§ 36-5-106 — Payments - interest - expense

Payment for the lands shall in all
cases be made as provided for by law; but, if the person upon whose application
said lands are offered for sale is the successful bidder, then, and not otherwise, the
following terms for payment shall apply: The sum bid, or any part thereof, shall not
be due until twenty years from the date of said sale, when it shall be paid in full. All
or any portion of the sum bid may be payable at any semiannual period. All sums bid
shall bear interest at six percent per annum until paid. The interest shall be due and
payable annually. Payment of the first three payments of said interest shall be
deferrable at the option of such purchasing applicant until the end of the third year.
The state board of land commissioners has the power, but shall be under no
obligation, to grant other extensions of time for the payment of interest, and all
such overdue interest shall draw interest at six percent until paid. The expenses of
such sale shall in all cases be paid by the applicant.

Legislative History

Source: L. 21: p. 662, � 6. C.L. � 1207. CSA: C. 134, � 106. CRS 53: � 112-5-6. C.R.S. 1963: � 112-5-6.