The Delta independent. [volume] (Delta, Colo.) 1886-19??, 1916-10-20
I
PROPOSED LAW OF THE STATE
OF COLORADO, INITIATED BY
PETITION UNDER THE INITIA-
TIVE AND REFERENDUM.

Notice Is hereby given that at the General
EIecctin to be held the Seventh day OF No
vcnher. A. ID. 1916. there will be submitted
TO the qualified electors OF the State of Col
orAdo. for their approval or 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. (to-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
The authority for submitting such pro-
posed Law Is found in Section ] OF Article
of the Constitution of the State of Colo
erendum.
A BILL FOR AN ACT IN RELATION TO
THE INvEsTMENT OF THE PUBLIC
SCHOOL FUNDS
BE ~ Enacted BY tho People Of the State
OF Colorado:
Section /. All school funds of the state,
whether permanent income. unless other
wise disposed Of by Law, shall BE- invested as
directed by the state board OF land commits
sioners-
First-In interest-bearfng warrants of
the State of Colorado.
Second-1n the bonds of the State OF
Colorado.
Thirdly loans unencumbered cul
tivated farm lands within the State of
Colorado. and in manner hereinafter pro-
vided:
within the State of Colorado:
Fifth-In bonds of the several counties,
cities. town city, and city counties of
the State of Colorado; provided however.
that before any moneys are so invested
In bonds of counties. cities. town city.
and city and counties 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 are in all respects legal and a safe
Investment: and II Is further provided.
however, that such bonds warrants
shall be purchased at price not to ex-
coed par value and the accrued interest
thereon.
Section 2. Investment by loans on Guilt
waited farm lands within the State of Colo
RADIO shall be made only to persons who are
actual residents 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 $2,5Oo.0o to any per-
son such loans shall be made for at least
and not more than five years. and shall
be evidenced by promissory notes bearing
six per cent GO per cent? interest per annum
payable annually until due. with interest at
tho rate OF eight per cent Is per cent? per
annum after maturity on both principal and
delinquent interest. said promfssory notes to
be secured by deed of trust to the public
trustee of the county wherein tho land is
situated. in favor of the State of Colorado.
upon real estate above described of an
appraised value of at least three times the
amount of tho 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 over be made unless the applicant has
good title In fee simple to the lands offer
ed as security for the loan. Upon receipt
OF the application the state board of land
comm ssioncrs shall. unless they disnpprove
the loan In the first instance. cause the
land to be thoroughly examined and apprais-
cd. and IL. In their Judgment. the security
Is ample and the applicant In all respects
comes within the terms of the provisions
of this act. they may approve the loan /;
l.I 49, la. o
the loan Is made on irrigated lands. such
requirements shall be made by the board
of land commissioners ms shall secure to the
state first lien upon all water and water
rights for the irrigation of said lands.
when the M .,iication is approved by tho
state board Of land commissioners. the regis
ter shall complete tho contract by taking
| n promissory note payable to the State OF
Colorado and secured by deed of trust upon
the land In manner and form as above men,
toned. and he shall forthwith transmit the
deed Of trust to the county clerk and re-
corder OF the proper county for recording.
As soon the deed of trust Is returned
the usual certificate OF record. the register
shall transmit the note and deed of trust
and nil other securities In question to the
| state treasurer who shall thereupon pay to
the applicant the amount of money named
in said note. The state board OF land COM
missoners shall In each case require from
the applicant an abstract OF title to the land.
certified to include tho deed of trust which
said abstract shall also be deposited with
the state treasurer In connection with the
motto and deed OF trust.
Failure to pay any or all taxes when
tho same are due failure to pay the In
forest upon the said note In accordance with
the terms OF the note. shall render the prin-
cipal due and payable. anything In the note
or deed OF trust to the contrary notwith-
| standing.
When loan has been made and the Dor
ROVER desires to renew the same for one or
not more than five years. II may be done
In manner rs the loan was made in the