The daily sentinel., 1912-10-17

, sion shall have vote in alnng said vacancy
| The Tunnel Commission herein consti-
tuted shall have all powers hereinafter in this
| BIZ set forth and 10 in respect to such
matters in the name and behalf o, the
state % Colorado.
the tunnel hereinafter referred to and its &C
/ ceptauce by the Tunnel Commission. the posi-
iion Of Supervising Engineer and Secretary
| Of the Tunnel Commission shall cease, and
| no further salaries shall be paid in connection
| herewith, nor shall any salaries any time
be paid to the ex-otficio members Of the Com
mission.
Sec. :. There is hereby n-tnorized a bond
Issue. on behalf OF the state of Colorado. sg-
gregating foul million dollars face value. TO
bear -FOUR per cent Interest per annum payable
| semi-annuaily. dated on a date to be selected
by the Commission and as soon as possible
| after this Act shall become effective. and
maturing hfty years after date thersof. TO be
known as state Tunnel Bonds, and to be
issued and used by the Tunnel Commission
herein created in paying FOR constructing and
driving tunnel under the Main Range OF tho
Rocky Mountains, and under the terms and
provisions OF this Act. and not Otherwise.
The form. terms and provisions of these
bonds. not Inconsistent with anything in this
Section contained. shall b. fixed and deter
mined by the Tunnel Commission and none OF
said bonds shall be issued or sold account
Of any loan 10 the state OF Colorado. but sole
ly as herein provided. In payment OF the con-
strueiion Of the Tunnel herein provided for.
and on behalf OF the State Of Colorado by the
Treasurer Of the State from time to time. upon
the certified order OF the Tunnel Commission
and for the purposes In this Act forth.
Such bonds shall be in such denominations
as the Tunnel Commission shall decide. and
payable either to bearer or to registered
holder.
All state Tunnel Bonds when authorized
and Issued required by this Act. shall con-
stituie, and the shme shall be and prior
lien upon the Tunnel and Tannel Approached.
as constructed under the terms md provisions
OF this Act. and the Tunnel Commission Is
hereby authorized and empowered. In tho
name and on behalf OF the State Of Colorado.
TO execute and deliver all and amy convey
anoes. indentures and deeds of trust that may
be necessary in their discretion to eject ana
constitute such lien. and the General As
semhly shall Appropriate from time TO time,
when the same shall be necessary. by the Cen
eral Appropriation Bill. sums II money sur
nclent In amount TO pay the interest accruing
on the State Tunnel Bonds. issued as provided
herein In this Act; and the General Assembly
shall by law provide for a sinking fund to
pay the State Tunnel bonds at maturity. to be
created out of the State Capitol Fund. begin
ming not later than eight years from the date
OF the taking effect OF this Act; PROVIDED.
however. that all or any part OF the appronrl
alton or sinking fund not needed or used for
such purpose. provided herein. shall re-
main In the General Fund OF the State and be
subject TO further appropriation by the Cen
eral Assembly: all such interest payments
shall be included in any estimate OF the cost
OF the Tunnel
Sec. D. All bonds described in Section two
hereof or so many thereof may he necos-
sary. shall be used only for the purpose OF
constructing a tunnel through the Main Range
OF the Rocky Mountains. through the base OF
James Peak, and having Its eastern portal
near the town OF Toliand. Gilpin County, on
the line OF railway Of The Denver, North
western and Pacific Railway Company. and It's
western portal near the town Of Arrow. in
Grand County. the line OF railway OF The
Denver. Northwestern and Pacific Hallway
Company together with the necessary ,sp-
proaches to both the Eastern and Western
portals OF said Tunnel: said Tunnel TO be suf-
nlciont In size. character and capacity TO
OF the construction OF singlc-tracl railway
to be operated by steam or electricity and 10
permit Of the construction OF a singlc-track
railway to be operated by steam or cleo
trleity, and to permit Of the convenient
operation OF railway trains through the
same, and not TO exceed in length fve miles.
Sec. T. Within sixty days from the taking
effect % this Act. and before any bonds hereby
authorized are issued or used for any pur-
pose The Denver. Northwestern and Pacific
Railway Company and The Continental Tun-
mel Railway Company. their successors or as
signs, shall by warranty deed and other proper
conveyances transfer and deed TO the State OF
Colorado. In consideration Of the advantages
to be derived from this Act. without further
compensation therefor. all rights of way. to
both tunnel sites and approaches thereto,
hlings. surveys. maps. plans. estimates and
data connected with nad necessary for said
proposed tunnel which owned or
Possessed by ssld Tho Denver. Northwestern
and Pacific Railway Company or The Com
tinental Tunnel Railway Company. either
OF them. NIL OF which may he used by the
Tunnel Commission In the construction Of the
Tunnel herein 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 ineumprances
There shall also be within sixty days from
the taking effect of this Act contract or
lease prepared and executed by the State OF
Colorado and The Denver, Northwestern and
Pacific Railway Company and the Continental
Tunnel Railway Company. their successors
and assigns, which shall upon the consd- |
crations in this Act provided give to said
The Denver Northwestern and Pacific |
Railway Company. Its successors and as
signs, the right to use said tunnel for rail- |
way purposes until the maturity OF the !
bond Issue herein provided for. to-wit: nifty |
years from date thereof; upon the terms and
conditions in this Act set forth, and also pro- |
viding that The Denver, Northwestern and
Pacific Railway Company, It's Successors
and assigns. shall give good and sufficient |
security satisfactory to tho State Tunnel Com !
mission, and based upon the entire holding of
said The Denver. Northwestern and Pacific |
Railway Company, is successors and assigns,
for the payment OF the principal and nerest
OF all State Tunnel Bonds issued under the
provisions OF this act and shall pay the Tun-
mel Commission for the State Of Colorado,
from time TO time, as toll or charge for such
use, the maturing interest on the total bonds |
issued hereunder; together with ali necessary
expense OF operation. maintenance and repair. |
which shall constitute fund to be used
solely for tho purpose OF paying such interest
without further order II shall also he pro-
vided IN said Contract that The Denver. |
Northwestern and Pacific Railway Company.
its successors and assigns, shall maintain
said Tunnel in a hrsteciass and safe condl-
ton. and in case The Denver Northwestern
and Pacific Railway Company It's successors
and assigns. shall at any time be called upon
to pay. and shnll pay the principal OF all OF
said bonds at any time issued under the provi-
sions of this Act and including all interest on
said bond issue which has heretofore been
paid by 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 a vote OF
the people incurred by the State then the title
to said Tunnel shall vest in said The Denver.
Northwestern and Pacific Railway Company
its Successors and assigns. and the State OF
Colorado shall by proper deed or conveyance