The Delta independent., 1916-10-27

sioners may. from time to time, require
of said applicant such deposit as may be
necessary to defray said expenses.
The state board of land commissioners.
may at its discretion, require the applicant,
when the loan is made, to carry appropri-
ate insurance the buildings on the prem
ises covered by the deed of trust in favor
of the State of Colorado. such insurance
policy to be placed in the custody of the
treasurer of the state with the note, ab-
stract and deed of trust, and the failure
of the applicant to pay premiums upon
said policy of insurance when the same be-
come due. shall be sufficient cause for de-
claring the principal Of said loan due and
payable
in the event that any property upon
which the State of Colorado holds deed
of trust or loan made in the manner afore-
mentioned. shall after the execution of such
deed of trust, be included in any irrigation
district, drainage district, any other dis
trict wherein levy is made for local pub
lie improvements. the lien thereby created
shall be subject to and subordinate to the
lien of the deed of trust in favor OF the
state. which shall be in no wise defeated
by the lien of such irrigation district, drain
age district or local public Improvement.
Neither shall any such land be subject
to taxes which accrue for any purpose after
a public trustees deed thereto shall have
been executed in behalf OF the State of
Colorado herein provided for; provided
however, that in the event that there are
taxes other than those arising out OF or
in connection with any irrigation district.
drainage district local improvement dis
trict of any kind or nature, which it is
| necessary to pay in order to preserve the
lien of the deed of trust in favor OF the
state, the state board of land commissioners
shall certify that fact to the state treas
urer giving the amount of such taxes and
the state treasurer shall remit such amount
| to the treasurer of the proper county, TAX
ing his receipt therefor. Such payment to
| be made from the school fund and charged
part of the loan against the debtor.
Applications for loan upon improved farm
lands shall. as soon as practicable after the
I same have been received by the state board
| of land commissioners, be posted in some
conspicuous place open to public inspection
| in the office of the state board of land COM
missioners, and such notice shall give the
name of the applicant, the amount of money
applied for. the description of the property
offered security and the time for which
the loan is desired, and all such applica-
lions shall be considered by the board in
the order in which they are received.
The state board of land commissioners
! shall mako all rules and regulations neces-
sary for the effectual performance OF the
terms of this act. not inconsistent Herewith.
and shall have the right at any reasonable
| time. to require from the state treasurer
statement of the total amount of money
| in the public school fund, the amount in
vested and the manner in which it is in
! vested. together with the time for which
it is invested. the rate of interest which 1t
bears, and also the amount in said fund
uninvested
Section 3. That sections 519s. 519s. $500.
52O1. 52o2. 52o3. 52O4, 52o5. 52O6, 52OT
/ and 52OS of the revised statutes of 1905
| OF the State of Colorado are hereby re-
! pealed. and all acts and parts of acts in
conflict herewith are hereby repealed.
We. the undersigned legal voters and
qualified electors OF the State of Colorado
/ do hereby designate the following persons
to represent the signers of this petition in
all matters affecting the petition, to-wit /:
Volney 7. Hoggatt. Post Building, Denver
Colorado; John G. Powell, Ernest and
| Cranmer Building, Denver. Colorado; John
! Thomas Maley 5OT Ernest and Cranmer
Building. Denver, Colorado.
| We. the undersigned legal voters and
qualified electors of the State of Colorado
| do hereby designate the following Ballot
i Title for said act