The Delta independent., 1922-10-13

PROPOSED AMENDMENT TO SEC
TION THEEE (3) OF ARTICLE xI
o. THE STATE CONSTITUTION.

o~
Y Notice is hereby given that at the
General election to be held on the Sew
enth day of Novem Der. A. d. 1912. there
eors OF Of she State Of & fer ehsir
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 the
gal voters of the state Of Colorado,
duly verified. in accordance with the
law. and. filed in the office Of the Sec.
July. A. D. 1922. at 11:15 o'clock A. NJ.
The authority for submitting such
proposed amendment to the Constitu,
ton Is found IN Secti4h on. oi Arfic,e f G,o.
RADIO. providing for the Initiative and
Referendum.
ANAMENDMENT TO SECTION THREE
(3) OF ARTICLE XI OF THE STATE
CONSTITUTION.
BE 1t Enacted by the People of the
State of Colorado:
Section three (3) of Article Eleven
lXD of the Constitution of the State of
Colorado shall be amended SO as to
read as follows:
tract any debt by loan in any form.
except to provide for casual deficiencies
the use of the state. suppress insurrec-
ton. 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 eN-
ceed one-fourth of a mill on each dol
lar of valuation of taxable property
within the state, and the aggregate
amount of such debt shall not any time
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
inSs 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 Except as pro-
vided in Section five of this article).
and in all cases the valuation in this
section E.entioned 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
principal and accrued interest Of all
the outstanding warrants issued by
tsss dssns ad for the
1897 said debt to be evidenced by reg
istered coupon interest bearing funding
115.O0o.OO. or much thereof as may
be necessary to pa" said warrants and
interest thereon.
Said funding bonds shall be dated
the option of the State of Colorado at
any time after ten years from their
date. shall be absolutely due and pay
able 1lfty 500 years after their date.
and shall be of the denomination of
one hundred dollars (s10O.00) each, or
any multiple thereof. The interest on
ally at the rate of three per cent per
annum at the office of the State Treas
New York. K G. o 8. R. ~ and n the see principal @ al
of said bonds shall be payable at the
office of the State Treasurer.
No such bonds shall be issued except
the contemporaneous surrender and
cancellation of a like amount of prin-
cipal and interest of said warrants.
Said bonds to an amount equalling
by the public school fund shall be reg
istered by the State Auditor and State
benefit Of and payable only to the said
fund. and shall NOT be transferable.
And all such bonds to an amount
eaualiing 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
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 debt by loan for the pur-
pose of creating a fund to be expended
as provided by law, by the State High
Way InDon, Commission for i,s; the eonstrpetlon
in the State of Colorado: said debt to
be evidenced by registered coupon In
exceeding five million dollars
Said bonds. to an extent not exceed
ing two million dollars. shall be dated
5Tns first 1921 do1ss not three
and said bonds shall be payable at the
option of the State of Colorado at any
speetive dates; and shall pc of The de-
each or any multiple thereof The e'in- in
semi at the rate of five pei
cen Gent 81. Per annnm at the office Of
the principal of said bonds shall be
payable at the office of the State
Treasurer.
No such bonds s all 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
the sns State af b. ns
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 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
State of Colorado; said debt to be evil
denced b. registered. coupon. interest
bearing bonds to an amount not ex-
ceeding six million dollars
Said bonds to an extent not exceed
ing One Million 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 I'd Thousand
Dollars shall be dated juno fIrst ia26.