The Idaho Springs siftings-news., 1916-10-27

PROPOSED Law OF THE STATE
OF COLORADO. INITIATED BY
PETITION UNDER THE INITIA-
TIVE AND REFERENDUM
Notice l. hereby given that At the
"a: ~ TO BE A D. 1ss
there will be submitted to the quail
fled electors of the state OF Colorado.
for their approval or s.5ecsion' t r.:
stat. 81 D coiorsde. initiated BY
Petition under the Initiative and
,hi q. petit
more than the required number. Ito.
the state Of Colorado. duly verified;
In the office of the Secretary Of State
at at Ans fas e oeloek aA :. N n. '' a.
proposed Law 10 found in Section OF
Article v Of tho 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 Eaaoted BY ths People Of the State
of Colorado:
Section !; 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 interest bearing riII..S var
State Of Colorado;
bered cultivated farm lands with
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 80 invested
in bonds of counties, cities. town
or city. and city and counties or
s s.ao districts, the validi To-. OF
mined by the attorney general OF
the state. and the state board Of
land commissioners must be satis-
fled that such bonds are In all re-
spects legal and safe Investment;
and it is further provided, how
ever. that such bonds or warrants
shall be purchased at price not
to exceed par value and the ac-
crued interest thereon.
Section 2. Investment by loans on
cultivated farm landB within the State
sons who are actual residents on such
land, and then only on lands OF which
the appraised value II not less than
s9eeed Pes sa lets an" to any @
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 t6Z) 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 q 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 snail ever be
made unless the applicant has a good
title in fee simple to the lands offered
81 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. ana II. In
their Judgment, the security - ample
within the terms of the provisions OF
this act, they may approve the loan:
provided. however. that in the event
that the loan 10 made on irrigated
lands, such requirements snail Dc mace
by the board Of land commissioners a.
sHaii secure to the state first lien upon
Ali water and water rights Tor the irri-
When the application 10 approved oy
the state board Of land commissioner
the register shall complete .ns cu ~
the state Of Colorado and secured ~
deed NJ trust upon the land In manner