The Julesburg grit-advocate., 1922-10-05

eROPOSEO AMENDMENT To SEC
TION THl:s:E l3D OF ARTICLE II
o. TBE STATE CONSTITUTION.

General election to be held on the Sew
entb day OF Novem yer; A. d. 1922. there
tors of the state Of Colorado. for their
approval or rejection. the following
proposed amendment to the Constitution
petition under the Initiative and Refer
endum. which initiated petition con-
tanned the signatures Of more than the
required number; tto-wit ~! Of the is-
duly verified: In accordance with the
law. and filed In the office of the Sec
rotary OF state on the Fifteenth day Of
July. A. ID. 1922. at 1l:ls o'clock A. NJ
The authority for submitting such
ton is found In Section Of Article v
Of the Constitution If the state Of Colo
rado. providing for the Initiative and
Referendum.
lD OF ARTICLE xI OF THE STATE
CONSTITUTION.
Be II Ensetea sy the People Of the
state ef Colorado,
Section three ts) of Article Eleven
Ixl) Of the Constitution Of the State Of
read as follows:
Section j. The state shall not con-
tract any debt by loan in any form,
except to provide for casual deficiencies
the use Of the state. suppress insurrec-
tion, dt6end the state. or, in time Of
var. assist In defending the United
States States a. and the amount of debt con
deficiencies Of revenue. shall not ex-
ceed one-fourth Of a mill on each dol
lar l,i,,i1 Of ..saluation .s of taxable property
amount Of such debt shall not any time
exceed three-fourths of q mill on each
dollar OF said valuation. until the val
OF dollars. and thereafter such debt
shall not exceed one hundred thousand
collars: and the debt incurred in any
one. one year ear, for erection Of public build
each dollar of said valuation: and the
aggregate amount of such debt shall
never at any time exceed the sum of
nfty 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
amount Of debt that may be incurred as
above. the state may contract a debt by
nrncps snd @ efRosa n.ePsss IN Psyns sf 'nf nj
the outstanding warrants issued by
FL. fsi7 .tsts 1st dSsing and for the years
1897. said debt to be evidenced by reg
tstered coupon interest bearing funding
S1nos 1SH ooo to 20 an amount not exceeding g..
be necessary to IA" said warrants and
interest thereon.
Said funding bonds shall be dated
December !. 1910. shall be payable at
any time after ten years from their
date. shall be absolutely due and pay
able i.fty {5o) years after their date.
and shall be Of the denomination OF
any multiple thereof. The interest on
said bonds shall be payable semi-annu-
ally at the rate of three per cent per
urer. 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 Treasurer.
No such bonds shall be issued except
at par and accrued interest, and upon
the contemporaneous surrender and
cancellation of like amount of prin-
ctpal and interest of said warrants
Said bonds to an amount equalling
the principal of said warrants now held
by the public school fund shall be reg
tstered by the State Auditor and State
of and fas enS Sna for sh
fund. and shall not be transferable.
And all such bonds to an amount
eaualiing the interest on said warrants
sold BY the state Treasurer ' at I"i' not less IS
than par and accrued interest. and the
proceeds thereof paid into the school
fund and ,1d dstrbuted to the
state for school purposes. in the pro-
portions and in the manner required
by law.
And provided further, that. in sddi-
be incurred as above, the state may
contract q debt by loan for the pur-
pose Of creating a fund to be expended
way Commission for the construction
and improvement of public highways
in the State Of Colorado; said debt to
terest- t-bearing bonds to an amount not
exceeding five million dollars.
ing two million dollars. shall be dated
million deil.rs dated June jsfn fir.s. iaase isss;
and said bonds shall be payable at the
option Ct the State of Colorado ct any
spective dates, and shall be Of the de-
each or any multiple thereon. Tss iss'Gu9 IN.
:ne .s ss ;st rss p ss Psss
ssn sent s!D go Per snnum, At the office Of
e. K os a'w SAID GFs scna. u s. .h. 'ps Sd
payable At the office Of the State
Treasurer.
No such bonds I. all be issued except
Fifty per centum Of the proceed,
from the sales Of said bonds shaii BE-
s atvided among the various counties Of
"a said counties. and the remaining
fifty per centum o. 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-
tton to the amount of debt that may be
incurred as above. the State may con-
tract debt by loan for the purpose of
creating q fund to be expended Is pro-
xided BY law. by the State Highway
Departm. 1t. for the construction and
Improvement of public highways In the
State of Colorado: said debt to be evil
dsnced by registered coupon. interest
bearing bonds to an amount not ex-
ceeding six million dollars.
Said 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 BE-
dated June first. 1924: not exceeding
One Million Five Hundred Thousand
not exceeding One Million Five Hum