The Julesburg grit-advocate., 1916-11-02
(Seal)

PROPOSED Law OF THE STATE OF
COLORADO, INITIATED ~ PETIT
TION UNDER THE INITIATIVE AND
REFERENDUA.
Notice is hereby given that at the
General Election to be held on the Sew
enth day Of November. A. d. 1916. there
will be submitted to the qualified elect
approval or rejection, the following
proposed Law of the State of Colorado
initiated by Petition under the initia,
petition contained the signatures of
more than the required number.
tto.wit: per cent? Of the legal v9sers seI
in in aeeordanee ee sae ~ with % the Law. @ and fiied
in the ONCE Of the Secretary of State
on the Sixth day Of July. A. ID. 1916.
The authority for submitting such
proposed Law ia found in Section l Of
Article v Of the CONSTITUTION Of the the
Initiative and Referendum.
A BILL FOR AN ACT IN RELATION
TO THE INyEsTMENT OF THE
state Of Colorado:
Section l.. All 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
Oh ThirdNsy efS loans on unlncumbered
State Of Colorado. and in manner
hereinafter provided;
Fourth-In bonds of school dis
rsis Sn Shn ns Sonds State Of OF the
city and st1ss :oS the STA 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 such
bonds shall first be determined by
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 shall be
purchased at a price not to exceed
par value and the accrued interest
thereon.
Section 2. Investment by loans on
cultivated farm lands within the State
sons who are actual residents on such
land, and then only on lands of which
.he appraised value snG is mot les,
such loans shall be made for at least
one and not more than five years. and
bearing six per cent e per cent? In
terest per annum. payable annually un-
til due. with interest at the rate OF
after maturity on both principal and
delinquent interest. said promissory
notes to be secured by a deed Of trust
wherein the land is situated. in favor
of the State Of Colorado. upon real es-
tate as above described Of an ap-
tho amnnpf Of the h0rrnWed.
Applications for loans on cultivated
farm lands shall be made direct to the
state board of land commissi9nsrs isas upon ,oa
purpose, and no loan shall ever be
made unless the applicant has good
title In fee simple to the lands offered offered
of the application the state board of
land commissioners shall unless they
disapprove the loan in the first in
examined and appraised. and II, in
and the applicant in all respects comes 8
this :' act, they may approve the loan;
provided, however, that in the event
that the loan is made on irrigated
by the board Of land commissioners as
shall secure to the state first lien upon
all water and water rights for the irri-
When the Ha duplication is approved by
the state board of land commissioners.
the register, shall complete the con-
tract by kg Gte aed
cured by deed Of trust upon the land
in manner and form as above men
TONED. and he shall forthwith sta trans trans.
clerk and recorder of the proper coun.,
ty for recording. As soon as the deed
Of trust is returned from the county
transmit the note and deed Of trust
and all other securities in question to
upon pay to the applicant the amount
Of money named in said note. The state
board of land commissioners shall in
fed to include the deed of trust, which
said abstract shall also be deposited
WITH the the 1ss nos sns Geea dr fas
Failure to pay any or all taxes when
the same are due. or failure to pay
the interest upon the said note In &C
shall render the principal due and pay.
able. anything in the note or deed OF
trust to the contrary Notwithstanding.
borrower desires to renew the same for
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
abstract. except continuation of the
same down to the time Of the exten-
sion, nor examination Of title prior to
tne original lOdil, nor ne" uee0 u u US !
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
to be recorded as the original security
was recorded. and before maturity of
the claim. when the state board Of land
commissioners shall so order, but such
extension Of time shall not operate to
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 so
loaned. nor shall it prevent the intro
duction of evidence In such, action: any
provision of the law to the contrary
Notwithstanding.
All payments of either principal or
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 certif1-
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 debt
is fully paid, the treasurer shall can
eel the note and deliver the note. alb;
stract of title and deed of trust and all
other securities to the register Of the