The Ordway new era., 1922-10-06

PROPOSED AMENDMENT TO SEC
TlON THREE (3) OF ARTICLE H
Oy- THE STATE CONSTITUTION.


Notice is hereby given that at the
General election to be held on the Sew
enth day of Novem ,er, A D. 1922, there
tors of the state OF Colorado. for their
approval or rejection, the following
proposed amendment to the Constitution
petition under the Initiative and Refer
endum. which initiated petition CON
tanned the signatures OF more than tne M
gal voters OF the state of Colora1o,
duly verified. in accordance with the
law. and filed in the office OF the Sec,
July, A. d. 1922. at Ills O'CLOCK "A. NJ.
The authority for submitting such
proposed amendment to the consiltu,
lion is found in Section of Article
OF the Constitution # the state or Colo,
iado. providing for the Initiative ana
Referendum.
AN AMENDMENT TO SECTION THREE
t3) OF ARTICLE Xl OF THE STATE
CONSTITUTION.
He Ii Enacted by the People of the
state of Colorado;
Section three tSl of Article Eleven
GID of the Constitution of the State Of
Colorado shall be amended so 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
"r revenue. erect public building for
the use OF the state, suppress insurrec-
tion. d,Gend the state, or, in time OF
war. assist in defending the United
States; and. the amount of debt con-
tracted in any one year to provide FOR
.eed one-fourth OF u mill on each dol
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
nation shall equal one hundred millions
nf dollars, and thereafter such DEBT
sball not exceed one hundred thousand
dollars. and the debt incurred in any
ings shall not exceed one-halr mill on
each dollar of said valuation; and the
aggregate amount of such debt shall
never at any time exceed the sum of
iifty thousand dollars CeNcept as pro-
Nided in Section five, of this article),
and in all cases the valuation in this
section I entioned shall be that of the
assessment last preceding the creation
"f said debt;
Provided. That in addition to the
amount of debt that may be Incurred as
above. the state may contract debt BY
Principal and accrued interest OF all
the outstanding warrants issued by
thls STATE during and Tor the years
80. 1883. 1883. 1899. 1898. 1884 and
1887. said debt to be evidenced by reg
istered coupon interest bearing funding
bunds-tO an amount not exceeding 81
ll5.O0O.OO. or 50 much thereof as may
b. necessary to pa" said warrants and
interest thereon.
said funding bonds shall be dated
december l. 1910, shall be payable at
tie option Of the State OF Colorado at
any time after ten years from their
u.te. shall be absolutely due and pay
aoie ttfty t50) years after their date,
and shall be of the denomination or
one hundred dollars (slO000) each, or
any multiple thereof. The interest on
SAID bonds shall be payable semi mi-annu-
ally at the rate of three per cent per
annum at the office of the State Treas
l.rer. or at some place in the City OF
New York. U. 5. A. and the principal
of said bonds shall be payable at the
office Of tht.
No such bonds shall be issued except
at par and accrued interest. and upon
the contemporaneous surrender and
cancellation of a like amount OF prin-
cipai and interest of said warrants
Said bonds to an amount equsll.ng
the principal of said warrants now held
by the public school fund shall be reg
istered by the State Auditor 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
equalling 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 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 NAV
be incurred as above. the state may
contract debt by loan for the BUR
pose OF creating fund to be expended
as provided by law. by the State High
way Commission for the construction
and Improvement Of public hiShways
IN the State Of Colorado: said debt to
be evidenced by registered coupon in
terest-bcaring bonds to an amount no,
exceeding five million dollars.
Said bonds. to an extent not exceed
June first. 1921: not exceeding thr.r
million dollars. dated June first 1922
and said bonds shall be payable at the
"ption OF the state of Colorado at any
time sfter ten years from their re-
spective dates. and shall be of the de-
9f'psti9n zen nr anv of f[iy dollars $50 oo>
forest on said bonds shall be payabir
semi -annuaiIy at The rate Of five pei
t-nt tOto) per annim. at the office OF
The State Treasurer or ut some ni,c.
IN the city OF New York. u. s. A.. and
the principal of ssid bonds shall be
payable at the office of the Stat
Irea surer
No such bonds all be issued excep,
ri par ana accrued interest.
fifty per centUm of the proceeds
from the sales OF said bonds shaII he
divided among the various counties al
NE state according to the mileage OF
state routes and state highways win
IN said counties. and the remajninr
ilfty per crntum o. the proceeds from,
mo sale OF SAID bonds shall be used by
meet and accept Federal aid awaTded
10 the State OF Colorado by United
states CO :EressonaI Acts.
And provided further that. in add.
iion 10 the amount OF debt that may be
Incurred as above. the State NAV con.
tract debt by loan for the PURPOSE O,
creating fund to he expended as pro.
vidcd by law. by the State Hirhwsy
bepartm' 1T. for the construction an1
Improvement of public highways in ths
state Of Colorado; said debt to be eyi.
deneed b, registered. coupon. interest.
bearing bonds to an amount not ex.
oeeding six million dollars
said bonds to an extent not exceed
ing One 'lilIion Five Hundred Thou
sand Dollars shall be dated June fjrst
1923; not exceeding One Million Fiy,
Hundred Thousand Dollars shall h,
dated June first. 1924; not exceedin,
one Million Five Hundred Thousans
Dollars shall be dated JInc first ioiS