The Glenwood post., 1922-10-05
PROPOSED AMENDMENT TO SEC
TION THREE (3 OF ARTICLE XI
u THE STATE CONSTITUTION,


Notice is hereby given that at the
General election to be held on the Sew
enth day of Novem yer. A. ID. 1872 there
VIII be submitted t. the qualified cleo
tors of the state of Colorado. for their
approval or rejection. the following
proposed amendment to the Constitution
of the state of Colorado. initiated by
petition under the Initiative and Refer
endum, which initiated petition con-
talned the signatures of more than the
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. 1922. at 11:15 o'clock A. NJ.
The authority for submitting such
proposed amendment to the Constitu-
ton is found in Section l of Article V
OF the Constitution If the state of Colo
Tado providing for the Initiative and
Referendum.
AN AMENDMENT TO SECTION THREE
80 OF ARTICLE NJ OF THE STATE
CONSTITUTION
Be Ii Enacted by the People of the
State of Colorado;
Section three so of Article Eleven
SAi) OF the Constitution of the State of
colorado shall be amended to
read as follows
tract any debt by loan in any form.
except to provide for casual deficiencies
OF reNenAe. erect public building for
the use of the state, suppress insurrec-
ton dsend the state. or, in time of
war, as'ist in defending the United
States; and the amount of debt con-
tracted in any one year to provide for
deficiencies of revenue. shall not ex-
ceed one-fourth of a mill on each dol
within the state, and the aggregate
amount of such debt shall not any time
exceed hree-fourths of u 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 one hundred thousand
collars and the debt incurred in any
one year for erection of public build
lnSs shall not exceed one-half mill on
each dollar Of said valuation: and the
aggregate amount of such debt shall
fifty thousand dollars Except as pro-
Nlded in Section five of this article).
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 as
above the state may contract debt by
Ioan Tor the purpose of paying the
p5dheipS! tbn and accrued interest Of all
the outstanding warrants issued by
tnls state during and for the years
1871. 1883. 1883, 1882. 1923. 1884 and
1897, said debt to be evidenced hy reg
istered coupon interest bearing funding
ponds to an amount not exceeding 81
1l5,O00.0O. or much thereof as may
be necessary to paw said warrants and
interest thereon.
Said funding bonds shall be dated
December l. 1910, shall be payable at
thc option of the State of Colorado at
any time atter ten years from their
date shall be absolutely due and puy-
able iifty t5O) years after their date.
and shall be of the denomination Of
one hundred dollars lSl00.UO1 each or
any multiple there II. The interest on
SAID bonds shall be payable semi-annu-
any at the rate Of three per cent per
annum at the office of the State Treas
N' HNIer' or at some place in the City of
New York U. S, a., and the principal
of,, OF said bonds shall be payable at the
oiflce OF the State Treasurer.
No such bonds shall be issued excant
at par ana accrued interest. and upon
the contcmporancou surrender and
cancellation of like amount of prin-
eipaI ana interest of said warrants
Said bonds to an amount eouaIiinp
the principal OF said warrants now held
py the public school fund shall be reg
1ES.eIed 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
equalilns 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
state for school purposes in the pro-
by law iea
And provided further. that. in addi-
tion to the amount of debt that may
be incurred as above. the state may
pose of creating a fund to be expended
as provided by law. by the State Hirh-
way CgnliGlssion Tor the construction
in the state of Colorado; said debt to
be evidenced by registered coupon in
terest- bearing bonds to an amount not
exceeding five million dollars
Said bonds, to an extent not exceed
lnS two million dollars. shall be dated
June tirTt 1921; not exceeding three
ana said bonds shall be payable at the
option Of the State Of Colorado at any
time after ten years from their re-
nomination Of fifty dollars (s5O. 00)
each or any multiple thereof The in,
terest on said bonds shall be payable
semi annually at the rate of five per
cent tblo) per annum, at the office OF
the Siate Treasurer, OF at some place
in the city of New York, u. s A and
the principal OF said bonds shail s's bs
payable at the office of the State
Treasurer.
Nc such bonds Ill b. issued except
at par and accrued interest
E1Ity per centum of the 'proceeds
from lhe sales of said bonds shall be
aivided among the various counties OF
inc state according to the mileage of
state routes and state highways with
IN SAID counties. and the remaining
MY ~ Per mum ii, o the proceeds from
the State Highway Commission only to
meet and accept Federal aid awarded
to the State of Colorado by United
states G Eressional Acts
And provided further that, in addi-
uon to the amount of debt that may be
incuri ed as above, the State may con-
tract debt by loan for the purpose Of
creating fund to be expended as pro-
Nidcd by law, by the State HIGHWAY
bepartm !. for the construction and
improvement Of public highways in the
state Of Colorado: said debt to be eyi-
denccd b. registered. coupon. interest
bearing bonds to an amount not ex-
ceeding FIX million dollars.
Said bonds to nm. extent not exceed
ing one dillon Five Hundred Thou
sand Dollars. shall be dated June first.
1928, not exceeding One Million Five
Hundred Thousand Dollars shall be
dated June first 1924; not cxcceding
One Million Five Hund. i Thousand
Dollars shall be dated Juno first 1926.
not exceeding one Million Five Hun
dred Thousand Dollars shall be dated
June first 1926. said bonds shall be
issueu payable scriaIly. The last ma
turing series of each issue shall be
absolutely due and payable not exceed
ins twon'. 600 ye7rs from and after