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<br />I Sections 3 and 4 of article XI of the constitution of the state of <br /> <br /> <br />2 Colorado are amended to read: <br /> <br />3 Section 3. Public debt of state - limitations. EXCEPT AS <br /> <br /> <br />4 OTHERWISE PROVIDED IN SECTION 11 OF THIS ARTICLE, the state shall not <br /> <br />5 contract any debt by loan in any form, except to provide for casual <br /> <br />6 deficiencies of revenue, erect public buildings for the use of the state, <br /> <br />7 suppress insurrection, defend the state, or, in time of war, assist in <br /> <br />8 defending the United States; and the amount of debt contracted in anyone <br /> <br /> <br />9 year to provide for deficiencies of revenue shall not exceed one-fourth of <br /> <br />lOa mill on each dollar of valuation of taxable property within the state, and <br /> <br /> <br />II the aggregate amount of such debt shall not at any time exceed <br /> <br />12 three-fourths of a mill on each dollar of said valuation, until the valuation <br /> <br />13 shall equal one hundred millions of dollars, and thereafter such debt shall <br /> <br />14 not exceed one hundred thousand dollars; and the debt incurred in any <br /> <br />15 one year for erection of public buildings shall not exceed one-half mill on <br /> <br />16 each dollar of said valuation; and the aggregate amount of such debt shall <br /> <br /> <br />17 never at any time exceed the sum of fifty thousand dollars (except as <br /> <br />18 provided in section 5 of this article), and in all cases the valuation in this <br /> <br /> <br />19 section mentioned shall be that of the assessment last preceding the <br /> <br />20 creation of said debt. <br /> <br />21 Section 4. Law creating debt. In no case shall any debt above <br /> <br />22 mentioned in this article be created except by a law which shall be <br /> <br />23 irrepealable, until the indebtedness therein provided for shall have been <br /> <br />24 fully paid or discharged; such law shall specify the purposes to which the <br /> <br />25 funds so raised shall be applied, and provide for the levy of a tax <br /> <br />26 sufficient to pay the interest on and extinguish the principal of such debt <br /> <br />27 within the time limited by such law for the payment thereof, which in the <br /> <br />.5. <br /> <br />HCR03-1009 <br />