The Lamar register., 1922-10-11

PROPOSED AMENDMENT TO SEC
TION THREE t3) OF ARTICLE NI
OF THE STATE CONSTITUTION.

proposed amendment TO thG 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
Secretary of State on the Fifteenth day
of July. A. d. 1922. at 11;15 o'clock a
The authority for submitting such
tion is found in Section / OF Article v
of the Constitution OF the state Of Colo
rado. providing for the Initiative and
Referendum.
AN AMENDMENT TO SECTION THREE
go Or' AIiTlCLE AI or THE STATE
CONSTITUTION.
BE Ii En..cted by the People of the
State Of COIornuot
(AIJ vi the Constitution Vi tne State oi
Coiorado snail Oe aiiended so as u
read AS foiiows:
Section ). Inc state shall not con-
trac. any deDt Dy loan IN any form.
eNeepI ~ provide Ior casual deIIciencIes
oT revenue, erect puDIIc building Ior
the use VI me STATE, suppress lnsurrec-
tion. ueIend the state, or. IN time OF
War, ASSIST in defending the United
Stutvs. and The amount Of debt con-
truetsd IN any one year to provide for
uvlIGISHcISs OF revenue, shau not ex-
ceSu one-Iourth OF mill on each dol
lar OI SaIuaIIOn OF taxable property
"Ithin tnS state, anu the aggregate
amount oI sucn debt snail not any tIme
exceed tnree-fOurths OF mill on each
dollar OF SAID valuation. until the val
uatIon snail equal one hundred millions
OF dollars. and thereafter such deDt
snail not exceed one hundred thousand
dollars. ana the DEBT incurred in any
one year Tor erection OF pubic build
ings snail not exceed one-halr mill on
eacn doiIar OF said valuation. and the
aggregate amount OF such debt shall
never ut any time exceed the sum OF
nd tAN nFa
vided in Section five OF this articieD,
and in all cases the valuation in this
section mentioned shall De 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 debt by
loan for the purpose OF paying the
principal and accrued Interest OF ali
the outstanding warrants issued by
ihss I'M, sisss s dn5ans ana r t9s ths % years
1897. said debt to be evidenced by reg
lstered coupon Interest bearing funding
Dohas 10 an amount not exceeding s2.-
il5.OOO.OO. or so much thereof as may
be necessary to pay said warrants ana
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 theit
date. shall be absolutely due and pay
able firty 500 years after their date.
one hundred dollars tsl00.O0) 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
urer. or at some place in the city OF
New York, U. $. 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 like amount or prin-
cipal aud interest Of said warrants.
said bonds to amount equallinE
the principal of said warrants now held
by the puDlic 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
equa.ling the interest on said warrants
sold b. 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 thu
state for school purposes. in the pro-
portions and in the manner required
by law.
And provided further. that. in addi-
tion to ,he amount OF debt that may
be Incurred above. the state may
contract debt by loan for the pur-
pote OF creating a fund to be expended
as provided by law. by the State High
way Commission for the construction
ana Improvement OF pubic highways
in the Safe of Colorado: said debt to
be evidenced by reristered coupon in
erest-bearing bonds to an amount not
exceeding five million dollars.
Said bonds. to an extent not exceed
ing two million dollars, shall ne dated
June first. 1921: not exceeding thre.
million dollars. dated June first. 1922:
and said bonds shall be payable at the
option Of the State of Colorado at any
time after ten years from their re-
spectiye dates, and shall be of the de-
nomination OF fifty dollars (s5O.OO)
each or any multiple thereof. The in
semi-annually at the rate OF five per
cent (5 per cent? per annum, at the
office OF the State Treasurer. or at some
place In the City OF New York. U. s a.
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
Fift" per centum of the proceeds
from the sales of said bonds shall be
divided among the various counties Of
state routes and state highways with
ia 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-
ton to the amount of debt that may be
incurred as above. the State may con-
tract a debt by loan for the purpose of
vided by law. by the State Highway
DeDa ri for the construction and