The Idaho Springs siftings-news., 1916-10-13
PROPOSED LAW OF THE STATE
OF COLORADO. INITIATED BY

PhOFOSED LAW OF THE STATE
OF COLORADO. INITIATED BY
PETITION UNDER THE INITIA-
TIVE AND REFERENDUM
General Election to be held on the
Seventh day of November. A. d. 1915.
there win be submitted to the quail
or hs1 of sa state 9e ths
state 81 peoponsS pcoiorsdo. Initiated BY By
Pstition under the itia Initiative an; and
ton contained the signatures Of
more than the required number. to-.
UT nit 81 Of the legal d yoseTs vers,,ea Of
In accordancs with the Law. and filed
in the office Of the Secretary Of State
st on ss ths s!s;n.t Sixth day ei July A D. 1916
The authority for submitting such
proposed Law il found in Section of
Article v of the Constitution Of the
state of Colorado. providing for the
Initiative and Referendum.
A BILL FOR AN ACT IN RELATION
TO THE INVESTMENT OF THE
PUBLIC SCHOOL FUNDS.
Be IT Enacted by the People Of the State
OF Colorado:
Section /. All school funds of the
state. whether permanent or income.
unless otherwise disposed of by law,
shall be invested as directed by the
state board of land commissioners
First-In interest-bearing war
rants of the State of Colorado:
Second-In the bonds of the
State of Colorado;
Thirdly loans on unincum-
bered cultivated farm lands with
in the State of Colorado, and in
manner hereinafter provided:
Fourth-In bonds Of school dis
Fifth-In bonds of the several
counties. cities, town or city, and
city and counties of the State Of
Colorado; provided. however, that
before any moneys are 80 invested
in bonds of counties. cities. town
school districts. the validity Of
such bonds shall first be deter
mined by the attorney general of
the state, and the state board OF
fled that such bonds are in all re-
spects legal and a safe Investment;
and it is further provided. how
shall be purchased at a price not
to exceed par value and the ac-
crued interest thereon.
Section 2. Investment by loans on
cultivated farm landB within the State
of Colorado shall be made only to per-
sons who are actual residents on such
land. and then only on lands of which
$500 per acre and in sums of not to
exceed s2.5oo.00 to any one person;
such loans shall be made for at least
one and not more than five years, and
bearing six per cent (s%) interest per
annum, payable annually until due.
with interest at the rate of eight per
cent $50 per annum after maturity
on both principal and delinquent in
terest, said promissory notes to be Sc
trustee Of the county wherein the land
Is situated. in favor Of the State of
Colorado. upon real estate as above de-
scribed of an appraised value of at
least three times the amount of the
sum borrowed.
farm lands shall be made direct to the
state board Of land commissioners upon
blank forms to be provided for that
purpose, and no loan shall ever be
made unless the applicant has good
title in fee simple to the lands offered
as security for the loan. Upon receipt
Of the application the state board Of
land commissioners shall, unless they
disapprove the loan in the first in
stance, cause the land to be thorough
ly examined and appraised, and II. in
their judgment, the security is ample
and the applicant In all respects comes
within the terms of the provisions Of
provided, however, that In the event
that the loan is made on irrigated
lands, such requirements shall be made
by the board of land commissioners as
shall secure to the state first lien upon
all water and water rights for the irri-
CATION of said lands.
When the application IL approved by
the state board OF land commis0io norA
the register shall complete the contract
by taking a promissory note payable to
the State of Colorado and secured by q
deed of trust upon tho land in manner