Show BONDS TO SAVE LOANS the state land board saturday authorized its executive secre secretary john P mendenhall to purchase about of the outstanding bonds of millard county drainage district no 3 it they can be had bad at a price satisfactory to the board the state has liens on about 2581 acres within the district ty reason of farm loans these have virtu virtually the effect of second mortgages on the lands since thea the are subject to the i s p tj of the drainage di distinct bonds up to the total of the original assessment of benefits which on the s lands in which the state is interest ed averages around 60 an acre the bonda bonds of the district under the law must be accepted by the district in of taxes and assessments at their face valde the state s pres pros ent plan is to turn in these bonds for all payments on certain of the lands in the district in which it is interest iary ed up to the total obligations of the lands to the district that is up to the average of 60 an acre the state has already invested an average of 45 an acre in loans on son these lands the land board argues that the state s ien can be made par mount through the pw pui chase of fa bonds the i en aaning problem ts Is to purchase at a sufficiently low price to justify the additional Im investment estment for example it if on a particular piece of land on which the state has a mortgage of 45 an acre the as ta hessed benefit is 60 the state might possibly purchase bonds at about 30 tor for a bond it if these bonds were turned in to the district they 1 l would represent an all additional invest k ment on this loan of about 20 an ac re to it if the improved impi oved land should sell A at 20 an acre the state would re cover its additional investment but none of its original loan it if the lin proved land sol soil I 1 at 35 an acre the state would recover its additional in vestment and 15 of the original loan of 45 an acre the land mort I 1 would have to sell at 65 an acre tor for the state to recover all its investment the land on which the state holds mortgages must have been appraised at 90 an acre to justify a 45 an ac re loan but tint thit was in years past when it was thought that the water supply of the lands in the drainage district was much more stable than it afterward proved to be S L tribune jan 4 1931 besides this contemplated action of the state a number of individuals have almedy bought bonds and paid j oft off their entire assessment benefit thus releasing their land from all A further entanglement in the dr drain a in age squabble excepting the necessary expense of maintenance two such releases were tiled filed tor for record only last week it is cheaper than to so buy out than to remain in |