The Ordway new era., 1922-10-13

i kAiQEQ I0o HlknAIuTc3 Oh AxloLt th1. e4sN
required number. (to-wLt s&y Of the le-
duly verified; q sccoraanes With ssn the
retary OF State on the Fifteenth day OF
July. A. d. 1922. At 11.15 o'clock A. "a.
The authority for submitting such
proposed amendment to the Consti.u,
of the Constitution # the state OF Colo,
rsdo. providing for the Initiative and
Referendum.
AN.AMENDMENT TO SECTION THREE E
(3)- OF ARTICLE X1 OF THE STATE
CONSTITUTION.
he 1t Enacted by the People of the
State OF Coiorndos
Section three go Of Article Eleven
tx) 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. daend the state. or. in time OF
States; and the amount OF debt con-
tracted in any one year to provide Tor
deficiencies OF revenue. shall not eS-
coed one-fourth OF 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
uation shall equal one hundred millions
or dollars, and thereafter SucA 1eDl
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-
NIded in Section five OF this article).
and in all cases the valuation in this
section 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
loan for the purpose OF paying the
principal and accrued interest of all
the outstanding warrants issued by
iss7. 1855. 1859 1882 1893. 1854 and
1891. said debt to be evidenced by reg
istered coupon interest bearing funding
bonds to an amount not exceeding 81
il5.000.G0. or so much thereof as may
be necessary to pav said warrants and
interest thereon.
Said funding bonds shall be dated
December /, 1910 shall be payable at
the option of the State OF Colorado at
amy time after ten years from their
date, shall be absolutely due and pay
able tlfty t5U) years after their date,
and shall be OF the denomination OF
one hundred dollars tSlO0.00l each, or
any multiple thereof. The interest on
said bonds shall be payable semi -annu-
ally at the rate of three per cent per
annum at the office of the State Treas
AEeE. OF Ut SOulG pldCt IN lHe City
New York. U. S. A. and the principal
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 contemporaneous surrender and
cancellation of a like amount OF prin-
ctpal and Interest of said warrants
Said bonds to an amount equall.ng
the principal of said warrants now held
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
equaliin the interest op said warrants
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 as above. the state may
contract debt by loan for the pur-
pose OF creating a fund to he expended
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 i'm
terest,bearins bonds TO an amount not
exceeding five million dollars.
Said bonds. to an extent not exceed
ing two million dollars. shall he dated
June first; 1921; not exceeding three
and said bonds shall be payable at the
option Of the State OF Colorado at any
e,,s time, sftsr ten Years from their re-
nomination of fifty dollars fs5D 40,
each or any multiple thereof The In.
terest on said bonds shall be payable
cent t5Ss) 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 tho office OF the stat
Treasurer.
No such bonds $ all be issued except
at par and accrued interest
Fifty per ceutum OF the nroceads
from the sales Of said bonds shall he
divided among the various counties OF
the state according to the MILEAGE or
state routes and state highways with :
In SAID counties. and the remainjue
Iifty per centum o. the proceeds from
the State Highway Commission only ~
meet and accept Federal aid awarded
u,. 70 the STATE Or Colorado by United
And provided further. that. in addi
ton 10 the amount of debt that NAV be
Incurred as aboye. the state may com
creating fund to be expended as pro-
yided by law: by the State Highway
Departms IT. for the conslrucuon and
Improvement OF public highways in the
state Of Colorado: said debt to be evil
denced b. registered. coupon. interest
ceeding six million dollars.
Said bonds to an extent not exceed.
ing One Million Five Hundred Thou
lAn4 Dollers. shall be dated June first
1S41s not exceeding One Million Five
Hundred thousand Dollars shall be
dated June first. 1924; not exceeding
one A3tiion Five Hundred Thousan nd
not exceeding One Million Five Hun
dred Thousand Dollars shall be dated
fssved payable seriaiIy. The iast ma se !.
turtng series of each issue shall be
absolutely due. and payable not exceed
ing twsotk (20) years from and fte,
the2dafe thereof. and shafl be of ths
denomination of One Hundred DoIIa rs
lS10O.0O) each. or any multiple thereof
hA