CHAPTER 4. AGRICULTURE STATE AGRICULTURAL COLLEGE-ACTS FOR BENEFIT OF (H. B. No. 246, by Mr. Dunklee.) AN ACT IN BEHALF OF THE STATE OF COLORADO, TO ACCEPT, RAT- Be It Enacted by the General Assembly of the State of Colorado: ratified. Section 1. That full and complete acceptance, ratifi- Act of cation and assent is hereby made and given by the State Congress of Colorado to all the provisions, terms, grants and conditions, and purposes of the grants made and prescribed by the Act of Congress of the United States, entitled "An Act donating public lands to the several states and ter Control and investment of funds derived under act. In what funds may be invested. How notes and bonds registered. ritories which may provide colleges for the benefit of Agriculture and Mechanic Arts," approved July 2, 1862, as well as the amendments thereto, as made by the Act of Congress passed and adopted March 3, 1883, entitled, "An Act to Amend an Act donating public lands to the several states and territories which may provide colleges for the benefit of Agriculture and Mechanic Arts," and all acts amendatory or supplementary to said acts. Sec. 2. The State Board of Agriculture shall have control of the funds derived from the sale of lands donated by the said Act of Congress of 1862, and shall invest the same so that it shall yield not less than five per centum per annum, net, and shall disburse the income therefrom for the use and benefit of the State Agricultural College. Said funds derived from the sale of lands donated by said act of 1862, may be invested in municipal or school district bonds, or in farm loans, in the discretion of said. State Board of Agriculture, and the warrants or requisitions of the State Board of Agriculture to cover such loans shall be approved and paid when accompanied by a favorable opinion of the Attorney General or the attorney appointed by him to serve the State Board of Agriculture, as to the legal validity of the securities taken to cover such loans, and a certificate of the president and the secretary of the State Board of Agriculture that such securities have been examined under its supervision by the county treasurer of the county in which such municipality, school district or farm lands are located, and approved as to value; in case of farm loans secured by mortgage, not more than thirty per cent of the value of the land mortgaged, as fixed by such county treasurer, shall be loaned, and every loan must be secured by trust deed or mortgage and be a first lien on the land, and no single loan to exceed two thousand dollars. All notes evidencing loans and all mortgages, deeds or other papers evidencing or conveying the security therefor shall be taken in, and all bonds payable to bearer shall be registered in, the name of "The Treasurer of the State of Colorado, for account of Land Grant Fund of the State Agricultural College," and such notes, bonds and securities shall be deposited with such Treasurer. The legislature of the State of Colorado engages that such funds shall yield not less than five per centum per annum, net, upon the amount of such funds available, for investment, that the principal thereof shall forever remain unimpaired, and that the income thereof shall be applied without diminution to the uses and purposes prescribed in said Act of Congress. Sec. 3. It is hereby made the duty of the county treasurer of each and every county in this state, upon the request of the State Board of Agriculture, to make and transmit a report to such board on forms furnished by it, and in such detail as may be required as to the value of any municipal or school district bonds offered to such board for investment or any farm lands offered as security for loans, which report shall be verified by such treasurer. Funds investment. Sec. 4. The State Board of Agriculture shall have the right to invest in the same manner as provided in subject to section 2 hereof all and any other permanent funds, the principal of which is not subject to use, that are now or may hereafter be held by or granted to the state for the use of the State Agricultural College or other institutions under the control of the State Board of Agriculture. showing of funds. Sec. 5. The State Board of Agriculture, on or before Report the 15th day of December, immediately preceding the con- investment vening of the General Assembly, shall make a report to the Governor showing the condition of said fund, the investment thereof, the security taken therefor, and the amount of income derived therefrom, and such report shall be by the Governor submitted to the General Assembly, and if such reports show that said fund has not earned five per centum per annum, an amount sufficient to cover such deficiency shall be and is hereby appropriated, as of five per cent. the first class, to be used for the purposes contemplated and prescribed by the said Act of Congress of 1862. Appropriation in case income is below Sec. 6. The State Board of Agriculture is designated Board of agriculture to receive, manage and disburse all funds not permanent shall manin character derivable and derived under the several acts of Congress supplementary to the Act of Congress of 1862. age funds. Purpose of act. Emergency.. Sec. 7. It is the design of the General Assembly in passing this act to supplement and make more definite previous acts of acceptance of said several grants and the conditions thereof, and particularly to definitely provide for the management and investment of the permanent funds so derived, to the end that the engagements of the state with reference thereto may be kept. Sec. 8. Whereas, in the opinion of the General Assembly, an emergency exists, therefore, this act shall take effect from and after its passage. Approved: April 12, 1915. CHAPTER 5. AGRICULTURE STATE AGRICULTURAL COLLEGE TAX LEVY FOR SUPPORT. (H. B. No. 225, by Mr. Nelson.) AN ACT LEVYING A TAX FOR THE SUPPORT AND MAINTENANCE OF Be It Enacted by the General Assembly of the State of Colorado; Additional Section 1. In addition to the levy now authorized by law there shall be levied annually, beginning with the tax levy. year 1915, upon all taxable property in the State of Colorado, for the use of the State Agricultural College, two and three-quarters hundredths mills on each and every dollar of the assessed valuation of said taxable property, to be assessed and collected in the same manner and at the same time as is now or may hereafter be prescribed by law for the assessment and collection of state taxes. Sec. 2. The entire fund derived from such levy each year is hereby appropriated for the support and maintenance of the State Agricultural College and for the construction of such buildings or other permanent improvements at the State Agricultural College as the State Board of Agriculture may deem necessary. Appropriation of fund de rived from levy. Sec. 3. In the opinion of the General Assembly an Emergency, emergency exists; therefore, this act shall take effect and be in force from and after its passage. Approved: April 12, 1915. |