The Ordway new era., 1916-10-13
PROPOSED LAW OF THE STATE
OF COLORADO. INITIATED BY
PETITION UNDER THE INITIA-
TIVE AND REFERENDUM

TIVE AND REFERENDUM
Notice Is hereby given that at the
Seventh day OF November, A, D. 1915
there will be submitted to the quail
fled electors of the state of Colorado
for their approval or rejection me me
State of Colorado. initiated by
Petition under the Initiative and
Referendum, which initiated petit,
more than tho required number. (to--
wit: S%o) of the legal voters or
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. A. d. 1916
at 4:35 o'clock. +. NJ.
The authority for submitting such
Article V of the Constitution of the
State of Colorado. providing for the
Initiative and Referendum.
A BILL FOR AN ACT IN RELATION
TO THE INVESTMENT OF THE
PUBLIC SCHOOL FUNDS.
Be 1t Enacted by the People OF tho State
Of Colorado:
Section l. All school funds OF the
state, whether permanent or income.
unless otherwise disposed of by law
shall be invested as directed by the
state board of land Commissioners
First-In interest bearing war
rants of the state of Colorado;
Second-In the bonds of the
State of Colorado: ~
Thirdly loans on unincum-
bered cultivated farm lands with
in the state of Colorado. and in
manner hereinafter provided, o, snhnG, dis
tricts within the state OF Coio-
Fifth-In bonds of the several
counties, cities. town or city, ana
city and counties of the state OF
Colorado; provided. however, tnat
before any moneys are so invested
in bonds of counties, cities, town
or, city, and city ana coIhuies oIid,tw of of
such bonds shall first be deter
mined by the attorney genera! OF
the state. and the state boara u OF
land commissioners must be satlS-
fled that such bonds are In al re-
spects legal and a safe Investment;
and 1t is further provided. now
ever, that such bohds OF WIZ NOT
TO exceed par value and the ac-
crued interest thereon.
Section O. Investment by loans on
cultivated farm lands within the s.are
of colorado shall be made only 10 per-
sons who are actual residents on sucn
land, and then only on lands OF "h,o, hr,
the appraised value 10 not less than IN
$500 per acre on oa ana a III anv SUM one person;
sMcb loans shall be made for at least
one and not more than five years ana
shall be evidenced by Pr9missory intersst toee peT
bearing six per cent (6%) ln.etHs' t,i due pu
annum, payable annually untri ht uuE. ner
with interest at the rate OF elsht per
cant iScs1 per annum after maturity
on both principal and delinquent IN
terest. said promissory notes 70 ,Iio pe
cnred nv a deed of trust to the pupii5
trmstee Of the county wherein the la11
ts t sitnated. in favor of the state OF
Solorado. upon real estate as apose ue
scrihed OF an appraised Value % ~
least three times the amount oi '"'
sum borrowed. or cultivated
sor,p lands shall be made direct 10 .ne
state board of land commissloners upo nt
hianx forms to be provideu LOT 'h,. a.
.nn.a and no loan shall ever pg
pul Unless the applicant has Eooa
.Itia In Zee simple to the lands olleI ol't
~ security for the loan. upon reGeipfs ~
ns tie application the state Dourt ev M
10 nd commissioners shali uics ssnst in
disapprove the loan IN tne IN ,hnroueh-
utonce. cause the land to 9e sn1rG1si ~ in
~. somined and appraised. ana u. ~
. r judgment, the security IS amp.s
tneiI ~ nnnlIcant in all respects comes
ana HI, tmo the terms Of the provisions ..
W. act. they may approve tne n. ioan,
tnls tnls,,haoS however, that in the evens
khot the loan - made On on, y. 1a = Se
INA. auch requirements snali " r1 ~
hv the board OF land ,commstii ,,n.t iisn ,ipor,
a ii water and water Eis"'s - -
saWnS aWnSsn Inc application ts approveo ~
WG..nt. hosrd Of land commissioMerss,
the s.ris.sr shail complete the contrAcs y
sno .rrttrS : nromisnory note pAysgNs. ~
~ sstntS Of Colorado an4 secgrs ssssSsr
w. 81 trust upon tns iaao =