The Democrat-herald., 1922-10-13

PROPOSED AMENDMENT TO sec.
TION THEE CD Of ARTICLE; Nj
o. THE STATE CONsTITUTION,

u. THE STATE CONSTITUTION,
Notice Is hereby given that ut the
enth day Of Ncvem or a. ID. 1922, there
VIII be submitted T. the qualified cleo
appr wa or rejection. ths following
proposed umcndin snt to the Constitution
Of the state of Colorado. initiated by
petition under the Initiative and Refer
.ndum which Initiated petition con-
tained the signatures of more than the
required number; tto-wit Sse) of the To-
sal voters of tho state OF Colorado.
duly verified, In accordance with the
law. and filed in the office of the Sec
retnry of state on the Fifteenth day of
July. a. II. 1922 at l:I5 O'clock A. Nj.
The authority for submitting such
proposed amendment to the Constitu-
ton is found In Section l Of Article V
OF the Constitution If the state of Colo
iado. providing for the Initiative and
Referendum.
AN AAllGNbMl;NT TO SECTION THREE
90 OF ARTICLE Nj OF THE STATE
CONSTITUTION.
he II Enacted b, the People Of tho
state OF Colorado;
Section three 50 OF Article Eleven
t%lJ Of che Constitution of the State OF
Colorado shall be amended SO as to
read as fellows:
section D.. The state shall not con-
tract any debt by loan in any form,
except to provide for casual deficiencies
81 revenue. erect public building for
thc use OF the state, suppress insurrec-
ton, dSGend the state. or. in time OF
war. assist In defending the United
states; and the amount of debt con
traeted IN any. one year to provide fo'
deficiencies of revenue. shall not ca
eeed onc-fourth Of a mill on each dol
lar OF .aluation of taxable property
within the state, and the aggregate
amount OF such debt shall not any time
exceed three.fourths of IA mill on each
dollar OF said valuation. until the wall
uat!on shall equal one hundred millions
Of dollars. and thereafter such debt
shall not exceed ono hundred thousand
dollars: and the debt incurred in any
one year for erection of public build.
ings shall not exceed one-half mill on
each dollar of said valuation: and the
asSregate amount of such debt shall
fifty thogsand dollars texccpt as pro-
vidcd in section five of this artlcle)
and in all cases the valuation in this
section entioned shall be that of the
assessment last preceding the creation
of said debt:
Provided. That in addition to the
t,nopnt of debt that may be incurred as
above. the state may contract u debt by
loan for the purpose OF paying III,
principal and accrued interest of ali
iss7. 1855. 1883. 1892. 1898. 1884 and
1891 said debt to be evidenced by reg
is,eLed coupon interest bearing funding
bonds to an amount not exceeding s2.-
ll5,oc0.00. or so much thereof as may
be necessary TO Ia" said warrants and
interest thereon.
December ], 1910. shall be payable nj
the option of the State OF Colorado at
any time after ten years from their
ablc iifty tau) years after their date.
and shall be OF the denomination oi
enc hundred dollars. t.loo.oo) each. OF
said bonds Ahpll be payable semi-annu-
ally at the rate of three per cent per
annum at the office of the State Trcus-
New York. U. S. H.. and the principal
Of said bonds shall be payable ut the
ulfice OF the State Treasurer.
No such bonds shai be issued except
at par and accrued interest. and upon
the contcmporane9us surrender and
cancellation of u like amount of prin-
cipal and interest of said warrants
'he principal OF said warrants nov; held
Dy the public school fund shall be reg
iistcrcd by the State Auditor and State
benefit OF aud payable only 10 the said
fund. and .huli not be transferable
And all such bonds to an amour,
cIIa',ln:, the interest on said warrants
sold by the State Treasurer ut not less
than par and acciurd interest, nnd the
Irocaeds thereof paid into the school
coHntieD and school districts of til,
state for school purposes. In the pro.
Portions and In the manner required
by law.
And provided further, tbgt in add
ton 10 the amount OF debt that ma,
he incurred as above. the state ma!
so".ras, cr.o fISt in BY ,na lean for The pnr,
rs provided by law, by the State High
way Commission for the construction
in tho state OF Colorado: said debt 10
be evidenced BY REGISTERED coupon In
torvst- -beCring bonds to Gn amount not
exceeding five million dollars.
said bonds. TO an extent not exceed
ins two million dollars. shall be dated
June first, 1921; not exceeding thrc,
nmh said bons sba be suns 1 n i2I
option OF the state of Colorado at any
time. after ten years from their re.
rssehye dates npS qi shall d1 be of the ds
each or any multiple tSereof. es 1iSS'Yn2 The IN.
.srest .s on said bonds shall be payable
cent t5e0 per nnnum, at the office Of
The State Treasurer. or at some place
r. the Gi!y Of New York. Y; S. A.; and
hayabie at the Office Of the state t.
Treasurer
NJ such bondi ;, al be issued exccp,
"Tiity per ccntum of the proceeds
frHp the sales Of said bonds shall be
aiyidsd among The various counties OF
siate routes and state highways With.
n said counties. and the remaIninp
,,ity per sent'im o tho proceeds from
the state Highway Commission only to
mect and accept Federal aid awarded
10 The State OF Colorado by United
States Congressional Acts.
And provided further. that, In addi-
ton to the amount of debt that may be
incurred as above. the State may con
tract n debt by loan for the purpose of
creating fund to be expended as pro-
Nided by law: by the State Highway
pepnrtm t. for the construction and
Improvement of public highways in the
Slate Of Colorado; said debt to be evil
denced b, registered. coupon. interest
bearing bonds TO an amount not cx-
caedIng six million dollars.
Said bonds 10 an extent not exceed
sand Dollars, shall be dated June first
1898; not exceeding One Million Five
Hundred Thousand Dollars shall be
dated juno first. 1924; not exceeding
One Million Five Humid. I'd Thousand
Dollars shall be dated June first 1926
not exceeding One Million Five Hum
dred Thousand Dollars shall be dated
June first, 1926; said bonds shall be
issued payable scr!nlly. The last ma
turing series of each issue shall be
absolutely due and payable not exceed
Ing twenty t20) years from and after
the date thereof, and shall be of the
denomination OF One Hundred Dollars
(S10000) each. or any multiple thereof
The interest said bonds shnii bo
payable semi-ann .ially. at the rate OF
five per cent. t5qo) per annun, at the
office of the State, Treasurer or nj
some place in the City of New York
u. S. A., and the principal OF said bonds
shall be payable ut the office of the
state Treasurer.
No such bonds shall be Issued OK