st day of February and 1st day of August of each year the amount of money in his hands belonging to the permanent school fund and subject to investments, and on the 1st day of March and on the 25th day of July of each year the state treasurer shall report to the superintendent of public instruction the amount of money in the treasury belonging to the annual school fund and subject to disbursement on the semiannual dividends. (Laws 1876, ch. 122, art. 16, sec. 3.)

SEC. 571. Collection of Moneys. [8949] It shall be the duty of said board of commissioners, from time to time, as soon as may be practicable, to collect all moneys due and owing to the state permanent school, State Agricultural, State Normal and State University funds, and make investments of the same as herein required. If any such moneys shall remain unpaid for thirty days after the same become due and payable, the commissioners shall notify the attorney-general of that fact, and it shall then be his duty to then proceed to collect the same by civil action, to be brought and prosecuted in the name of the state. (Laws 1905, ch. 472, sec. 8.)

SEC. 572. Must Offer Bonds to Board. [8950] That the several municipal officers who have charge of the sale of any bonds hereafter to be issued, which the board of commissioners of the state permanent school fund are authorized to purchase under the law, are hereby directed to sell such bonds to said board of commissioners of the state permanent school fund, if it will pay par for the same; and it shall be unlawful for any such municipal boards, members thereof or other municipal officers to sell any such bonds without having first offered such bonds to said board of commissioners of the state permanent school fund; and every municipal board or member thereof, or other municipal officer, who shall sell any such bonds to any other person at any price, without having first given the board of commissioners of the state permanent school fund an opportunity to purchase same, as hereinbefore provided, and every other officer violating the provisions of this act, shall be guilty of a misdemeanor, and upon conviction thereof shall be punished by a fine not exceeding $500, or by imprisonment in the county jail not exceeding six months, and shall forfeit his office. (Laws 1905, ch. 472, sec. 9.)

SEC. 573. May Purchase at Lower Interest. [8951] Said School-fund Commissioners may in their discretion agree with the parties offering bonds to take such bonds at par at a lower rate of interest than the interest stipulated in the bonds and coupons thereto attached. In case any such bonds so purchased by said board of commissioners provide for a higher rate of interest than the rate of interest at which they are purchased by said board, the rate at which they are purchased shall be distinctly noted upon such bonds and the coupons thereto attached, and the amount of such coupons shall be reduced accordingly, and the same notation shall be made on the record of such bonds kept in the office of such board. (Laws 1905, ch. 472, sec. 10.)

SEC. 574. Office of Loan Commissioner Abolished. [8952] The loan commissioner for the board of regents of the State Agricultural College shall, immediately upon the taking effect of this act, deliver to the state treasurer all moneys, evidences of indebtedness, securities, books and records belonging or appertaining to the State Agricultural College fund, and shall take the receipt of the treasurer therefor. All moneys belonging to said funds and so delivered to the state treasurer shall become subject to the provisions of this act. It shall be the duty of the said board of regents and the state accountant, immediately upon the taking effect of this act, to make final settlement with the loan commissioner, to close the accounts thereof with said loan commissioner, and the office of said loan commissioner is hereby abolished. (Laws 1905, ch. 472, sec. 11.)

SEC. 575. Compensation. [7697] Said board of commissioners shall receive such pay for their services as may be prescribed by law. (Laws 1876, ch. 122, art. 15, sec. 6.)

SEC. 576. Unclaimed Estates. [7699] In all cases where persons die without heirs, and intestate, it shall be lawful for the superintendent of public instruction of the county where any land lies, belonging to the estate of such person dying without heir and will, after a lapse of three years from the date of letters of administration upon such estate, to file a petition in the probate court of the county granting such letters, setting forth in said petition (1) that such deceased person died without heirs, and intestate; (2) that three years have elapsed since the date of letters of administration; (3) a description of the real estate; (4) that no debts remain unpaid of this estate not barred by the statute of limitation. Such petition shall be verified by the affidavit of the county superintendent of public instruction, or by some person who has knowledge of the fact. (Laws 1876, ch. 122, art. 15, sec. 8.)

SEC. 577. Sale of Real Estate. [7700] It shall be the duty of the probate court, on the filing of the petition mentioned in the preceding section, and being satisfied that the facts stated in said petition are true, to issue an order to the administrator to sell the real estate described in such petition, in the same manner as real estate is sold by administrators for the payment of debts due from deceased persons; and the same proceedings shall be had in confirming the sale and the execution of the deed by the administrator as are provided by law for the sale of real estate for the payment of the debts of any deceased person. (Laws 1876, ch. 122, art. 15, sec. 9.)

SEC 578. Proceeds of Sale. [7701] It shall be the duty of the administrator, after the payment of the costs of said petition and making said sale and six per cent commission to such administrator, to pay the county treasurer of the county where the land is situated the remainder of the purchase

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