Gilpin observer., 1912-10-17


Appropriation Bill. sums OF money suffi-
crnr N on bs to pay ahe henGs
sued as provided herein In this Act; and
the General Assembly shall by law pro-
T.a vide Tor q sinking fund to pay the State
Tunnel Bonds at maturity to be cre-
ated out of the State Capitol Fund be-
ginning not later than eight years from
the date of the taking effect of this Act :;
part of the appropriation or sinking fund
not needed or used for such purpose. as
provided herein, shall remain in the Cen
eral Fund of the State and be subject to
further appropriation by the General AS
sembly; all such interest payments shall
of the Tunnel.
Sec. 3. All bonds described In Section
hereof. or so many thereof as may be
necessary, shall be used only for the pur-
pose of constructing tunnel through
the Main Range of the Rocky Mountains.
through the base of James Peak. and
of railway of The Denver Northwestern
and Pacific Railway Company. and its
western portal near the town of Arrow.
In Grand County. on the line of railway
of The Denver. Northwestern and Paci-
fic Railway Company. together with the
ern and Western portals of said Tunnel:
said Tunnel to be sufficient in size. char
acter and capacity to permit OF the con
struction of a single-track railway to be
operated by steam or electricity. and to
permit of the convenient operation OF
railway trains through the same and not
to exceed in length five miles.
Sec. A. Within sixty days from the
taking effect of this Act, and before any
bonds hereby authorized are issued or
used for any purpose. The Denver,
pany and The Continental Tunnel Rail-
way Company. their successors or as
signs, shall by warranty deed and other
proper conveyances transfer and deed to
the State of Colorado. in considera ton of
the advantages to be derived from this
Act, without further compensation there
for, all rights of way. to both tunnel sites
and approaches thereto, filings. surveys.
maps. plans. estimates and data con-
nected with and necessary for said pro-
posed tunnel which are now owned or
possessed by said The Denver. North
western and Pacific Railway Company
or The Continental Tunnel Railway Com
pany or either of them all of which
may be used by the Tunnel Commission
in the construction of the Tunnel here
in provided for and which rights of way
and approaches and tunnel site. filings.
surveys, maps, plans, estimates and data
shall be free and clear from all incum-
brances.
from the taking effect of this Act con-
tract lease prepared and executed by
the State of Colorado and The Denver,
Northwestern and Pacific Railway Com
pany and The Continental Tunnel Rail
way Company, their successors and as
signs which shall nrap5ed the Give a sP
The Denver. Northwestern and Pacific
Railway Company, its successors and as
signs the right to use ,s sad tunnel nrttv fof or
the bond issue herein provided for. to-
wit: fifty years from date thereof; upon
the terms and conditions in this Act set
forth, and also providing that The Den
yer. Northwestern and Pacific Railway
Company. its successors and assigns.
shall give a good and sufficient security
satisfactory to the State Tunnel Com
mission. and based upon the entire hold
ings Of said The Denver, Northwestern
and Pacific Railway Company. its sue.
cessors and assigns. for the payment OF
the principal and interest of all state
Tunnel Bonds. issued under the provis-
ions Of this act and shall pay the Tun-
mel Commission for the State of Colo
rado, from time to time. as toll or
terest on the total bonds issued nereun-
der; together with all necessary ex-
pense OF operation. maintenance and re-
pair, which shall constitute fund to be
used solely for the purpose of paying
such interest without further order:
shall also be provided in said Contracl
that The Denver Northwestern and Pa
cific Railway Company. its successors
and assigns. shall maintain said Tunnel
in a first-class and safe condition. and
in case The Denver, Northwestern and
Pacific Railway company. its successors
and assigns shall at any time be cafie'
upon to pay, and shall pay the ,, pri,nsipad, ,ns,I
under the provisions of this Act and in
GLIDING all interest on said bond issue
which has heretofore Deen pdlu DE the
State OF Colorado and all interest which
is due and accrued at the time of such
purchase and all salaries and expenses
of the Commission and all the expenses
of the State of Colorado in referring this
Bill to vote of the people incurred by
the State. then the title to said Tunnel
western and Pacific Railway Company.
it's successors and assigns and the State
of Colorado shall by proper deed or con-
veyance transfer the property and rights
hereinbefore transferred by said The
Denver, Northwestern and Pacific Rail-
way Company and The Continental Tun-
mel Railway Company, together with the
said tunnel and tunnel rights TO said The
Denver Northwestern x Pacific Rail
way Company. It's successors % ana n1 as1
cease to have any Interest therein. with
in thirty days after any transfer
of tunnel rights. as last above noted the
Tunnel Commission shall make final
report to the Auditor of State and shall
then cease to exist as state Tunnel
Commission.
At the time the contract provided for
in this section is entered into between
the Tunnel Commission, on behalf of
the State and The Denver. Northwestern
Continental Tunnel Railway Company.
their successors and assigns. there shall
be included in said contract clause by
which the said railway company agrees
with the State that by the time said tun-
mel is completed said railway company
will have established through service be-
tween Denver, Colorado. and Salt Lake
city. Utah. through the completion OF
the line OF railway OF said The Denver.
Northwestern and Pacific Railway Com
pany. its successors and assigns. or by
the building of a connecting line of rail-
way between Orestod station on The
Denver. Northwestern and Pacific Rail-
way and Dotsero station on The Denver
and Rio Grande Railroad thus insuring
direct and through traffic through said
tunnel between said above named cities.
At the time the contract provided for
in this Section is entered into between
the Tunnel Commission on behalf of the
State, and The Denver. Northwestern
and Pacific Railway Company. Its sue
cessors and assigns. there shall be in
cluded in said contract a clause by which
the said Railway Company guarantees
the full and for final payment of all
bonds issued hereunder and all interest
accrung thereon and the faithful per-
formance of all contracts. shall deposit
with the Tunnel Commission a first class
negotiable security or bonds as collateral
security In an amount equal to said bond
issue.