Gilpin observer., 1912-10-31

saine snaii De necessary. Dy the Generai
Appropriation Bill sums OF money suffi-
cient In amount to pay the interest ac-
cruing on the State Tunnel Bonds. is
sued as provided herein in this Act; and
the General Assembly shall by law pro-
| vide for a sinking fund to pay the State
Tunnel Bonds at maturity. to be ere
ated out of the State Capitol Fund.- be-
| ginning not later than eight years from
the date OF the taking effect of this Act:
PRoviDED. however. that al or any
| not needed or used for such purpose. as
provided herein. shall remain In the Cen
era! FUND OF the State and be subject to
sembly; all such interest payments shall
be included in any estimate Of the cost
| 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 pos OF constructing q nKm tunnel aooi through
| through the base of James Peak, and
having Its eastern portal near the town
OF railway of lrRa TRe Denver. NorthWes.ern % @ re
| 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
necessary approaches to both the East
| said Tunnel to be sufficient In size. char
acter and capacity to permit OF the con-
struction of 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 T. 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 consideration 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
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.
| There shall also be within sixty days
from the taking effect of this Act con-
tract or lease prepared and executed b!
the State of Colorado and The Denver
| Northwestern and Pacific Railway Com
papy and The Continental Tunnel Rail
way Company their successors and as
signs which shall upon the considera-
tions in this Act provided. give to s.!
The Denver Northwestern and Pacific
| y,
signs, the right to use said tunnel for
| railway purposes until the maturity of
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
shall give a good and sufficient security
satisfactory to the State Tunnel Com
J ings of said The Denver Northwestern
and Pacific Railway Company. Its sue.
cessors and assigns, for the payment OF
Tunnel Bonds. issued under the provis-
ions Of this act and SHAH pay the I1 Tun-
ned red cGmssi9n qram time tor fo time as toll or
charge for such use, the maturing in
terest on the total bonds issued nereun-
| pense of operation. maintenance and re
pair which shall constitute fund 10 be
used solely for the purpose OF paying
such interest without further order; j ]
shall also be provided in said Contract
that The Denver. Northwestern and Pa
cific Railway Company. its successors
and assigns. shall maintain said Tunpel
in first-class and safe condition: and
in case The Denver. Northwestern and
and assigns. shall at any tune be caiie
upon 10 pay. and shall pay the principal
OF all Of said bonds at any time issued
cluding all interest on said bond issue
which has heretofore been paid bv 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
shall vest in said The Denver; North
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-
said tunnel and tunnel rights to said The
Denver. Northwestern & Pacific Rail-
way Company, its successors and as,
signs. and the State of Colorado shall
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 a 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
and Pacific Railway Company Its sue
| oessors 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
accruing thereon and the faithful per-
formance OF all contracts. shall deposit
with the Tunnel Commission first class
negotiable security or bonds as collateral
| security in an amount equal to said bond
issue.
Sec. s.. The right to use said Tunnel