La Junta tribune. (La Junta, Bent County, Colo.) 1881-1939, 1916-10-28
Proposed Law Of the state of Colorado
Initiated hy Petition Under the
Initiative and Referendum

Notice Is hereby given that al IN.
General election to b. held on the sew
enth day OF November. A. D. 1915
there WIN be submitted to the aualf-
for their approval or rejection. the FOL
lowing proposed law of the Stat. OF
colorado. Initiated by Petition under
the Initiative and Referendum. which
initiated petition contained the sigma :
lures OF more than the required mum
Der. tto-wit: per centD OF tn. legal
voters OF the State of Colorado. duly
verified, IN accordance with tn. Law
ury OF State on the Sixth day of July.
A u 1915. Mt 1915 o'clock. y NJ
Inc authority for submitting such
proposed Law Is found in Section ! OF
state OF Colorado. providing for the
initiative and Referendum.
BILL FOR AN ACT IN RELATION
TO THE INVESTMENT OF THE
PUBLIC SCHOOL FUNDS
Re Il Enacted by the People OF the
state Of Colorado
Section ! All school funds OF the
state whether permanent or Income
unless otherwise disposed OF BY law
shall he Invested a. directed by thu
stht" board OF land commissioner
first-lin interest bearing warrants
OF the state OF Colorado.
ID. Second-In bonds Of the State OF
THIRDLY loans on unincumbered
cultivated lands within the state OF
colorado. and In manner hereinafter
provided:
Fourth-Iu bonds OF school districts
within the state OF Colorado.
Fltth-ln bonds OF the several
counties, cities, town or city, and city
ana counties of the State OF Colorado,
provided, however. that before any
moneys are 50 Invested Ia bonds oi
counties, cities. town or city. and city
and counties or school districts IN.
validity OF such bonds shall first b.
determined by tn" attorney general OF
the state. and the state board OF land
commissioners must b. satisfied tina,
such bonds are In all respects Legal
and safe investment: and IL ls fur,
th"r provided, however. that such
bonds or warrants shall be purchased
ht price not to exceed par yalu.
and the accrued interest thereon.
Section 2 Investment by loans or
cultivated farm lands within the Stat,
OF Colorado shall be mad. only to per.
sons who are actual residents on such
the appraised value II not less thar
$500 per acr. and In sums of not e.
exceed ", 10000 to any one person
such loans shall b. mad. for at least
on" hnd not more than five years
and shall b. evidenced by promissor,
notes bearing six per cent 90 pei
cent? interest," per annum, payable
annually until due. with interest AT
cent? per annum after maturity OF
both principal and delinquent Interest
kald pfomlssofy notes To d. secured 10y
deed Of trust TO tn. public trust.,
Of tho county wherein tn. land II sit,
uat.d. Ia favor Of the State OF Colo,
RADIO, upon real estate as above de
scribed Of an appraised value OF nj
least three times the amount OF th'
Applications for loans on cultivate,
! farm lands shall b. made direct To tbs
| state board OF land commissioner
upon blank forms 10 be provided fol
be- made unless the applicant has
good title In fee simpl. to the land Of
\ fnred M security for the loan, tpoi
receipt OF tho application the stat
/ less they approve the loan In th'
| first Instance. cause IN. land 10 b'
thoroughly examined and appraised
and II. In their Judgment the secur
| respects comes within the terms of tn
provisions Of this act, they may np
prove IN" loan; provided, however
that In the event that tn. loan Il
mcntu shalt b. made by the board %
| land commissioners hr shall secure 4
| the stat" first lien upon all water am
water rights for the irrigation OF sat
when the application IL approves
by tn. state board of land commits
| slonsrH the register shall complete
tho contract by taking pronlEsori
not. pnynbi. 10 the state OF Colorado
and secured by n deed OF trust upo'
IN. land In manner and form as hboy,
mentioned. and h.. shall forthwith
transmit the deed OF trust TO the coun
~ clerk and recorder Of tn. prop.
county for recording, As soon ms III
deed Of trust IN returned from tn
rounty clerk and recorder with the Us
nal certificate Of record. the repir'e
| shall transmit the note and deed o
| trust and all other securities IN cues
| lion TO IN. state treasurer, who rhhl
| thor.upon pay 10 the applicant tn
amount OF money named IN said mote
The state board Of land commlsHlonrr
shntl In each case require from III
apptlrhn, an abstract OF Title to tn
inni. certified to include the deed .
trust. which said abstract shall ais
be deposited with the state treasure
In connection with the note and dee
Of trust
Failure TO pay any or all taxes whs
the same are due. or failure to pay tn
Interest upon the said note In accord
nnrs with the terms Of the note. shal
render the principal due and payable
ANYTHING In the note or deed OF trus
10 the contrary notwithstanding,
when a loan has been mad. and N