The Julesburg grit-advocate., 1916-10-12
PROPOSED Law o. THE STATE OF
COLOR ADJ, INITIATED M PETi-
TlON UND.sR TBsE INITIATIVE AND
REFERENDUH.


COl.On ADJ, INITIATED m PETI-
TsON UND.sR ThsE INITIATIVE AND
REFERENDUA.
Notice is hereby given that at the
General Election to be held on the Sew
enth day of November. A. ID. 1916. there
will be submitted TO the qualified elect
ors of the State of Colorado. for their
proposed Law of the State of Colorado.
Initiated by Petition under the 1nitia-
tive and Referendum. which initiated
more than the required number.
to-wit: per cent? of the legal voters
of the State of Colorado. duly verified.
in the ONCE Of the Secretary OF state
at sa 4:ss tss oeioek. ,h@ oIs +. n n 'u''' a. " '
proposed Law is found in Section OF
Article v Of the constit1tion of Of the the
Initiative and Referendum.
A BILL FOR AN ACT IN REkATI9N
PUBLIC SCHOOL FUNDS.
state OF Colorado:
Section !. All school funds of the
state. whether permanent or income
shall be invested as directed by the
state board Of land commissioners
First.in iSte1est.beaLing T., Gn1nIsdo war
Second-In the bonds Of the State
ThirssBy loan. on !, uninsSmbe,sa in. n,n red
hereinafter. provided:
Fourth-In bonds of school dis.
tricts within the State of Colorado;
Fifth-In bonds of the several
counties. cities, town or city. and
city and counties of the State OF
Colorado: provided. however. that
before any moneys are so invest
ed in bonds Of counties, cities; town
or city; and city and a,,Sf.n eounties tt SCR or
bonds shall first be determined by
the attorney general OF the state.
and the state board OF land com.
missioners must be satisfied that
such bonds are in all respects lie.
gal and a safe investment; and II
is further provided. however, that at
such bonds or warrants shall De
purchased at price not to exceed
par value and the accrued interest
thereon.
Section 2. Investment by loans on
cultivated farm lands within the State
of Colorado shall be made only to per-
sons who are actual residents on such
the appraised value is not less than
$500 per acre % and in sums OF not not 10
one and not more than fve years. and
bearing six per cent ls per cent? in
til due. with interest at the rate of
eight per cent g per cent? per annum
after maturity on both PrinciPa,l anS
notes to be secured by a deed of trust
wherein the land Is situated, in favor
tate as above described Of an ap-
praised value of at least, three times
the amount of the sum borrowed:
farm lands shall be made direct to the
state board of land commissioners upon
blank forms, to be provided for that
made unless the applicant has good
title in fee simple to the lands offered
as security for the loan. Upon receipt
land commissioners shall, unless they
disapprove the loan in the first in
stance, cause the land to- be thoroughly
their judgment. the security is ample
and the applicant in all respects comes
within the terms of the provisions Of
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 and water rights for the irri-
cation of said lands,
the state board of land commissioners,
the register. shall complete the con-
tract by taking a promissory note pay
cured by a deed of trust upon the land
in manner and form as above men
toned. and he shall forthwith trans
nit the deed Of trust to the county
clerk and recorder of the proper coun j,
ty for recording. AS soon as the deed
Of trust is returned from the county
tificate of record, the register. shall
transmit the note and deed of trust
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
an abstract of title to the land. certi-
fed to include the deed of trust, which
said abstract shall also be deposited
with the state treasurer in connection
with the note and deed Of trust.
Failure to pay any or ,,tas al taxes when hen
the are due or failure nn to %
cordance with the terms of the note.
shall render the principal due and pay
able: anything in the note or deed Of
| trust to the contrary Notwithstanding.
When loan has been made and the
borrower desires to renew the same for
one or not more than five years, it may
be done in manner as the loan was
| made in the first instance, but no new
| abstract, except q continuation of the
same down to the time. Of the exten
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.
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
commissioners 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 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
Notwithstanding.
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 a 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
state board of land commissioners; the
register of the said board shall exc
All Co.