Phillips County herald., 1922-10-05

PROPOSED AMENDMENT TO sEC.
TyON THEEE (a) OF AIt'rIcLE xI
o., TWIN STATE. CONSTlTUEION

General election To be held on the Sow
will be submitted 1, the qualified elc.,
tors of. the state OF Colorado. for their
approval or rejection. the following
proposed amendment 70 the Constitution
petition under the Initiative and Refer
endum. which initiated petition con-
tanned the signatures Of more than the
gai voters Of the state 81 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. d. 1922. at 1l:15 o'clock a. Nj.
The authority for submitting such
proposed amendment to the Constitu-
tion is found in Section of Article v
of the Constitution If the state of Colo
rado. providing for the Initiative and
Referendum.
(S) or ARTICLE XI or THE STATE
CONSTITUTION.
BE II Enacted by the People Of the
State Of CoIorndos
Section three t3) Of Article Eleven
tXI) of the Constitution. Of the State OF
Colorado shall be ac1.rdcd so as to
read as follows:
Section 3. The state shall not con-
tract any debt by lean in any form
except to provide for casual deficiencies
Of revenue. erect public building for
the use OF the state. suppress insurrcc-
ton. defend the state, or, in tine nf
war. assist In defending the United
states: and the amount OF debt con
tracted IN any one year tu provide for
deItciencies of revenue. shall not ex-
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
exceed threc-fouiths of mill on each
dollar OF said valuation. until the val
uation shall equal one hundred millions
Of dollars. and thereafter such debt
Shall not exceed hundred thnuSDnn
dollars; and the debt incurred in any
one year for erection of public build
inss shall not exceed one-haif mill on
each dollar OF said valuation; and the
aSSrcsate amount of such debt shall
never at any time exceed the sum Of
iifty thousand dollars texcept as pro-
Nided in Section five of this article).
and in al eases the valuation in this
section l entioncd shall be that OF the
assessment last preceding the creation
of said debt
Provided. That In addition to the
;-mount OF debt that may be incurred as
above. the state may contract u debt by
loan Tor the purpose Of paying the
principal and accrued interest of ALI
this state during and Tor the years
1857. 1888, 1883 1872. 1898 1894 and
1897. said debt to be evidenced ty reg
istcred coupon interest bearing funding
bonds to an amount not exceeding S2,-
ll5.vVU.0v. or SO much thereof as may
be necessary 10 "a" said warrants and
interest thereon.
Said funding bonds shall be dated
December |, 1910. snail be payable at
the option of the State Of Colorado at
any time aitrr ten years from their
date. shall be absolutely due and pay
aDle iifiy !50) years after their date
ana shah be OF the denomination OF
one hundred dollars $4,000, each. or
any multiple thereof. The interest on
said bonds shal! be payable semi-aunu-
ally at the rate OF three per cent per
n h.a ~
rrer or at some place In the Cry Of
New York. L. :. ~. and the principal
OF said bonds shall be payable al Inc
office OF the State Treasurer.
No such bonds shall be issued excen,
nj par anat accrued interest. aud upon
the cuntcmporune9ns surrender mud
cancellation Of n HE amount Of prln-
eipai and interest of said Warrants.
said bonds tu an amount equa.l!nr
the principal of sati warrants r,,f. held
BY the public s'cno,l fund shall be. r.c-
istcicd BY the state Auditor and State
Treasurer IN the meme anC for the
benefit OF and payable only L. the said
fund. and shall not be transferable.
Aud all such bonds 10 an am,un,
cauaiiinS the Interest on said warrants
now held In tho school fund shall be
sold by the state Treasurer at not less
than par and accrued interest. and the
proceeds thereof paid into the schooA
fund and distributed To the several
counties urd school districts OF the
state for school purposes. in the pro-
portions and IN the manner required
by law.
And provided further. thrt. I'm addi.
tion to the amount of debt that may
be Incurred as above. the state may
contract a cebt by loan for the pur-
us provided BY Law. BY the Stat. High
way Commission for the construction
and Improvement, of public highways
In the State Of Colorado. said debt 10
be evidenced by registered cn,ipon In
tcrcst- bearing bonds To an amount moi
exceeding five million dollars
Said bonds. to an extent not exceed :
ins two million dollars. shall be dated
June first, 1871: not exceeding thr..'
million dollars. dated June first. io..:
and said bonds shall be payable nj the
option OF the state OF coiorad, at amy
c snrc,v, S'ss a, Zen ysars s,,, ,rem their r.
nomination of fifty dollars ts5o. .ljol
each or any multiple thereof Th, IN
terest ON said bonds shall be PAYABLE.
semi mi-annually at the rpte OF nv. per
cent t5S) per annum. At IN. office OF
IN. Stat. Treasurer. or at GONE MAC,
y the cuy 81 New York. u, 5. A.. ard
payable at the office OF "a. stat.
Treasurer.
No such bonds = All be issucd .s,..,,
at par and accrued interest
fiity per eentum OF the proceed,
from the sales of said bands ahati H..
divided among the yafiuur aDttnfi.. -,
the stat. according To- the nrii..a.- ~,
state routes aud state hithasIyr VITA,
IN said counties. and the lsnsit,It,.
ilfty per l.ntum q tie pri,.e-ts fl.,n
the sale OF said bonds shall Il. ur.u la
IN" stat. Highway tomnl.a .ai..n ,,pfy a.
meet and accept Federal AID hWni,,ea
- The state uf Colorado by i'n,t.t.
Stnt"S CO greErionnl acts.
And provided further. that. In esii.
ton 4" the amount of debt tnnt riay tr
inepii.d nr nh"sr. the Sta,r may ION.
tract debt hy i"An ia3 the rul til,s. ,,t
cf-hiinF fund to - esieiidid Z. nf.,.
sidcd by law. b. the Siat. HI.n,.n,
b"psftn I. for ths eanalfu,stlo., ana
inpr",rincni OF public high~asu in ihs
state .! Colorado. said deb IT, DO .yi.
d'ncrd b. rcHiHtsfsd s.gupsn. intrfnst
bcufing bonds Ia AN amount not -.
t"'dins ris million J"iiatr.
snid bonds 10 an extent not ..sr-.d
ins onr iiill"n f'iye Hundred I'nntI.
rhnd Dollars, shall be- dated Jiin. .it..t
1879, not .fc"rdinr pnr Ailllpu Iiiv,
HUNDRED Thousand puiiais snati IA,
lated junr tlrst. 1924: moi .N,r,'.iin'
yre Niliiun llNe Humid Il 'rhntustn,i
Dollars fhnii be dated lunf fifst l1t.
not exceeding Que Million ffl.s Ituu.
dfsd 'Ihvusnni Dollars rlaii ~ d,t.a
iuns ,ifst. ipass Hnid hunds ai4nli a.
lesu.d payable rei'nilt. Tia Ia, ma.