The Delta independent., 1916-11-03

PROPOSED LAW OF THE STATE
OF COLORADO, INITIATED BY
PETITION UNDER THE IN1TlA.
TIVE AND REFERENDUM.

Notice IS hereby given that at the General
Eiccetin to be held the seventh day OF No
vonnbcr. A. u. 1916. there win be submitted
20 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 lnith-
tive and Referendum. which Initiated petit
tion contained the signatures of more than
the required number. Cto-wii: 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 the Sixth day OF July. 1916. at
.a5 O'Clock r. NJ.
The authority for submitting such pro-
posed Law is found in Section OF Article
of the Constitution OF the State OF Colo
rado, providing for the Initiative and Ref
crcndum.
BILL FOR AN ACT IN RELATION TO
THE INVESTMENT OF THE PUBLIC
SCHOOL FUNDS.
BE n Enacted by the People Of no State
Of Colorado
Section /. All school funds of the state
whether permanent or income. unless other
wise disposed Of by law. shall be invested as
directed by the state board OF land commits
sioners-
First-In interest bearing warrants Of
the State OF Colorado.
sccond-ln the bonds of the state OF
Colorado.
Thirdly loans on uncncumberod cul-
tivatcd farm lands within the State OF
Colorado. and In manner hereinafter pro-
yided:
Fourtb-In bonds OF school districts
WITHIN tNt state OF COLORADO.
Fifth-in bonds OF the several counties.
cities. town city. and city counties of
tho State Of Colorado. provided. however.
that before any moneys are so 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
tho state. and the state board of land
commissioners must be satisfied that such
bonds are in all respects legal and a safe
Investment. and It Is further provided.
tls.s pttar. A.al IA.
shall be purchased at price not to cx-
coed par value and the accrued interest
thereon.
Section .. Investment by loans on oulti-
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 S2.5oo.oo to any one per-
son such loans shall be made for at least
one and not more than five years. and shall
lie evidenced by promissory notes bearing
ak per cent GO per cent? interest per annum.
payable annually until due. with interest at
'hc rate OF eight per cent Is per cent? per
annum 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 nj least three times the
amount OF the sum borrowed.
Applications for loans 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
a good title in fee simple TO the lands offer
cd as security for the loan. Upon receipt
of the application the state board of land
commissioners shall. unless they disapprove
tho loan In the first instance. cause the
land TO be thoroughly examined and apprais-
cd. and II. In their Judgment. the security
is ample and the applicant In all respects
comes within the terms of the provisions
OF this net 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 a, .,lication is approved by the
state board of land commissioners. the regis
ter shall complete the contract by taking
promissory note payable to the State OF
Colorado and secured by deed of trust upon
the land In manner and form above men
toned. and he shall forthwith transmit the
decd of trust to the county clerk and re-
corder OF the proper county for recording.
As soon as 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
state treasurer. who shall thercupon pay 10
the applicant the amount OF money named
IN said note The state board of land COM
missioners 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 witt,
the state treasurer In connection with the
note ana deed of trust
Failure to pay any or all taxes when
the same are due. or failure to pay the I'm
terest upon the said note In accordance with
cipnl due and payable. anything in the note
or deed OF trust to tho contrary notwith-
standing.
Whom loan has been made and the bor-