§ 36-5-112 — Terms of sale

On all sales of state lands, the terms of payment
shall be as follows: Not less than twenty-five percent of the purchase price shall be
paid in cash at the time of the sale, and the balance shall be made payable upon an
amortization plan based on interest at not less than four percent per annum and
providing for the payment of semiannual installments sufficient in amount to
extinguish such balance at the end of thirty-three years from date of sale; but, in
cases where the total improvements on the land sold are in excess of forty percent
of the total value of the land, the state board of land commissioners may, in its
discretion, reduce the amount which shall be paid in cash at the time of the sale to
ten percent of the purchase price. The purchaser shall have the privilege, on any
installment date, of paying on his original obligation, in addition to the installment
then due, the sum necessary to reduce the original obligation by one hundred
dollars or any multiple thereof, but in such event, except when any such additional
payment is sufficient to discharge the purchaser's entire debt, the balance
remaining due from the purchaser shall remain amortized for the remainder of said
thirty-three-year period on the same interest basis, with adjusted semiannual
installments. Any certificates of purchase outstanding on lands sold on or before
May 2, 1929, may, when the state board of land commissioners deems it advisable,
and upon application of the holder thereof, be converted to certificates of purchase
on the amortization plan. The board shall have the right to charge such fees under
this article as it may deem reasonable.

Legislative History

Source: L. 29: p. 520, � 1. CSA: C. 134, � 112. CRS 53: � 112-5-12. L. 55: p. 685, � 1. C.R.S. 1963: � 112-5-12.