The Julesburg grit-advocate., 1916-10-26
PROPOSED Law OF THE STATE OF
COLORADO, INITIATED IN PETIT
TION UNDER THE INITIATIVE AND
hEFERENDUA.
fSeal)

NOTICE Is nerepy given that at the
General Election to be held on the Sew
enth day of November. A. ID. 1916, there
will be submitted to the qualified elect
ors of the State of Colorado, for their
proposed Law of the State of Colorado
initiated by Petition under the Initia-
tive and Referendum. which initiated
petition contained the signatures of
more than the required number.
tto-wit: per cent? of the legal voters
of the State of Colorado. duly verified.
in the Office Of the Secretary of State
on the sixth day Of July. A. d. 1916.
proposed Law is found in Section l of
Article Y Of the Constitution %, OF The the
Initiative and Referendum.
BILL FOR An ACT n RELATI9N mt3 !;
PUBLIC SCHOOL FUNDS.
Section l. Ali school funds of the
state. whether permanent or income
shall be invested as directed by the
state board of land commissioner
First..In interest. bearing war
rants of the State Of Colorado;
Second--In the bonds of the State
ThirdNBy loans on unincumbered
state OF Colorado. and in manner
hereinafter provided;
Fourth-In bonds of school dis
'FiFis FifthMin SHa" t@1 bonds Of the several
city and counties of the State of
Colorado; provided. however. that
ed in bonds of counties, cities. town
or city. and city and counties or
school districts, the validity OF suSh
the attorney general Of the state
and the state board OF land com.
missioners must be satisfied that
gal and a safe Investment; and 1t
is further provided. however. that
such bonds or warrants snail be
purchased at a price not to exceed
par value and the accrued interest
Section 2. Investment by loans on
cultivated farm lands 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
the appraised value is not less than
$500 per acre and in sums of not to
exceed $2.500.o0 to any one person;
such loans shall be made for at least
shall be evidenced by promissory notes
bearing six per cent ts per cent? in
terest per annum, payable annually un.
eight per cent Is per cent? per annum,
after maturity on both Prineipaii pa ar and
to to- the public trustee of the county
wherein the land is situated, in favor
OF the State OF Colorado. upon real es-
praised value Of at least, three times
the amount of the sum borrowed.
Applications for loans on cultivated
state board of land commissioners upon
blank forms to be provided for that
purpose. and no loan shall ever be
title in fee simple to the lands offered
as security for the loan. Upon receipt
Of the application the state board Of
disapproVe tusa eU''tfe the loan in the first in.
stance. cause the land to be thoroughly
examined and appraised. and II. in
and the applicant in all respects comes
within the terms of the provisions OF
this act. they may approve the loan
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
CATION Of said lands;
When the application is approved by
state board sh IF lana be
tract by taking promissory note pay
able TO the State of Colorado and Sc;
cured by deed Of fot trust upon the en and
toned, and he shall forthwith trans
NIT the deed Of trust, to the county
clerk and RECORDER Of the p1epsr %and
of trust is returned from the county
clerk and recorder with the usual GER:
tincate of record, the register, sds trsl, shal,
and all other securities in question to
the state treasurer, who shall there.
upon pay to the applicant the amount
of money named in said note. The state
board OF land commissioners shall ir
each case require from the applicant
an ABSTRACT Of title as, to the land h,tt certi
said abstract shall also be deposited
with the state treasurer In connection
with the note and deed Of trust.
Failure to pay any or all taxes wher
the same are due, or failure to pay
the interest upon the said note in &C
cordance with the, terms Of the, note
able. anything in the note or deed OF
trust to the contrary notwithstanding
When loan has been made and the
borrower desires to renew the same fol
one or not more than five years, 1t may
be done in manner as the loan was
made in the first instance. but no new
same down to the time of the exten.
sion. nor examination of title, prior tc
the original loan. nor new deed Of trus,
need be required, unless the deed OF
trust Is to be given upon other lands
The time of payment. without further
security. may, be extended in writing
| was recorded, and before maturity OF
the claim. when the state board of land
commissioners shall so order, Dut Sucf
extension of time shall not operate tc
release any. security held. and lapse OF
time shall in no case be bar to any
action to recover any part of the
| school or other permanent FUND sc
| loaned, nor shall 1t prevent the intro.
duction of evidence in such action, any
provision Of the law to the contrary
notwiths tanding.
All payments of either principal OF
| interest upon loans, or of any Other
character shall be made to the register
of the state board of land commission.
ers, who shall forthwith transmit the
same to the treasurer with certif'
cate showing the amount and the pur.
pose for which the payment is made
| and the treasurer shall forthwith in
dorse upon the note in proper form the
payment so made, and when the deb
is fully paid, the treasurer shall can
eel the note and deliver the note. alb
| stract of title and deed of trust and al
other securities to the register of the
state board Of land commissioners; the
register of the said board shall exc
cute and deliver a request for the re.
| lease of such deed of trust and return
the note, abstract and other securitie:
| to the debtor and report the same tc
the state board of land commissioner r:
at its next meeting, which report sha!
1 Il