The Delta independent. [volume] (Delta, Colo.) 1886-19??, 1916-10-13

PROPOSED LAW OF THE STATE
OF COLORADO. INITIATED BY
PETITION UNDER THE iNITiA-
TIVE AND REFERENDUM.

Notice is hereby given that at the General
Elece,in to be held the Seventh day of No
yembcr. A. d. 1916. there will be submitted
TO the qualified electors of the State of Col
orado for their approval rejection. the
following proposed Law of the State OF Colo
RADIO. initiated by Petition under the Initia-
tive and Referendum, which initiated petit
ton contained the signatures of more than
the required number. tto-wit: per cent?
OF the legal voters of the State of Colorado.
duly verified. In accordance with the Law
and filed in the office Of the Secretary of
State on the Sixth day of July. 1916. at
I :35 O'Clock p NJ.
The authority for submitting such pro-
posed Law Is found In Section l of Article
of the Constitution OF the State of Colo
RADIO. providing for the Initiative and Ref
ercndum.
BILL FOR AN ACT IN RELATION TO
THE INVESTMENT OF THE PUBLIC
SCHOOL FUNDS.
BE ~ Enacted BY the People Of the State
Of Colorado;
Section 1. All school funds of the state.
whether permanent or income, unless other
directed by the state board of land commits
sionerr-
Firs,-In interest-bcaring warrants of
the State of Colorado.
Sccond-In the bonds of the State of
Colorado.
Thirdly loans on unencumbcred cuI-
uvated farm lands within the State of
Colorado. and in manner hereinafter pro-
vidcd:
Fourth-in bonds of school districts
within the State of Colorado;
Fifth-ln bonds OF the several counties
cities. town or city. and city counties OF
the state OF Colorado. provided. however
that before any moneys invested
IN bonds OF counties. cities town or city
and city and counties or school districts
the validity Of such bonds shall first be
determined by the attorney general OF
the state. and the state board of land
commissioners must be satisfied that such
bonds nre in all respects legal and a safe
Investment: and Il Is further provided
however. that such bonds or warrants
shall be purchased at price not to ex-
coed par value and the accrued interest
thereon.
Section ?. Investment by loans on Guilt
waited farm lands within the State of Colo
RADIO shall be made only to persons who are
actual residents on such land. and then only
on lands of which the appraised value Is
not less than $500 per and in sums
OF not to exceed 81. 90 to any one per
son; such loans shall be made for at least
one and not more than five years. and shall
be evidenced by promissory notes bearing
payable annually until due. with interest mt
the rate OF eight per cent Is per cent? p,r
snnum after maturity on both principal and
delinquent interest said promissory notes to
be secured by 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 described 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 lana commissioners upon blank forms to
be provided for that purpose, and no loan
snail over be made unless the applicant has
a good title In fee simple to the lands offer
ed as security for the loan Upon rcceipt
OF the application the state board OF land
commissioners shall. unless they disapprovc
the loan in the first Instance cause the
land to be thoroughly examined and apprais-
Cd, and if. In their Judgment. the security
IN ample 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 ana water
rights FOR the irrigation OF said lands.
When the application Is approved by the
state board OF land commissioners. the regis
ter shall complete the contract by taking
n promissory note payable to the state of
the land In manner and form as above mem
toned. and he shall forthwith transmit the
decd OF trust to the county clerk and re-
cordcr OF the proper county for recording
As soon the deed OF trust Is returned
from the county clerk and recorder with
the usual certificate of record. the register
shall transmit the note and deed OF trust
and all other securities In question to tho
state treasurer. who shall thcrcupon pay to
the applicant the amount of money named
In said note. The state board of land COM
the applicant an abstract Of title to the land
certified to include the deed of trust. which
said abstract shall also be deposited with