RS 714 - Manner, terms and conditions of sale
A. If the majority of the voters in a township give their assent to the sale of the lands, the parish treasurer shall notify the State Auditor of the vote thus taken, and upon his order, the parish treasurer shall have the land sold before the courthouse door, by the sheriff, or an auctioneer to be employed by the treasurer. The sale shall be made after thirty days advertisement and after the land has been appraised by three sworn appraisers selected by the parish treasurer and recorder of the parish. The land shall be sold to the highest bidder, in quantities not less than forty acres, nor more than one hundred and sixty.
B. In no case shall the land be sold at a less sum than the appraised value, payable on a credit of ten years, as follows:
(1) Ten per cent in cash, and the balance in nine annual installments, the interest to be paid on the whole amount, annually, at the rate of eight per cent per annum.
(2) The notes shall be made payable to the State Auditor, secured by special mortgage on the land sold, and personal security, in solido, until final payment of the principal and interest.
C. If the purchaser neglects or refuses to pay any of the installments or interest at maturity, the mortgage shall be forthwith closed, and the parish treasurer shall advertise and sell the land as before provided for, and shall execute all acts of sale on behalf of the state, for any such lands sold.
D. The parish treasurer shall receive the cash payments and notes given for the purchase, which shall be made payable to the State Treasurer, and shall place them in the office of the State Auditor for collection.
E. All cash received, either for principal or interest, from the sales shall be transmitted by the parish treasurer to the State Treasurer, and any moneys thus received into the state treasury from sales shall bear interest at the rate of six per cent per annum, and be credited to the township to which the money belongs.
F. The result of all sales made by the parish treasurer shall be forthwith notified by him to the state superintendent of education. The parish treasurer may receive the whole amount bid for the lands, deducting the eight per cent interest which the credits would bear.