Monte Vista journal and Monte Vista graphic-reporter., 1922-10-13
enOrosED AMENDMENT TO SEC
TON THREE 81 Of ARTICLE II
o.. THE STATE CONNTgTUT1ON.

~ -,
will be submitted I, the qualified etec-
tors of the state Of Colorado. for their
Apr oval or rejection. tho following
Of the state ci Of coiorsd"' RI DO. initiated SS BY
petition under the Initiative and Refer
endum. which initiated petition con-
eained the signatures Of more than the
required number uo-wtt 81! Of the ie-
gal voters OF the state of Colorado.
duly verified. in accordance with tho
law. and filed In the office of the Sec.
July A. d. 1929. ut mas o'clock A. NJ.
The authority for submitting such
proposed amendment t. the constitu.
uon In found in SECTION of Article v
of the Constitution tf the state of Colo.
rado, providing for the Initiative and
Referendum.
AN AMENDMENT TO SECTION THREE
(3) OF ARTICLE xI OF THE STATE
CONSTITUTION.
BE II Enacted ~ the People 81 the
State Of CUisssdes
section three go OF Article Eleven
GAl) OF the Constitution of the State OF
Colorado shall be amended SO As to
read as follows:
Section ,. The state shall not con.
tract any debt by loan In any FORM
except to provid. for casual deficiencies
Of revenue. erect public building for
the use Of the state. suppress insurrec.
war. assist In defending the United
states. and the amount Of debt con-
Sraeted In any one year to provide for
deficiencies OF revenue. shall not ex-
Ceed one-fourth Of = mill on each dol
lar Of 'aiuation q taxable property
within the state. and the aggregate
amount OF such debt shalt not any time
exceed three fourths of = mill on each
dollar OF said valuation. until the val.
uation shall equal ono hundred millions
OF dollars. and thereafter such debt
dollars. and the debt incurred in any
one year for erection Of public build
ihGs shall not exceed on.-haif mill on
each dollar of said valuation: and the
aggregate amount of such debt shall
never At amy tim" exceed the sum Of
flfty thousand dollars texccpt As pro-
Nid.d IN Section five of this artiCic)
and In all cases the valuation In this
section I sntioned shall b. that OF the
asscssi. ent last preceding the creation
of said debit
Lmoun, Of debt that may be incurred us
above. the state mny contract IA debt by
loan Tor tue purpose of paying the
principal and accrued interest OF ali
the outstanding warrants issued by
this state during and for the years
1881 1855. 1853 1899. 1898 1884 and
1881. said debt to be evidenced by reg
tstefcd coupon interest bearing funding
bonds 10 uu amount not exceeding 81
llS, 10000. OF much thereof as may
De necessary to ~" said warrants and
interest the con.
Said funding bonds shall be dated
December 1, 1910. snail be payable at
tht option OF the state Of Colorado at
any time after ten years from their
aai.' ' shall be absolutely due and pay
able itfty t5O) years after their date.
and shall be of the denomination OF
one hundred dollars $4,000, each. or
any multiple thereof Tue interest on
said bonds shall be payable semi. annu-
ally at tn. rate of three per cent Der
annum at the office of the state Treas
nrer. or at some place in Tn. CITY of
of said bonds shah be payable at the
office OF the State Treasurer
No such bonds sh.,a be issued .xc.p,
az par anu accrued interest and upon
che contcmpuran" surrender and
cancellation of a lie amount of pT,n-
cipai and Interest of said warrants
said bonds to an amount eguallinp
tue principal OF said warrants now held
by the puDiic school fund shall b,. r,u-
i.icrcd by tn. state Auditor and stat.
treasurer IN th. nam. and for the,
bcnctt Of and payable. only To the said
fund and shall not he transferable
And ali such bonds to an amount
.guaillns the interest or said warrant.
now held In the schooi fund shall b.
sold BY tn. stat" Treasurer at not les.
thhn pai ana accfu' q interest. and the
Proceeds thereof paid into III. scnooI
FUND ana distributed to tn. .ry,fni
counties ARD school diH,rtofs of IN.
state FOR school purposes. VA tn. pro.
by law.
And provided further. that. la add.
ton to the amount OF dobi that may
BE- inruicd AZ above. the state may
contract crbt hy loan Tor the pur.
pos. "f CfohttuE "a fund to be- expended
as provided by iAt.. by tn. stat, High
way commission for the eonstruction
and Improvement Of public hi. .hway.
IN the State u Colorado. said d.bt 10
be evidenced By registered coupon In
t"rert. bee ring bunds TO an amount not
eNercdinE five million dollars
said bonds, To- an cstcnt not exceed
ing Two IrlIIANn Itf1uIh .t.t
June If4t, 1921: not exceeding thr.,.
miilinh dnilSrs dated June fifst. 1922:
option of the state Of Colorado at any
iim" after ten years from their ne,
sp.,tl,c dates. and shall b. OF the de-
nomination of nfty dollar. 1850 ooD
forest on said bonds shall he paynbi,
s.n' '-annn"iIS AZ thc rate of five per
cent ,s.J Per annum. at the offc. OF
"a III. city OF New York u. y A. and
the principal of srid bonds shall IA,
Layablc at the office OF the stat.
Treasurer,
No such bonds . All b- issued cs.,p,
at par and iccrurd lnt.sc.t.
tif'y per ccntum Of the proceed.
tto!n the sale. OF -sid bonds shall be
divided among the ,ar,uu. countIr, ~
the state according to the mileage oi
stat" routes and state highway. with.
N said counties. and the remainins
the sale OF said bonds shall be used bv
sh" Stat. Highway c"mmi.s,un only 10
meet and accept Federal aid axnyd,a
90 tn. state Of Colorado by rniI.d
states c sfrssionai Acta.
And provided further. that. In .ddi.
tion To the amount Of debt thas may b.,
incurred AZ above. the Stat. may con.
tract debt by ioaa Tor the purpose Of
Str"tins funJ Ia he expended a. pro.
.ld'd W law. BY th. state Highway
n,pat,n. :, for tn. construction and
Improvement OF public h,ghWAys in th.
Stato OF Colorado: said debt 20 b- evil
dene.d b, reEtstcfed. coupon, interest.
eeafins bonds TO an amount not sx.
s-"dihs sis million dollars
said bondr to an extent not exceed.
Ihr One Sill,on Five Hundred Thou.
sand Dollars. shall bO dated Jun~ fjrst
ls.J. not cFcs-d,nr One Million rivr
Hundred Thousand Dollars shall be
dated Jun. iir.t ip:t. not -xrrrd,rs
ono Million tis. Humid. u Thou.and
Dollars shall be- dated June first is.s
not exceeding vn~ Million Five Hun.
af.d Thg.."nd bol,..s shall be- dsird
tAsu"d payable s.riaiiy. Tho last ma.
curing ssti.s OF each tsaus shAll he
sbs"Iutsl, du. and payable not sa"~.d.
tns t~shts t:ob ssets from and afts,