The Monte Vista journal., 1912-10-12
MILLIONS DOLLARS FOR THE PUR-
POSE OF CREATING FUND
FOR THE CONSTRUCTION AND
IMPROVEMENT OF PUBLIC HIGH

POSE OF CREATING 4 FUN
IMPROVEMENT OF PUBLIC HIGE
WAYS IN THE STATE.
Section l. Whereas. the prosperit
and comfort of the citizens of the Sta,
of Colorado. as the state develops. al
becoming more and more dependent W
ON the condition of the public highway
Of the State. and under existing law
Is impracticable and often impossible |
and maintain highway
throughout the State so that the sam
shall be permanent and capable of til
highest and best utility and service:
Section 2. Now. therefore. Be 1t Re
solved by the Senate of the Eighteent
General Assembly. the House of Repre-
concurring:
qualified electors of the State of Cole
RADIO. at the next general election {
members of the general assembly, fo
their approval or rejection. the follow
the State of Colorado which. when rat
fled by majority of those voting there
on, shall be valid as a part of the sal
to-wit:
(XD of the Constitution of the State c
Colorado shall be amended so as to rea
as follows:
Section 8. 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 insurrection, 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 a mill on each
dollar of valuation of taxable prop
erty within the state, and the ag-
gregate amount of such debt shall
not at any time exceed three
f..,t H.. - nal Il .,1 q q
said valuation, until the valuation
shall equal one hundred millions of
dollars, and thereafter such debt
shall not exceed one hundred thou
sand dollars. and the debt incurred
in any one year for erection of
public buildings shall not exceed
one-half mill on each dollar of said
amoant Of s an d Sht shaft sf' asver
at any time exceed the sum of fifty
thousand dollars Except as pro-
vided in section five of this ar
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, 1889, 1892. 1898, 1894
and 1897; said debt to be evidenced
by registered coupon interest bear
ing funding bonds to an amount not
exceeding 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 alb
a
years after their date. and shall be
of the denomination of One Hun
dred Dollars t$l0O.00) each. or any
multiple thereof. The Interest on
said bonds shall be payable semi
annually at the rate OF three per
cent per annum at the office of the
in 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 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
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
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
m
And Provided. further, 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 creating n fund to
be expended as provided bv law, by
the State Highway Commission for
the construction and Improvement
OF public highways In the State OF
Colorado: said debt to be evil
denced by registered coupon inter-
est-bearinR bonds to an amount not
exceeding ten million dollars go
O00. 000).
said bonds to an extent. not ex-
ceeding one million dollars, shall
be dated June first 1919 not eN-
coeding 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, 1923: and said bonds shall
be payable at the option or the
State Of Colorado at any time after
ten years from their respective
dates, and shall be absolutely due
and payable fifty years after their
respective dates: and shall be Of
the denomination. Of one hundred
dollars (s1O0) each or any multiple
thereof The interest on said bonds
shall be navable seml-nnnunlly Mt
the rate OF four per cent. (i9o) per
nnnum. at the office Of the state
treasurer. or at some place In tho
city Of New York. ". s. A., and the
principal OF said bonds shall he
payable at the office OF the state
treasurer.
mo such bonds shall be issued
except at par and accrued inter-
est.
The genera assembly shhll ny
laws as may be necessary with
reference to said bonds and with
reference to carrying out tho OBJ
Ia ..aN