TITLE 41. PUBLIC LANDS

CHAPTER 6. SCHOOL LANDS

PART III. SALE OF SCHOOL LANDS
SUBPART D. PROCEEDS OF SALE

41:844        Interest due townships

 The State Auditor shall ascertain the amount of capital that may be due the several townships from the proceeds of the sales of sixteenth sections, made since the first of January, 1880, and actually paid into the state treasury. The amount thus ascertained shall be the capital upon which interest shall be thereafter allowed and paid out of the interest collected on the said bonds to the townships, the sixteenth sections of which have been sold since the 1st of January, 1880, and the proceeds actually paid into the state treasury, and the proceeds so paid invested as required by law.

 In calculating the interest due the several townships, no interest shall be allowed for fractions of the year during which the receipts have come into the treasury; but it shall commence at the beginning of the 1st of January of the next year.

 The interest due upon the capital thus ascertained, and the interest due upon subsequent sales, shall be paid to the townships in the manner now provided for by law. The State Auditor shall furnish the State Treasurer and superintendent of public education with a statement of the amount due each township.