The Julesburg grit-advocate., 1916-10-19
PROPOSED Law o. TEE STATE ~
COLORADO, INITIATED DY PDS1.
TION UNDEa TINE INITIATIVE AID |
REFEREMOUM.

COLORADO, INITIATED ~ PE11.
TION UNDER THE INITIATIVE AHD
REFEREMDUM.
General Election TO be held on the 6sv-
enth day Of November. A. ID. 1915, there
will be submitted to the qualined elect
approval or rejection. the following
proposed Law of the State of Colorado
initiated by Petition under the !nitia:
petition contained the sisnatures Of
Cto-wi,: per cent? Of the legal voter:
Of the State Of Golorsdo, duly vsriasd,
in the once of the Secretary OF State
on ,s ths s.n5an. Sixth day q July. A. D. 1915.
The authority for submitting such
proposed Law 10 found In Section I Of
Article Sf the c0ns,itstion ,ef Of n: s
Initiative and Referendum.
81 Tn, THE u s.Iiani INXEsTMEHI IEST OF THE
Be stat. !, E5.s.sS N sS the People of the
Section !. Ali school funds of the
.sa b. 2, ey :, 4:
state board OF land commissioner
First.In interest. bearing war
rants OK the state OF Colofaoo:
=, see9ndMdn sc3ns.dd the bonds Of the State
Third-By loans on unincumbered
cultivated farm lands within the
Fourth-In bonds Of school dis
triets within the State OF Colorado:
F,tthln .,,ts bonds Of ~ the o;,x several .nS
Colorado; provided. however. that
ed edfGlf IN bond. any oa soan,i are c sesn
school districts. the validity Of such
bonds shall hrst be determined by
and the state board Of land com.
missioners must be satisfied that
such bonds are in all respects lie.
10 further provided. however. that
such bonds or warrants shall be
purchased at . price not TO exceed
par value and the accrued interest
cusSaed farm iends Within tSe Se' s..ss
of Colorado shall be made only to per.
land. and then only on lands of which
the appraised value IL not less than
$500 per acre and in sums Of not to
such Ioans shall be made for It least
shall be evidenced BY p.omissory notes
tere.t per "a annum. payable rsnnusiiy un:
til due. with interest at the rate Of
eight per cent Is per cent? per annum
Ha
notes to be secured by q deed Of trust
to- the public trustee OF the county
ss se of aeon n re-. .s
tate a. above described Of an ap-
praised value of At least three times
the amount Of the, sum borrowed.
n
farm lands shall be made direct to the
blank forms to be provided for that
RadReIsi mads Unless @ the he appiie.nt .p has sood
as security for the loan. Upon receipt
land commissioners shall. unless they
stance, cause the land 10 be therogshiy
sasr sa PR. .seary snd .pe IL
and the applicant in all respects comes
within the, terms Of the provisions Of
1ns s hex Wsy sa Il. The .Ssn
lands, such requirements shall be made
by the board Of land commissioners as
shall secure to the state hrst lien upon
all water and water rights for the irri-
cation of said lands;
When the applisatoaG y Il on is approved by
the the resister shall compiete the con.
tract by taking a promissory. note pay
able TO the State of Colorado and Sc.
manHer snd form a. ABOVE ee
toned. and he shall forthwith trans
nit the deed Of trust to the county
arS Gee
Of trust is returned from the county
clerk and recorder with the usual GER.
Of the noe s. aea dess Of tss
and all other securities in question to
the state treasurer. who shall there
upon pay to the applicant the amount
OF money named in said note. The state
board OF land commissioners shall in
each case require from the applicant
an abstract Of title to- the land. certi-
said abstract shall also be deposited
with the note and deed Of trust
the same are due. or failure to pay
the interest upon the said note in ac-
cordance with the terms of the note.
abie. anything in the note or deed Of
trust to the contrary Notwithstanding.
When loan has been made and the
desires to rensw Hes the same 1or
made in the hrst instance but no new
abstract. except a continuation OF the
sion. nor examination of title prior to
the original loan. nor new deed Of trust
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
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 a bar to any
action to recover any part of the
school or other permanent fund so
loaned, nor shall 1t prevent the intro
duction OF evidence in such action any
provision of the law to the contrary
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 certif
cate showing the amount and the pur-
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
state board of land commissioners; the
register OF the said board shall exc
rufe and deliver request Tor the re-