Cheyenne Wells record., 1922-10-12

PROPOSED AMENDMENT TO SEC
ton THREE l3j OF ARTICLE II
OF THE STATE CONSTITUTION.

or THE STATE CONSTITUTION.
Notice Is hereby given that at the
General election to be held on the Sew
will be ADMITTED I, the qualified cleo
tors Of the state Of Colorado. for their
spproya! or rejection. the foiioWing ,s,,ng
OF the state of Colorado. initiated by
petition under the Initiative and Refer
endum. which initiated petition con-
required number. tto-wit 800 Of the le-
gal voters of the state of Colorado.
duly verified in aseordanee ,1sI with ha st.n the
retary of State on the Fifteenth day OF
July. A. D; 19e2. at ll;15 o'clock A. N.
The authority for Eubmtttlng such
tion is found In Section Of Article
OF the Constitution II the state OF Colo.
rado. providing for the Initiative and
Referendum.
AN AMENDMENT TO SECTION THREE
coNsTITUTioN.
BE 1t Enacted by the People OF the
state Of ColOrns1Os
(xI) OF the Constitution of the State of
Colorado shall be amended 80 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 insirrec-
war. assist In defending the United
states; and the amount of debt con-
tracted In any one year to provide for
ceed one-fourth Of mill on each dol
lar Of valuation of taxahie 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
tngs shhll not exceed onc-half mill on
each dollar OF said valuation; and the
aggregate amount of such debt shall
never at any time exceed the sum of
fifty thousand dollars teScept as pro.
vided in Sectien 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:
Provided. That In addition to the
Lmount of debt that may be incurred as
above. the state may contract u debt by
loan for the purpose OF paying the
principal and accrued interest of all
the outstanding warrants issued by
M iSs7. 1888. % isss. ,ssa. a 1898. So M 1884 sen and
1897. said debt to be evidenced by reg
istcred coupon interest bearing funding
bonds to nm amount not exceeding $2.-
1l5.OO0.00. or so much thereof as may
be necessary to ~" said warrants and
interest the con.
Said funding bonds shall be dated
December 4. 1910. shall be. payable at
TIL, option Of the State OF Colorado at
any time after ten years from their
date. shall be absolutely due and pay
and shall be of the denomination OF
one hundred dollars tsl0O.00D each. or
any multiple thereof. The interest ga
ally at the rate of three per cent per
annum at the office of the State Treas
ur"r. or at some place In the City OF
II.
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 cuntempVraneIus surrender and
cancellation of n Ike amount OF prin--
cipaI and interest of said warrants.
Said bonds I" an amount equailing
the principal of said warrants now held
by the public school fund shall be reg
tstered by the State Auditor and State
Treasurer In the name and for the
benefit Of and payable only to the said
And all such bonds to an amount
equallins the interest on said warrants
now held In the school fund shall be
than par and accrued interest. and the
proceeds thereof paid into the school
fund and Distributed to the several
state for school purposes. in the pro-
portions and In the manner required
by law
And provided further. that. in addI-
be incurred as above. the state may
coutract debt by loan for the pur-
po1e of creating fund to be expended
waySCommission for the construction
and Improvement of public highways
IN the State Of Colorado; said debt to
terest-benrinS bonds to an amount not
exceeding five million dollars.
Said bonds. to an extent not exceed
million dollars. dated June first. 1922;
and said bonds shall be payable at the
option Of the State OF Colorado at any
spective dates. and shall be of the de-
nomination OF fifty dollars ls5o.o0)
sssh or hdnd thereof The
mi-annually at the rate of five per
cent $50 per annum at the office of
in the City OF New York. u. S. A., and
the principal of said bonds shall be
payable at the office of the State
Treasurer.
No such bonds s ali be issued except
At par and accrued interest.
Fifty per centum of the proceeds
from the sales Of said bonds shall be
the state according to the mileage of
state routes and state highways with
IN said counties. and the remaining
the sale of said bonds shall be used by !
the State Highway Commission only to
meet and accept Federal aid awarded |
to the State of Colorado by United
States congressional Acts.
And provided further. that, in addi- |
tion to the amount of debt that may be |
incurred as above. the State may con-
tract a debt by loan for the purpose of |
creating fund to he expended as pro- !
yided by law. by the State Highway |
Departmt t. for the construction and |
Improvement OF public highways In the !
State of Colorado; said debt to be evil
denced b, rc-;i.tered. coupon. interest
bearing bonds to an amount not ex-
cecdins six million dollars !
Said bonds to an extent not exceed |
ing One HiIlion Five Hundred Thou
sand Dollars. shall be dated June first,
1923: not exceeding One Million Five !
Thousand Dollars shall be |
dated June first. 1924; not exceeding J
One Million Five Humid. ID Thousand ,
Dollars shall be dated juno first 1925,
not exceeding One Million Five Hun
dred Thousand Dollars shall be dated
June first. 1926: said bonds shall be
Issued payable serially. The last ma
turing series OF each issue shall be
absolutely due and payable not exceed
Ing twenty t20) wears from and after