The Idaho Springs siftings-news., 1916-10-20

TIVE AND REFERENDUM
Notice Is hereby. given that at the
General Election to be held on the
there will be submitted to the quail
fled electors of the State OF Colorado.
for. their approval or rejection. the
Sis"'"e s3ase ef D1op1sss DcoioTado. ini.iated by
Petition under the Initiative and
Referendum; Ref which initiated peti,,
more than the required number. uo,,
the Ts state 1 Of cePerado ne esai duly verifiea
in the office of the Secretary of state
on the Sixth day Of July. A. d. 1916,
at 4:a5 o'clock. p. NJ
proposed Law is found in Section l 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 1t Enacted by the People Of the State
Of Colorado:
Section l. All school funds of the
state. whether permanent or income.
unless otherwise disposed of by law.
shall be invested 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 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 the several
counties, cities. town or city. and
city and counties of the State Of
before any moneys are so invested
in bonds of counties. cities. town
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
land commissioners must be salts
fled that such bonds are in all re-
spects legal and a safe investment:
and it is further provided, how
shall be purchased at price not
to exceed par value and the ac-
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 10 not less than
$500 per acre and in sums of not to
exceed s2.500o0 to any one person;
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 (sH) interest per
annum, payable annually until due,
with interest at the rate Of eight per
cent (S%) per annum after maturity
on both principal and delinquent in
terest, said promssory notes to be Sc
cured by a deed Of trust to the public
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 tho 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 a 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
disa pprove the loan In the first in
stance, cause the land to be thorough
Iy 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:
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 II approved by
the state board Of land commissioners,
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 the land In manner