Art. 5421c-9. SALE OF SCHOOL LAND; EXTENSION OF TIME FOR PAYMENT OF NOTES OR OBLIGATIONS    

The time for the payment of all notes or obligations executed by purchasers of school land for the unpaid balance of principal due the state thereon which are due or will become due prior to November 1, 1966, is hereby extended to November 1, 1971, subject to all the pains and penalties provided in the Acts under which the purchases were made; provided that the extension of time herein granted shall apply only to installments of principal, and shall not apply to any installments of interest; and provided further, that the unpaid balances of principal upon which an extension of time for payment is hereby granted shall bear interest during said period of extension at the rate of one percent (1%) per annum higher than originally provided for, and past due installments of interest shall bear interest at the rate provided for in Section 7, Chapter 271, General Laws, Regular Session, 42nd Legislature. In cases wherein fifty percent (50%) or more of the balance of principal remaining unpaid has been paid by November 1, 1971, then a further extension until November 1, 1981, shall be granted for the payment of the remainder, subject to the conditions herein made to the extension to November 1, 1971.