The Monte Vista journal. (Monte Vista, Rio Grande County, Colo.) 1888-1921, 1912-10-19
MILLIONS DOLLARS FOR THE PtTR-
lose OF CREATING a FUND
FOR THE CONSTRUCTION AND
WAYS IN THE STATE


Section l. Whereas. the prosperit
and comfort OF the citizens OF the Stat
or Colorado, as the state develops ar
becoming more and more dependent ur
on the condition OF the public highway
OF the state. and under existing law 4
is impracticable and often impossible t
construct and maintain highway
throughout the State so that the sam
shall be permanent and capable OF In
highest and best utility and service:
Section 2. Now. therefore. BE II Re
solved by the Senate OF the EiEhteent
General Assembly, the House OF Repre-
sentatlves concurring:
That there shall be submitted to tn
qualified electors of the State of Cole
rado, at the next general election q
members of the general assembly 10
their approval or rejection, the follow
ing amendment to the Constitution c
fled by majority of those voting there
on, shall be valid as a part of the sal
Constitution to-wit:
Section Three go OF Article Eleve
(XD of the Constitution Of the State c
Colorado shall be amended so as to rea
as follows:
Section 3. The state shall not
contract any debt by loan In any
form, except to provide for casual
deficiencies or revenue, erect pub
lie buildings for the use of the
state, suppress Instruction, defend
the state, or, in time of war, assist
In defending the United States: and
the amount of the debt contracted
in any one year to provide for de-
ficienCies of revenue, shall not eN-
coed one-fourth OF mill on each
dollar of valuation Of taxable prop
erty within the state, and the aS-
gregate amount of such debt shall
not at any time exceed three
fourths of mill on each dollar of
said valuation, until the valuation
shall equal one hundred millions of
doll u % 9
shall not exceed one hundred thou
sand dollars. and the debt incurred
in any one year FOR erection of
public buildings shall not exceed
valuation: and the aggregate
amount OF such debt shall never
at any time exceed the sum of fifty
thousand dollars Except as pro-
ticle), and In all cases the valua-
tion in this section mentioned
shall be that of the assessment last
preceding the creation of said debt:
provided. that, in addition to the
amount of debt that may be in
CURED. as above, the state may
contract debt by loan for the
purpose of paying the principal and
standing warrants issued by this
state during and for the years,
1887, 1883, 1883, 1892, 1893, 1894
and 1897: said debt to be evidenced
ing funding bonds to an amount not
exceeding S2,l15,0 100000, or so much
thereof as may he necessary to pay
said warrants and interest thereon.
said funding bonds shall be
dated December l, 1910, shall be
payable at the option of the State
of Colorado at any time after ten
years from their date. shall be abb
solutely due and payable fifty 800
years after their date, and shall be
Of the denomination of one Hun
dred Dollars (SlOO.O0) each, or any
multiple thereof. The interest on
annually at the rate of three per
cent per aunum at the office of the
state treasurer. or at some place
i'm the CITY of New York, u. A.,
and the principal Of said bonds
shall be payable at the office of.
the state treasurer.
mo such bonds shall be Issued
except at par and accrued Interest,
and upon the ContempOraneOus sur
render and cancellation of n like
amount Of principal and Interest
of said warrants.
said bonds to an amount equal
inp the principal of said warrants
now held by the public school fund
shall be registered by the state au-
ditor and state treasurer In the
name and for the benefit OF and
payable only to the said fund. and
shall not be transferable.
"And all such bonds to an
amount equaling the interest on
said warrants now held in the
school fund shall be sold by the
state treasurer at not less than
par and accrued interest. and the
prpceeds thereof paid Into the
school fund, and distributed to the
several counties and school dis
.ricts of the state for school pur-
poses in the proportions and in the
manner required by law.
And Provided. further, that, In
a - Lob
may be incurred as above. the state
may contract debt by loan for
the purpose OF creating FUND to
be expended as provided bv law. by
the State Highway Commission for
the construction and Improvement
Of public highways In tho State Of
Colorado; said debt to be evil
denccd by registered coupon inter-
est-bearinE bonds to an amount not
exceeding ten million dollars $40
100000.
said bonds to an extent. not ex-
Ceeding one million dollars, shall
be dated June first, 1913; not eN-
cceding 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,
but no bonds shall be issued after
June LIST, i922. and said bonds shall
be payable at the option OF tho
state OF Colorado NJ any time Httcr
ten years from their respective
dates, and shall be absolutely due
and payable fifty years after their
respective dates: and shall be 81
the denomination OF one hundred
dollars 5000 each or any multiple
thereof Tho interest on said bonds
shall be paynblo arml-nununlly at
the rate OF four per cent. go per
annum, Mt the office Of the state
treasurer or mt some place co. the
city Of New york. n. s. A., and the
principal Of said bonds shall he
payable ut the office OF tho state
treasurer.
no such bonds shall be issued
except at par and accrued Inter-
est.
"The general assembly shall. ms
by law provided. enact nll such
laws nH may be nccrHHury with
reference 10 said bonds and with
reference To carrying out the OBJ
iects and purposes herein speci-
fled"
Section g. Each olcctor voting at sal
election and DESTROYS of voting for Z
against said amendment, shall depos
A.. a.. luflaf hoy IA ticket vNTrgpn aim