The Julesburg grit-advocate., 1922-10-12
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PROPOSED AMENDMENT TO SEC
IloN ThEa:E 81 OF ARTICLE II
o. TesE STATE CONSTITUTION.

eDrs OF the state of Colorado. for their
epproval or rejection. the following
- the state of Colorado. initiated by
Qetition under the Initiative and Refer
Sodum. which initiated petition con-
nequired number. Uo-wit sssl of the ls-
al voters of the state of Colorado,
July verified. in accordance with the
qetary of State on the Fifteenth day OF
July. A. d. 1922 at 1l:l5 o'clock A. n.
The authority for submitting such
Qeoposed amendment to the Constitu,
81 the Constitution II the state of Colo
Gpdo providing for the Initiative and
Ueferendum.
An EAMENDMENT TO SECTION THREE
q 0E ARTICLE xI OF THE STATE
D. ID Ensesea by the People Of the
State Of Csiersds;
Section three t3) Of Article Eleven
1D Of the Constitution Of the State of
sead as follows:
Section 3. The state shall not con-
eract any debt by loan in any FORM
except to provide for casual deficiencies
~ revenue. erect public building for
the use of the state. suppress insurrec-
Sion. dtdend the state, or. In time OF
yar. assist in defending the United
seraeted In any one year to provide for
aeeficiencies of revenue. shall not ex-
3$eed one-fourth of a mill on each dol
ar of valuation of taxable property
amount Of such debt shall not any time
exceed three-fourths of q mill on each
solar OF said valuation until the val
oation shall equal one hundred millions
81 dollars and thereafter such debt
ehall not exceed one hundred thousand
Collars; and the debt incurred in any
ene year for erection Of public build
tngs shall not exceed one-half mill on
each dollar OF said valuation; and the
eggresate amount of such debt shall
4ever 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 entioned shall be that of the
of said debt:
Provided. That in addition to the
m0unt nnvs ,Ss OF debt that may be incurred as as
rinc,no s0an ror the the PURPOSE Of paying the
sss ;, oIsstandinE ,,tss warrants issued by
1857. 1883. 1889. 1892. 1898. 1884 and
1857. said debt to be evidenced by reg
ktered coupon interest bearing funding
ponds to an amount not exceeding $2.-
31b,000.0O. or SO much thereof as may
Pc necessary to Lav said warrants and
interest thereon.
Said funding bonds shall be dated
December !. 1910. shall be payable at
4he option of the State of Colorado at
my time after ten years from their
aie' snail pe absolutely due and pay
9ble tifty (5O) years after their date,
nd shall be of the denomination Of
my multiple thereof. The Interest on
aid bonds shall be payable semi-annu-
lily at the rate of three per cent per
4nnum at the office of the State Treas
per. or at some place in the City of
said bonds shall be payable at the
effice Of the State Treasurer.
No such bonds shall be issued except
par and accrued interest. and upon
pc contemporaneous surrender and
cancellation of like amount of prin-
Apal and interest of said warrants
Said bonds to an amount equalling
Pc principal of said warrants now held
the public school fund shall be reg
tered by the State Auditor and State
treasurer In the name and for the
Henefit OF and payable only to the said
l1nd, and shall not be transferable.
And all such bonds to an amount
eQualling the interest on said warrants
oow held In the school fund shall be
sold by the State Treasurer at not less
proceeds thereof paid into the school
Fund and distributed to the several
eounties and school districts of the
..sono Stste Tor scr school purposes. in the pro;
by law.
& And provided further. that. in sddi.
4ion to the amount of debt that may
contract debt by loan for the pur.
pose Of creating a fund to be expended
rs provided by law. by the State High
for neta the
IN the State of Colorado; said debt to
pc evidenced by registered coupon in.
sSceedins five million dollars. I noun' mol
Said bonds. to an extent not exceed.
ing two million dollars, shall be dated
,o1 SIns 5irst, 1921; not e1eeeding thres
and said bonda shall he navahIo -
option of tho State of Colorado At any IN,
time ns,,,d after sr ten years from their re.
dates and shall be of the ds
zach or any multips tSersoi Se'sls Ths TMhseGo? in.
terest on said bonds shall be payable
semi i-annually IT at the rate OF five pei
GENT (b%) per annum. at the office OF
the State Treasurer, or at some place
sn the s.t;. CITY Of New York. Y; S. A.: and
sss IT the of oe. ofG bonds on ts .hs
Treasurer.
NO such bonds 9 all be issued EXCEPT
81 per, Per and accrued interest.
III 1i'y per centum Of the proceed.
6tvided among the various counties q
She state according to the mileage. OF
aate e.id ROUTES en,,ati and state highways with
iifty per centum o. the proceeds from
the sale Of said bonds shall be used b,
the State Highway Commission only t.
States @gressfonai Acts.
And provided further. that, in add.
lsion to the amount Of debt that may b.
incurred as above. the State may con.
srsct a debt by loan for the purpose Of
vided by law. by the State HiEhwa,
pepartme IT. for the construction ane
Improvement of public highways in tht
State Of Colorado; said debt to be eyi.
fenced b. registered, coupon. Interest
bearing bonds to an amount not ex.
seeding six million dollars.
Bald bonds to an extent not exceed
ing One Million Five Hundred Thou
sand Dollars. shall be dated June first
1923; not exceeding One Million Five
Hundred Thousand Dollars shall b,
dated June first 1924; not exceedinl
One Million Five Hund.,d Thousand
Dollars shall be dated juno first, 1925
not exceeding One Million Five Hun.
4red Thousand Dollars shall be dated
June first, 1926: said bonds shall b,
Issued payable serialiy. The last ma.
Absolutely due and payable not exceed
1ng twenty (20) yeers from and aftel