The daily sentinel., 1912-10-17

except 10 provide for casual deficiencies
or revenue, erect public buildings for
the use Of the state. suppress insurrec-
tion. defend the state. or. in time of
war. assist IN defending the United
Stsfes: and the amount OF the debt con-
traeted in any one year to provide for
dehcienrlez Of revenue. shall not exceed
one-fourth OF a mill on each dollar Of
valuation Of taxable property within
the state. and the aEgreEafe amount OF
such debt shall not at any time exceed
three fourths Of a mill on each dollar
OF said valuation. until the valuation
shall equal one hundred millions Of
dollars. and thereafter such debt shall
not exceed one hundred thousand dol
tars, and the debt Incurred In any one
year FOR erection OF public buildings
shall not exceed one-half mill on each
dollar Of said valuation. and the ng-
Ercgate amount Of such debt shall never
nt any time exceed the sum OF nfty
thousand dollars teNcept provided
IN section i've Of this article). and In
all cases the valuation in this section
mentioned shall be that OF the assess-
mont last preceding the creation OF said
debt:
Provided that. In addition to the
amount OF debt that may be Incurred.
as above. the state may contract debt
BY loan for the purpose OF paying the
principal and accrued interest of all
the outstanding warrants issued by this
state during and for the years. 1857.
isss. 1855. 1892. 1se5. 1884 and 1897:
said debt to be evidenced by registered
coupon Interest bearing funding bonds TO
an amount not exceeding s2.il5. 10000,
or 10 much thereof as may be necessary
to pay said warrants and interest there
on.
said funding bonds shall be dated
December LIST. 1910. shall he payable at
the option OF the State Of Colorado at
any time after ten years from their
date. shall be absolutely due and pay
able NIFTY t5o) years after their date.
and shall be OF the denomination of
one Hundred Dollars tsiOO ool each. or
any multiple thereof The interst on
said bonds shall be payable seml-an-
nuHlly at the rate OF three per cent
per annum at the office of the state
treasurer, or at some place In the city
OF New York, U. S. a. and the prin-
clpnl of said bonds shall be payable
at the office OF the state treasurer,
mo such bonds shall be Issued ex-
cept at par and accrued Interest. and
upon the contemporaneous surrender
and cancellation OF like amount Of
principal and interest OF said warrants
Said bonds to an amount equnling
the principal Of said warrants now held
ty the public school fund shall be reg
istered by the state auditor and state
trcnsuror In the name and for the
benent OF and payable only to the said
fund. and shall not be transferable.
And all such bonds to amount
equalling the interest on said warrants
now held in tho school fund shall he
sold by the state treasurer at not less
than par and accrued interest, and the
proceeds thereof paid into the school
fund. and distributed TO the several
counties and school districts OF the
state for school purposes, In the pro-
portion and In the manner required by
law.
And Provided. further. that. In ad-
dition to the amount OF debt that may
be Incurred as above. the state may
contract debt by loan for the purpose
OF creating fund to be expended as
provided by law, by the State High
way Commission for the construction
and improvement OF public highways
in the State OF Colorado. said debt TO
be evidenced by registered coupon in
terest bearing bonds to an amount not
exceeding ten million dollars Csi0.000,-
00O. .O01.
said bonds 10 mn extent, not cx-
ceeding one million dollars, shall be
dated June nrst. 1913, not exceeding
one million dollars. dated June first.
1914: and not exceeding one million
dollars. dated June FIRST OF each year
thereafter. until not exceeding the total
amount OF ten million dollars has been
issued. hut no bonds shall be issued
after June LIST. 1929. and said bonds
shall be payable at the option of the
State OF Colorado at any time after
ten years from their respective dates.
and shall be absolutely due and pay
able nfty years after their respective
dates; and shall be Of tho denominh-
tion OF one hundred dollars tsioo) each
or any multiple thereof The interest
on said bonds shall be payable semi
annually at the rate OF four per cent
Not) pcr annum. nt the office OF the
state treasurer, or at some place In tho
city OF New York, L, S. A, and the
principal of said bonds shall be pay
able at the office of the state treasurer.
mo such bonds shan he issued ex-
cept at par and accrued interest.
THE general assembly shall. as by
law provided. enact all such laws as
may be necessary with refernce to said
bonds and with reference TO carrying
out the objects and purposes herein
specified -
Section 3. Each eleetor voting at sait
lection and desirous OF voting for OF
gainst said amendment, shall deposit IL
he ballot box ticket whereon shall h
rinted or written the words: For tn.
mendment to Section OF Article Nj o.
he Constitution, authorizing a bonded in
ebtedness for the creation OF a fund fol
he construction and Improvement of pub
c hiEhwRys' and the words Against tn,
mendment to Section 3 OF Article XI o.
ne Constitution, authorizing a bonded In
for the creation of fund fol
he construction and improvement OF publi
c highways" and shall indicate his ap
roval or disapproval by placing cross
N opposite one or the other of sale
roups OF words on his ballot,
The votes cast for the adoption or re-
action of said amendment shall be can,
nssed. and the result determined in tn,
,anner prescribed by the laws of tho stat,
,r tho canvass OF votes for representative
congress-
Filed in the ofhco of the Secretary o
tate this Fifth day OF June. A. d. 1911.
In Testimony Whereof. l have hereuntt
IT my hand and affixed the Great Seal o
he State of Colorado. at the city Of Den
er. this First day OF October. a. d. 1919.
JAMES II, PEARCE
sEAL.) Secretary of State.