The Elbert County tribune., 1914-10-30


"a the Constitution Of the State Of
Colorado. providing for the Initiative
and Referendum.
Senate Bill No. !. Laws 1914
Sections Refsrrsd-Nos. So and u.
AN ACT CONCERNING PUBLIC ur1r~
ITIEs. CREATING A PUBLIC UTIL-
tiles COMMISSION. PRESCRIBING
ITS POWERS AND DUTIES AND
REPEATING CERTAIN ACTS AND
PARTS OF ACTS IN CONFLICT
THEREWITH-
nAid Sections % and ~ being a. fol-
lows. to-wit:
Section s6. (a) No railroad corpora
eion. street railroad corporation, pipe
trical corporation. telephone corpora
tton. telegraph corporation. water COR
s ac Rs e les Dr1
Wise dispose OF or encumber the whole
or useful In tho performance of Its du-
on any rshf of Sy
any means whatsoever. direct or indi-
rect, merge Or consolidate It's rail-
tenn, or franchises or permits or any
part thereof. with any other public
rtii,ty without hayins & d,rss ,Scs sseprsd
isass. assiEnment. mcrtsags. disposi.
dalton made other than in accordance
with tho order of the commission au-
thorizinR the same shall be void The
permission and approval OF the COM
mission to the exercise of a franchise
or permit under section thirty-five (a)
Of ahi. act. or tas sale. sale. lease. assisn,
sncumbrnnce or n franchise or permit
under. this section shall not be con-
or or Invalid franchise or W permit nit or Ito to
lsKes contained in the grant Of any
forfeiture. Nothing In this subsection
contained shall be construed to pre-
sge public Stg OF ner class dess
mated in this subsection of property
which is not necessary or useful in the
lie. and any sale of Its property by
suoh public utility shall be Conclusive
" presumed to have been of property
performance Of Its duties to tho public,
- to any purchaser. of such property
f6) No public utility shall hereafter
part OF the capital stock of any other
virtue of the laws of this State, with
out having been first authorized to do
20 BY the commission. Every assign.
for assignment or transfer or any
stock by or through any person or cor
wise. In Violation Of ar any OIL Of the provis- s"i
aoEs OF this section shall be void and
Of no effect. and no such transfer shall
bo made on the books of any public
utility. Nothing herein contained shall
Pc construed 10 prevent the holding OF
stecn laTfnIy gn asuaIred
utilities to issue stocks and stock cer-
tiftcates. and bonds. notes and other
ate liens on their properly situated
Within this state Is q special privilege.
the right of-supervision. regulation. re:
shall continue TO be vested In the State.
and such power shall be exercised .as
and regulations a. the commission may
is x public utility may issue stocks
and other evidences of indebtedness
payable At periodn Of more than twelve
months after the date thereof. for the
ransiy: For the acauisition Of such
property A. y necessary for the prop
eonstruction, completion. extension or
Improvement OF its facilities. or for the
Improvement or maintenance Of its
rsfundfnE Of Its obiiRafions. or for the
reimbursement of moneys actually ex
froT n incoTs tSs or from any '5s 9th
81 ON the Issue cf stociss or = stock a,ase cer.
dancer OF indebtedhess Of such n' bubble
the fling r,s of 81 an sppiisstion With the
ton. fs'' Tor any my OF OF the aforesaid idur pur-
poses except maintenance OF service
shn hve ksps ts wsecs sss
and vouchers for such expenditures In
such manner a. TO enable the commits
syn % 90 % ezpended ana the puruoses o 9o, fos
which such expenditures were. made:
p<SSy;i;dsd. that At such S, public utility: IL
law. shall first have secured from this
commission an order authorizing such
end the purpose or purposes to which
the issue or. the proceeds thereof are
g be applied, and that. in the opinion
Tor BY such Issue is reasonably re-
ff he orSsr ana q 5a
the case of bonds. notes or other evil
purposes are not. In whois or in part.
reasonably charRenble to operating ex-
or to TG enable 9ss It to
order. the commission shall hold a
such witnesses. books. papers. docu-
ments and contracts and REQUIRE the
ruling OF such data az Il may deem OF
order grant permission for the issue of
such stocks or stock certificates, or
bonds. notes or other evidences OF In
or in Lesser amount. or not at ali. and
may attach to the exercise of its per-
mission such condition or conditions az
Il may deem reasonable and necessary
The commission may authorize issues
Of bonds. notes or other evidences of
or grenter than the authorized or sub
scribed capital stock of a public util-
fty corporation. and tho provisions of
fhs atatutks Of this State in 40 far a 4
they contain inhibitions against the
creation by cQrporations of indebted
zean evidenced by honda. notes or 9TH
erwise. In excess of their total author
lxcd or subxcrihcd capital stock shal,
have no. application to. public utilities
consent Of the Commission. apply the
issue of any stock or stock certificate.
or bond. note or other evidence of in
proceeds thereof; to any purpose