The Monte Vista journal., 1912-11-02
MILLIONS DOLLARS FOR THE PUR-
POSE OF CREATING a FUND
FOR THE CONSTRUCTION AND
Ii!M.PHovEMENT IN. OF PUBLIC HIGH
WAYS In TILE STATE

fOSE OF CREATING a FUNT
IMPROVEMENT OF PUBLIC HIGH
WAYS in THE STATE.
Section l. Whereas the prosperity
and comfort of the citizens of the Stat,
of Colorado. as the state develops. ar,
becoming more and more dependent up
on the condition of the public highways
of the state. and under existing law Il
is impracticable and often impossible tC
throughout the State so that the sam,
shall be permanent and capable of tn,
highest and best utility and service;
solved by the Senate Of the Eighteenth
General Assembly. the House of Repre-
sentatlves concurring:
That there shall be submitted to tn,
qualified electors of the State of Colo
rado. at the next general election o
members of the general assembly, 70
their approval or rejection. the follow
ing amendment to the Constitution o
the State of Colorado which, when rati
fled by majority of those voting there
on. shall be valid as a part of the sal,
Constitution to-wit:
Section Three C3) of Article Elevei
(XD of the Constitution of the State o
Colorado shall be amended so as to rea'
as follows:
Section g. 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 eX-
ceed one-fourth of mill on each
dollar of valuation of taxable prop
erty within the state, and the AK
gregate amount OF such deot snail
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 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
valuation: and the aggregate
amount OF such debt shan never
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 he 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
accrued interest OF. all the out
standing warrants issued by this
1857. 1888, 1855, 1892, 1893. 1884
and 1897: said debt to be evidenced
by registered coupon interest bear
ing funding bonds to an amount not
exceeding $2.115,000.00. or so much
thereof as may be necessary to pay
said warrants and interest thereon.
said funding bonds shall be
dated December |, 1910, shall be
payable at the option of the State
of Colorado at any time after ten
years from their date, shall be alb
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
said bonds shal. be payable semi
annually 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. " 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 a like
amount OF principal and interest
said bonds to an amount equal
Ing 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 tho benefit of and
payable only to the said fund, and
shall not be transferable.
And all such bonds to an
| amount equaliug 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
| proceeds 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
addition to the amount OF debt that
he Incurred above. tho state
| may contract a 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 the state OF
| Colorado; said debt to be evil
denced by registered coupon inter-
| est bearing bonds to an amount not
exceeding ten million dollars $50
600, ,O00).
said bonds to an extent. not ex-
cecdiug one million dollars, shall
be dated June first. 1913; not eN-
ccedlng 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 uf
ten million dollars has been issued,
but no bonds shall be issued after
juno lst, 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. ana hnNll U' absolutely uu'
aud payable fiftv years after their
respective dates: and shall be OF
| the denomination OF one hundred
| dollars ($1OOD each or any multiple
| thereof The interest on said bonds
shall be nRyahlc Femi-nnnually at
the rate OF four per cent go per
| nnnum. nt the office Of the state
Treasurer. or at some place In tho
city Of New York. u. s. A., ana the
principal Of said bonds shall be
payable at the office or the state
treasurer,
mo such bonds shall be issued
except at par and accrued inter
est
"The general assembly shall. ns
by law provided, enact all such
laws as may be necessary with
reference 10 said bonds and with
rpforenco TO carrying out the oh
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