The Idaho Springs siftings-news., 1916-11-03
PROPOSED LAW OF THE STATE
OF COLORADO, INITIATED BY
PETITION UNDER THE INITIA-

PHOFOSED LA" 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 will be submitted to the quail
fled electors OF the state Of Goiora dc:
state Of Colorado. Initiated by
Petition under the Initiative and
ton contained the signatures Of
more than the required number. Ito.
wit: $50 Of the legal voters Of
in accordance with the Law, and filed
in the office of the Secretary Of State
on The sixth day Of July. A. D. 1915
The authority for submitting such
proposed Law il found in Section of
Article of the Constitution Of the
State Of Colorado; proyidins for the
A BILL FOR AN ACT IN RELATION
TO THE INVESTMENT OF THE
PUBLIC SCHOOL FUNDS.
Be II Enacted BY the People Of tAs gfate
of Colorado:
Section l. All school funds of the
unless otherwise disposed of by law.
shall be invested as directed by the
state board of land commissioner
First-.In Understanding war
rants of the state of Colorado;
second-In the bonds of tho
State of Colorado:
Third-By loans on unincum-
in the State of Colorado, and in
manner hereinafter provided;
Fourth-In bonds of school dis
tricts within the State of Colo
Fifth-In bonds of tho several
counties. cities. town or city. and
city and counties of the State of
before any moneys are so invested
or city. and city and counties or
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
ever. that such bonds or warrants
shall be purchased at a price not
to exceed par value and the &C
crued interest thereon.
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 u not less than
such loans shall be made for at least
one and not more than five years. and
shall be evidenced by promissory notes
bearing six per cent tsgc) 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
cured by a deed of trust to the public
trustee of the county wherein the land
IL 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
Applications for loans on cultivated
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
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
~ examined and appraised. and II, In
their Judgment, the security is ample
within the terms of the provisions Of
this act, they may approve the loan:
provided. however. that in the event
that the loan IL made on irrigated
lands, such requirements snail De made
by the board Of land commissioners as
ali water and water rights for the irri-
cation of said lande.
When the application 10 approved by
the state board Of land commissioners.
the register shall complete the contract
by taking a promissory note payaple 70
deed Of trust upon the land in manner