poses, to-wit: Postage; supplies; extra help in furthering the collecting of gross income tax, gross production tax, and inheritance tax; and extra work in making reports to the Legislature.

Emergency.

Section 2. For the preservation of the public peace, health, and safety, an emergency is hereby declared to exist, by reason whereof this act shall take effect and be in force from and after its passage and approval.

Approved February 16, 1915.

CHAPTER 34.

STATE LOANS-PUBLIC FUNDS-HOME OWNERSHIP.

AN ACT to encourage and promote home ownership in Oklahoma; providing for the investment of certain designated funds; authorizing the sale of bonds against the securities taken and the reinvestment of the proceeds.

Be It Enacted by the People of the State of Oklahoma:

Land Office to Loan Public Funds.

Section 1. The commissioners of the Land Office are hereby authorized and instructed to invest all [moneys] monies now on hand or that may hereafter be received from the sale of lands commonly known as "State Educational Institution Lands" (same being section 13 or lands taken in lieu thereof), and the "New College Lands," in first mortgage on improved farm land in this State under such rules and regulations as may be provided by said Commissioners of the Land Office not in conflict with the following:

(a) Not to exceed two thousand dollars ($2,000.00) shall be loaned to any one individual (or family):

(b)

All loans shall be secured by first mortgage on farm lands upon which the borrower resides, and holds as

his homestead, and the cash value of which, disregarding all improvements, is at least double the amount of the loan.

(c) Notes shall be drawn to run for twenty-three and one half years, payment of four per cent of the full face value of each note to be made semi-annually; at each payment, interest at the rate [of] six per cent per annum upon the unpaid balance of such note to be deducted from the amount paid and the remainder to be credited upon the principal of the loan.

(d) Loans from said fund shall be made only for the following purposes:

First. To assist the borrowers to pay for a home.

Second. To pay off an existing mortgage upon the

home.

Third. To make permanent improvement upon the home farm; provided, that if such investments as hereinbefore provided are not reasonably available then such funds may be invested in other securities authorized by the Constitution.

Securing Additional Funds-Sale of Notes-Bonds.

Section 2. For the purpose of supplying additional funds for the loans herein authorized to be made, the commissioners of the Land Office are hereby authorized to sell, for not less than par and accrued interest all or any portion of the notes and mortgages or obligations taken for the sale price, or unpaid portion thereof, of any of the land above referred to, such sale to be absolute and without recourse; provided further, that the said commissioners are hereby authorized to issue and sell at not less than par value, bonds drawing not to exceed five per cent per annum interest, payable semi-annually, and to pledge for the payment of same, principal and interest, all notes and mortgages taken for loans from said fund; provided, that the amount of the bonds so issued, sold and outstanding, shall not at any time

exceed ninety per cent of the face value of the unpaid portion of the principal of such note.

Bonds-Description.

Section 3. The bonds herein authorized to be issued shall be designated as "Oklahoma Home Ownership Bonds," shall be in denominations of twenty-five dollars ($25.00), one hundred dollars ($100.00), five hundred dollars ($500.00), and one thousand dollars ($1,000.00), and shall not be subject to ad valorem tax, but the income from such bonds shall be taxable under the income tax law.

Payment of Bonds.

Section 4. Each series of the bonds so issued and sold shall be made payable, ten per cent in four years from the date of the issue, ten per cent in eight years, ten per cent in eleven years, ten per cent in fourteen years, ten per cent in sixteen years, ten per cent in eighteen years, ten per cent in twenty years, fifteen per cent in twenty-two years, and fifteen per cent in twenty-three and one-half years. Attached to each bond shall be coupons, numbered consecutively, also bearing the number of the bond to which it is attached, for the payment of interest as herein provided.

Sinking Fund for Bond Issue.

Section 5. All payments upon the principal of any loan shall be credited to the sinking fund for payment of bonds at maturity.

Counties and Municipalites to Invest Sinking Funds-Security For Public Funds.

Section 6. Any bank or trust or insurance company organized under the laws of this State may invest in the bonds issued under the provisions of this Act. The officer having charge of any sinking fund of this State or of any county, city, town, township. or school district thereof, may invest the sinking fund of the State or such county, city, town, township or school district, in "Oklahoma Home Ownership Bonds," which mature prior to the due date of the bonded indebtedness for the payment of which such sinking fund is created. Said bonds shall be approved collateral

as security for the deposit of any public funds and for the investment of trust funds.

Bonds-Issue and Registry.
Section 7.

Said bonds shall be signed by the Governor and by the president of the State Board of Agriculture, also by the State Auditor with the seal of his office affixed, and each interest coupon attached thereto, shall bear the facsimile signature of the State Auditor. Said bonds shall be registered by the State Treasurer with appropriate endorsement thereon, showing such registration.

Payment of Bonds-Manner and Liability.

Section 8. All "Oklahoma Home Ownership Bonds," issued as provided by this act, together with the interest thereon, shall be paid in the order in which they fall due. Should the commissioners of the Land Office fail to pay any bond (or coupon) issued pursuant to this Act upon presentation of same, at or after date of maturity, the holder thereof may by mandamus compel payment of same; provided, that nothing in this Act, shall be construed so as to in any manner hold the State of Oklahoma liable for the payment of such bonds, but they shall be paid from the proceeds of the loans herein authorized to be made.

Premium-Interest-Surplus.

Section 9. Any premium upon bends sold, and the difference between interest paid upon the bonds and the interest collected upon loans, shall be paid into the State Treasury and kept in a special fund to be known as the "Maintenance Fund" from which shall be paid all expenses of loaning this fund and the sale of the bonds.

Rules and Regulations-Office Assistance.

Section 10. The commissioners of the Land Office shall have power to provide all necessary rules for the investment of this fund, not inconsistent herewith, and to employ such assistance as may be necessary and to fix the compensation of the same, requiring each employe to file an approved

bond equal to the maximum amount of such fund that may be in his possession or subject to his order at any time.

Examinations by State Examiner and Inspector.

Section 11. It shall be the duty of the State Examiner and Inspector to make a thorough examination of said fund annually, and to furnish a copy of his report to each holder of any "Oklahoma Home Ownership Bond," whose name and address he may reasonably secure, and he shall file a copy of same with the Governor.

Approved February 19, 1915.

CHAPTER 35.

SCHOOLS AND SCHOOL DISTRICTS-PLAY GROUNDS-MAINTENANCE AND MANAGEMENT.

AN ACT giving boards of education in certain districts authority to use school buildings and grounds and other buildings and grounds for public recreation and play ground purposes, and authorizing said boards of education to appropriate money for said purpose, and providing for the levy of a separate tax for the support of the same, and declaring an emergency.

Be It Enacted by the People of the State of Oklahoma:

Play Grounds-Cities of 10,000.

Section 1. Boards of education in independent school districts and in cities of the first class, of ten thousand population or over are hereby authorized to establish and maintain for children and adults public recreation places and playgrounds in the public school buildings, on the public school grounds, on other public property under the custody and management of such boards; on suitable and desirable. private property, by and with the consent of the owners, and in public parks, public libraries, or public property of whatsoever sort, by and with the consent of the authorities having the custody and management of such public property.