The Lamar register., 1922-10-04

PROPOSED AMENDMENT To SEC
TION THREE t3) OF ARTICLE NJ
OF THE STATE CONSTITUTION.

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. (to-wit per cent?
of the legal voters of the state OF Colo
rado. duly verified. in accordance with
the law. and filed in the office OF the
Secretary of State on the Fifteenth day
NJ
The authority for submitting such
ton is found in Section l of Article V
of the Constitution of the state of Colo
RADIO. providing for the Initiative and
Referendum
AN AMENDMENT TO SECTION THREE
(3) OF ARTICLE XI OF THE STATE
CONSTITUTION.
he 1t Enncted by the People of the
State of CoIorndof
tXD OF the Constitution of the State Of
Colorado shall be amended SO 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 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
deficiencies of revenue. shall not ex-
coed one-fourth OF a mill on each dol
lar Of valuation of taxable property
amount of such debt shall not any time
exceed three-fourths OF 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
ings shall not exceed one-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 texcept as pro-
vided in Section five of this article).
and in all cases the valuation in this
section mentioned shall be that of the
assessment last preceding the creation
of said debt:
Provided. That in addition to the
amount of debt that may be incurred as
above. the 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. lsss. 1883. 1892. 1893. 1894 and
1891. said debt to be evidenced by reg
istered coupon interest bearing funding
bonds TO an amount not exceeding ga
l15,00O.O0. or so much thereof as may
be necessary to pay said warrants and
Interest thereon.
Said funding bonds shall be dated
December l. 1910. shall be payable at
the option of the State OF Colorado at
any time after ten years from their
date. shall be absolutely due and pay
able fifty (5O) years after their date.
and shall be of the denomination OF
any multiple thereof The interest on
said bonds shall be payable semi-annu-
annum at the ofrice of the State Treas
urer. or at some place in the City of
New York. U. s. A.. and the principal
office OF the State Treasurer.
No such bonds shall be issued except
at par and accrued interest. and upon
the contemporaneous surrender and
cancellation of like amount of prin-
cipai and interest Of said warrants,
said bonds TO an amount equalling
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
equailing 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 may
be incurred above. the state may
contract a debt by loan for the pur-
poe of creating a fund to be expended
as provided by law. by the State High
way Commission for the construction
and Improvement of public highways
in the State of Colorado: said debt to
be evidenced by registered coupon in
terest-bearing 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 Mt any
time after ten years from their re-
spective dates. and shall be of the de-
nomination of fifty dollars tS5O.OO)
each or any multiple thereof The In
terest on said bonds shall be payable
semi-annually at the rate of five per
cent (5 per cent? per annum. at the
office of the State Treasurer. at some
place in the City OF New York. U. s. n.
and the principal OF said bonds shall be
payable at the Office OF the State Treas
urer.
No such bonds shall be issued except
at par and accrued interest.
Fiftv per ceutum 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
fifty per centum of the proceeds from
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-
Incurred as above, the State may con-
tract debt by loan for the purpose OF
creating a fund to be expended as pro-
vided by law. by the State Highway
Department. for the construction and
Improvement of public highways in the