The Dolores star., 1922-10-13

PROPOSED AMENDMENT TO SEC
TlON THREE t3p OF ARTICLE Nj
o. THE STATE CONSTITUTION

will be submitted t. the qualified elec-
tors OF the state OF Colorado. for their
approval or rejection. the following
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. tto-wit so OF the le-
gal voters OF the state of Colorado,
duly verified. in accordance with the
law. and filed in the office OF the Sec
retary of State on the Fifteenth day Of
July. A ID. 1929, at HIS o'clock a, NJ.
The authority for submitting such
proposed amendment to the Constitu-
tion Is found in Section l of Article V
OF the Constitution Il the state of Colo
rado. providing for the Initiative and
Referendum.
AN AMENDMENT TO SECTION THREE
I3) OF ARTICLE NJ OF THE STATE
CONSTITUTION
B- II Enacted by the People of the
State OF Coiorudot
Section three 80 OF Article Eleven
<Nl) of the Constitution of the State of
Colorado shall be amended to
read as follows:
Section >. 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-
tion. defend 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
deficlenCteS Of revenue. shall not eN-
coed one fourth of 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 thrce-fuurths uf 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 ia any
one year for erection of public build
inEs shall not exceed une-half mill on
each dollar uf said valuation: and the
aggregate amount OF such debt shall
he -
fifty thousand dollars teNcept as pro-
Vided in section five of this article).
and IN all cases the valuation in this
section cntroned shall be that Of the
assessment last preceding the creation
of said debt
Provided. That in addition to the
amount at debt that may be incurred as
above. tie state may contract a debt by
loan for the purpose of paying the
principal and accrued interest Of all
the outstanding warrants Issued by
this state during and for the years
1887. 1859 1883, 1892. 1898, 1894 and
1887. cd debt t. be evidenced by reg
tsteTed coupon interest bearing funding
bonds t. an amount not exceeding 81
il5.oOO.OO. or 50 much thereof as may
be necessary to -" said warrants and
interest the-eun
Said funding bonds shall be dated
DevtiHbvI /. 1910, snail be payable at
III. option Of the State Of Colorado at
any time after ten years from their
date. shall be absolutely due and pay
able my 500 years after their date.
one hundred dollars tSlU0.UOj each, or
any multiple there If. The interest un
said uunds snail b. payable semi-annu-
ally at Inc rate Of three per cent per
anHum at the Iffirr OF the State Treas
Grer. or at some place in the City of
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 uontrmprraH"I surrender and
cancellation OIL Ike amount Of prin-
cipal and interest Of said warrants.
said bonds t. an amount cquallinE
the principal of said warrants now hed
by ths pubic scu"pl tuud shall be reg
jsteTed by the State Auditor and state
Treasurer in the name and for the
, benefit uf and payable only to the said
fund. and shall not be transferable.
And all such bonds to an amount
equalIing The interest or said warrants
now held in the school fund shall be
sold by the State Treasurer at not less
than par and acCru ID 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-
ton to the amount of debt that may
be Incurred as above. the state may
contract a Gebt by loan for the pur-
pose of creating a fund to be expended
as provided by law. by the State High
way Commission for the construction
in the State OF Colorado. said debt to
be evidenced by registered coupon in
terest- t-baCrinE bonds to an amount not
exceeding five million dollars
Said bonds. to an extent not exceed
ing two million dollars, shall be dated
June first, 1921: not exceeding three
million dollars dated June first. 1929:
and said bonds shall be payable at the
option of the state Of Colorado at any
time after ten years from their re-
spective dates. and shall be of the de-
each or any multiple thereof The in
terest on said bonds shall be payable
semi-annualIy at the rate of five per
cent $50 per annum. at the office of
the State Treasurer. or at some place
in the City of New York L. s. A., and
the principal of said bonds shall be
payable at the office of the State
Treasurer.
No such bonds $ all be issued except
at par and accrued interest.
FIFTY, per centum Of the proceeds
from the sales of said bonds shall be
divided among the various counties of
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 J., accent Federal aid awarded
States CO gressionaI Acts.
And provided further. that, in addi-
tion to the amount Of debt that may be
tract debt by loan for the purpose of
creating fund to he expended as pro-
yided by law. by the State Highway
Departm, t. for the construction and
Improvement of public highways in the
State of Colorado: said debt to be evil
denced b. registered. coupon. interest,"
bearing bonds to an amount not ex
ceednS six million dollars.
Said bonds to an extent not exceed
fng One 1iliiOn Five Hundred Thou
sand Dollars. shall be dated June first
1928: not exceeding One Million Five
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 exceeding One Million Five Hun
dred Thousand Dollars shall be dated
June first. 1926: said bonds shall be
issued payable serialIy. The last ma
turing series of each issue shall be
absolutely due and payable not exceed
ing twentJ t20) years from and after
the date thereof and shall be of the
denomination of One Hundred Dollars
<$l00.0O) each or any multiple thereof
vI,he ipteEest said hands akali