The Dolores star., 1922-10-06

PROPOSED AMENDMENT To SEC
TION THREE t3b OF ARTICLE Nj
o. THE STATE CONSTITUTION.

TION THREE t3l OF ARTICLE Nj
o. THE STATE CONSTITUTION.
Notice is hereby given that at the
General election To be held on the Sew
enth day OF Novem Der. n ID. 1922. there
VIII be submitted t. the qualified cleo
tors of the state Of Colorado, for their
approval or rejection the following
Proposed amendment 70 the Constitution
OF the state Of Colorado. initiated by
petition under the Initiative and Refer
endum. which initiated petition con-
tanned the signatures OF more than the
required number. tto-wit sso) 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. 1872, at HIS o'clock A. NJ
The authority for submitting such
proposed amendment to the Constitu-
ton is found in section Of Article V
of the Constitution II the state OF Colo
rado, providing for the Initiative and
Referendum
AN AMENDMENT TO SECTION THREE
80 OF ARTICLE Nj OF THE STATE
CONSTITUTION
BE IL Enacted by the People of the
state OF Colorado:
Section three tSD OF Article Eleven
tSlj of the Constitution of the State of
Colorado shall be amended so as to
read 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 uf revenue. shall not eN-
ceed one-fOurJh of mill on each dol
lar Of .aluation Of taNahIe property
within the state. and the aggregate
amount Of such debt shall not any time
exceed threc-fOUrths of a mill on each
dollar of said valuation, until the val
uatiun 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 Tor erection Of public build
ings shall not exceed one-half mill ON
each dollar Uf said valuation. and the
aggregate amount of such debt shall
never at any time exceed the sum of
fifty thousand dollars teNcept pro-
and In all cases the valuation in this
section l entioued shall be that OF the
assessment last preceding the creation
of said debt
Provided. That in addition to the
amount uf debt that may be incurred as
above. the state may contract debt by
loan Tor the purpose of paying the
principal and accrued interest of all
the outstanding warrants issued by
this state during and Tor the years
1897. said debt To- be evidenced by reg
istvred coupon interest bearing funding
ponds 70 an amount not exceeding 81
1i5,VOO-OO. or so much thereof may
be necessary to ~ said warrants and
interest the, con.
said fHdius bonds shall be dated
DecpinbeF l. 1910. sAau be payable at
tn option OF the state Of Colorado at
any unr after ten years from their
date. shall be absolutely due and pay
able iifty tbOJ years after their date.
and shall be of the denomination OF
one hundred dollars 100000 each. or
any multiple thereof The interest un
said bonds shall be payable semi-annu-
anuum at the office Of the State Treas-
urer OF at some place in the City OF
New York. u. 5. 4. and the principal
Of said bonds shall he payable at the
office pf the State Treasurer
No such bonds shall be issued except
at par and accrued interest, and upon
the cuntrmpurau"I Ius surrender and
cancellation Of q like amount Of prin-
cipaI and interest OF said warrants.
said bonds to an amount equallinE
the principal pt said warrants now held
by the pubic school fund shall be reg
istcTed 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
equalIing 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
portions and in the manner required
by law.
And provided further. that. in addi-
tiun to the amount of debt that 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 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 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
and said bonds shall be payable at the
option of the state of Colorado at any
spective dates. and shall be of the de-
nomination Of fifty dollars Cs5O.OO)
each or any multiple thereof. The in
terest on said bonds shall be payable
semi-annually at the rate of five per
cent $50 per annum. at the office of
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 Ccntum 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 scntum o" the proceeds from
the State Highway Commission only to
meet and accept Federal aid awarded
to the state of Colorado by United
States Co EressionaI Acts.
And provided further that. in addi-
ton to the amount Of debt that may be
incurred as above, the State may con
tract debt by loan for the purpose of
creating fund to he expended as pro-
vided by law. by the State Highway
Departn, t. for the construction and
Improvement of public highways in the
State of Colorado. said debt to be evil
denced b. reSiYtcFed. coupon. interest
bearing bonds to an amount not ex-
ceeding six million dollars
Said bonds to an extent not exceed
ing One dilIiOn Five Hundred Thou
sand Dollars. shall be dated June first
1923: not exceeding One Million Five
Hundred Thousand Dollars shall be
dated June first. 1924: not exceeding
One Million Five Humid. ID Thousand
Dollars shall be dated juno first, 1925
not exceeding One Million Five Hun
dred Thousand Dollars shall be dated
June first, 1926. said bonds shall be
issued payable seralIy. The last ma
turing series OF each issue shall be