The Monte Vista journal. (Monte Vista, Rio Grande County, Colo.) 1888-1921, 1912-10-26
MILLIONS DOLLARS FOR THE puR-
POSE OF CREATING A FIJSD
FOR THE CONSTRUCTION AND
WAYS IN THE State

FOR THE CoNsTRUcrioN AM
IMPROVEMENT OF PUBLIC HIGH
WAYS IN THE State.
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 highway,
or the State and under existing law 4
Is !mpracticable and often Impossible I,
construct and maintain highway
throughout the State so that the sam,
shail 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-
sentatives concurring:
That there shall be submitted to tn,
qualified electors OF the State of Colo
RADIO. at the next general election o
members of the general assembly. 70
their approval or rejection. the follow
ing amendment to the Constitution o
fled by a majority of those voting there
on. shall be valid as part of the sal,
to-wit:
Section Three (3) OF Article Elevei
(SI of the Constitution of the State o
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 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-
coed one-fourth of n 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
fourths of mill on each dollar OF
a To-, ola To-,
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 shall never
thousand dollars Except as pro-
vided in section five of this ar
tlcle), and In all cases the vaiua-
tion in this section mentioned
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 a debt by loan for the
purpose of paying the principal and
accrued interest of all the out
standing warrants issued by this
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 So. $4,000 90, or SO much
thereof as may he necessary to pay
said warrants and interest thereon.
said funding bonds 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
tgt,s .t Il t. nd gha1 lN..
of the denomination of One Hun
dred Dollars (sl00.O0) 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
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.
"No 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
of said warrants,
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 the 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
tricts 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
may be incurred as above. the 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 ana Improvement
Of public highways In the state of
Colorado: said debt TO be evil
denced By registered coupon inter-
est -benrinE bonds to an amount not
exceeding ten million dollars $50
600, OO0).
said bonds to an extent. not ex-
ceeding one million dollars. shall
be dated June first. 1913; not eN-
ceedlng 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 or
ten million dollars has been Issued.
but no bonds shall be Issued after
June LIST, 1929; and said bonds shall
1T
State OF Colorado at any time after
ten years from their respective
dates, and shall be absolutely due
and payable nfty years after their
respective dates and shall he OF
the denomination OF one hundred
dollars (s100l each or any multiple
thereof The interest on said bonds
shall be payable scmi-annually NJ
tho rate OF four per cent. t4Sa) per
nnnum, Mt the office OF the state
treasurer or at some place In the
city Of New York. u 3. 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 Inter
est
by law provided. enact all such
laws as may be necessary with
reference 20 said bonds and with
reference 60 carrying out tho OBJ