The Glenwood post., 1922-10-12

PROPOSED AMENDMENT To SEC
TION THREE t3) OF ARTICLE xI
o. THE STATE CONSTITUTION.

o. THE STATE CONSTITUTION.
Notice is hereby given that at the
enth day of Novem ier, A. ID. 1922, there
will be submitted t, the qualified cleo
tors OF the state Of Colorado for their
proposed amendment to the Constitution
of the state Of Colorado. initiated by
petition under the Initiative and Refer
endum. which initiated petition con-
tained the signatures of more than the
required number. (to-wit S%0 of the le-
gal voters Of the state OF C9iora@do, 40
law. and filed in the office of the Sec.
retary of State on the Fifteenth day of
July. ~ ID. 1929. at 11:15 O'Clock A NJ.
The authority for submitting such
proposed amendment to the Constitu-
tion is found in Section of Article V
of the Constitution If the state of Colo
rado. providing for the Initiative and
Referendum
AN AMENDMENT TO SECTION THREE
t3) OF ARTICLE XI OF THE STATE
CONSIlIl TION.
BE II Enacted by the People of the
State OF Colorado;
Section three tS) of Article Eleven
GAl) of the Constitution of the State of
Colorado shall be amended so as to
read as follows:
Section 3. The state shall not con-
tract any debt by loan in any form,
except TO provide FOR casual deficiencies
OF revenue, erect public building for
the use of the state, suppress insurrec-
ton, dMend the state, or in time of
war assist in defending the United
States. ana the amount OF debt con-
tracted in any one year to provide for
deficiencies of revenue. shall not eX-
ceed one fourth of a mill on each doll
lar of valuation of taxable property
within the state. and the aggregate
amount of such debt shall not any time
exceed three -fourths of a mill on each
dollar of said valuation. until the val
uation shall equal one hundred millions
OF dollars. and thereafter such debt
shall not exceed one hundred thousand
dollars, and the debt incurred in any
one year for erection of public build
fngs shall not exceed one half mill on
each dollar of said valuation; and the
never at any time exceed the sum of
fifty thousand dollars (except as pro-
vided in Section five of this article).
and in all cases the valuation in this
section entioned shall be that of the
assessment last preceding the creation
of said debt:
amount of debt that may be incurred as
above. the state may contract debt by
loan foI the purpose of paying the
principal and accrued interest of all
the outstanding warrants issued by
1887, 1855. 1883 1892. 1898. 1894 and
ss4es 1881 said adSan asst \ be by
bonds to an amount not exceeding So
il5.OOO,OO. or 50 much thereof as may
be necessary to pa" 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 absolutely due and pay
able ilfty GOD years after their date,
and shall be of the denomination of
one hundred dollars tSl00.00) each, or
any multiple thereof. The interest on
said bonds shall he payable semi-annu-
ally at the rate of three per cent per
annum at the office OF the State Treas
urpr. DlaCD n of
New York, U. 5. 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 surrender and
cancellation of u like amount of prin-
cipal and interest of said warrants.
Said bonds to an amount equalltng
the principal of said warrants now held
by the public school fund shall be reg
istered by the State Auditor and STATE
benefit of and payn BILE only to the said
fund, and shall not be transferable
And all such bonds to an amount
equaliins the interest or said warrants
sold by the State Treasurer at not less
than par and accrued interest, and the
proceeds thereof paid into the school
fund ana distributed to the several
counties and school districts of the
state for school purposes. in the pro-
portions and in the manner required
by law.
And provided further. that in addi-
tion to the amount of debt that may
be incurred as above. the state may
contract a debt by loan for the pur-
pose of creating fund to be expended d
as provided by law, by the State High
way Commission for the constructor
and Improvement of public highway
in the State of Colorado; said debt to
be evidenced by registered coupon in.
terest- bearing bonds to an amount no,
exceedinF five million dollars.
Said bonds, to an extent not exceed.
Ing two million dollars, shall be dated
June first, 1921 not exceeding thre,
million dollars. dated June first 1922
and said bonds shall BE- payable at tn,
time after ten years from their re.
speetive dates, and shall be of the de.
nomination of fifty dollars (s50.OO
each or any multiple thereof. The in.
terest on said bonds shall be payabl,
semi annually at the rate of five ne,
Gent Ssn sio, iS,s! PeI anngm at the office OF
in the city of New York IT, S A. anf
the principal of said bonds shall b,
payable at the office of the Stat.
Treasurer.
No such bonds III be issued ax,o,,
at par and accrued interest
ru'y per centum Of the proceed,
IRON inc sales OF said bonds shall bs
oiNided among the various counties OF
the state according to the milea.ee oi
state routes and state Highways witb.
~ ~, sn.l counties. and the remainin.
100
the sale OF said bonds shall be used h,
the state Highway Commission only I,
meet and accept Federal aid awardsd
to the state of Colorado by United
States G gressiona Acts.
And provided further that. in add.
iion 10 the amount of debt that may be
incurred as above. the State may CON
tract debt by loan for the purpose OF
Great tlns fund TO be expended as pro-
sided by law. by the State Highwny
btpaitL- for the construction ana
,mprove'ne.nt Of public highways in the
denced b. registered coupon, Interest
bearing bonds to an amount not ex-
ceeding SIX million dollars
Said bonds TO an extent not exceed
ing One fillion Five Hundred Thou
sand Dollars. shall be dated June first
1923; not eSceednR One Million Fiv,,
Hundred Thousand Dollars shall be
dated June first. 1924. not exceeding
One Million Five Humid d Thousand
Dollars shall be dated June first 1925
not excoedinI. One Million Five Hun.
dred Thousand Dollars shall be dated
June first. 1926; said bonds shall be
issued paS able serially. The iast ma :
TURING series OF each issue shall be