The Springfield herald., 1908-10-30
coy,r1ruTIoNAL AMpNpMENr.

amending the CONSTITUTION of said State.
The authority for submitting such
which is. in words and figures. follow
Ing. viz:
AN ACT
To Submit to the Qualified Electors OF
the State of Colorado an Amendment
tSD st' ef the atss eensttu9ion IL d Of The state
or Colorado: and to Provide Tor the
Creation OF a Bonded Indebtedness on
Behalf of the State to the Amount OF
$S73.457.94 for the Purpose of Funding
Al Outstanding Legal Warrants OF
1897. and to Provide for the Issue and
Payment of Said Bonds.
Be II Enacted by the General Assem-
bly OF the State of Colorado:
Section /. There shall be submitted to
the qualified electors OF the state OF
Colorado at the next general eiec ction
of members of the General Assembly Tor
their approval or rejection the following
amendment to the Constitution of the
State of Colorado. which. when ratined
by majority OF those voting thereon.
shall be valid as a part OF the Constr
tuition. to-wit:
Section Three (3) of Article Eleven
lxD of the Constitution of the state OF
Colorado shall be amended SO as to read
as follows:
Sec. 3. The State shall not contract
any debt by loan in any form. except 10
provide for casual deficiencies oil rev.
enue; erect public buildings for use OF
the State. suppress insurrection. defenu
the state, or. in time OF war. ASSIST IN
defending the United states, ana inc
amount of debt contracted in any one
year to provide for deficiencies or rev
enue. shall not exceed onc-fourth of
able property within the State. and the
aggregate amount of such debt shall not
at any time exceed three-fourthS OF n
mill on each dollar of said valuation.
until the valuation shalyedual one nun
dred millions of dollars. and thereafter
such debt shall not exceed one hundred
thousand dollars, and the debt incurred
In any one year for the erection OF pup.
lie buildings. shall not exceed one-half
mill on each dollar of said valuation;
and the aggregate amount of such debt
shall never at any time exceed the sum
of fifty thousand dollars. Except as
provided in section five of this article).
and In all cases the valuation in this
section mentioned shall be that OF tne
of sad debt.
Provided. that. in addition to the
amount of debt that may be incurred,
debt by loan for liquidating or redeem
ing the principal only OF the warrants
tGe yeas ny hs 1853 ss s 1ssg ss
1894 and 1897; said debt by loan to be
evidenced by registered coupon inter
ceedng eight hundred and seventy
three thousand four hundred and fifty
seven dollars and ninety-do9r cents ns
be necessary to cancel the State indebt-
edness herein named. Such funding
bonds snail be puyaDle at the OptlOH u
the State any time after ten years from
their date but shall be due and paya,
BILE within fifteen years after date. and
shall be of such denominations as the
State Treasurer may deem best. The
bonds shall bear interest at the rate OF
three per cent per annum interest pay
able semi-annually at the office of the
City of New York. State of New York.
payable at the office of the state
Treasurer, and shall bear interest from
April /. 1909.
But no such bonds shall be issued cx-
cept in exchange for n like amount OF
Indebtedness and upon the surrender of
warrants evidencing the same. exclu-
Sive of interest.
The State Treasurer is hereby author
lied and directed to exchange said
bonds for equal amounts of warrants
presented for exchange BY individunl
lie school fund and other Investment
funds under his control issued in the
Treasurer shall register and keep the
bonds In the name and for the benefit
OF the public school fund and nd.nns other In
such election and desirous of voting
for OF. against the amendment. ;l shall
whereon shall be printed or written the
words; For the amendment to Sec;
funding the State Indebtedness" and
the words Against the amendment to
Sec. OF Article Nj oil the constitution
funding the State Indebtedness and
shall indicate his approval or disap-
proval of the same by placing cross
(X) opposite one or the other of said
r-roups of words on his ballot The
votes cast for the adoption or the re-
lection of said amendment shall be
canvasSed and the result determined
In the manner described by the laws of
the State for the canvass OF votes for
representatives in Congress.
Section 3. Upon ascertaininE that
said amendment to the Constitution
has been adopted. the Governor. the
State Auditor. the state Treasurer. the
State shall meet together at the office
of the State Treasurer and organize
ono of its members president and am
other secretary of said board. Each
an oath of office and rile the same with
the Secretary of State. In the usual
form required of State officers. for
quired by this Act. Said board is here
by empowered to subpoena witnesses,
send for persons and papers. adminis-
ter oaths. and perform all other Acts
necessary to the speedy and proper dis
charge OF its duties. The Treasurer
and Auditor shall furnish the necessary
clerical help required by the board.
Section 4. When said board has de-
termined the amount which should be
and file full and complete statement
of its findings and determination with
the Auditor of the state. and the de-
cision of n majority of the board shall
be final.
Section 8. After the board herein
provided for has filed its report and
findings with the Auditor of State the
Governor. the Treasurer, and the Secre-
tary of State are hereby authorized to
issue the bonds oil the State of Colo
RADIO in accordance with the constitu-
tion as amended in a sum not exceed
ing eight hundred and seventy three
thousand four hundred and flfty-seven
dollars and ninety-four cents ($ST3.-
457.94) and to exchange said bonds or
so many thereof as may be necessary,
at par for the amount of the principal
due on any and all of said warrants,
and which are offered In exchange by
the legal holders thereof. and unpaid
on April 1st. 1903. upon surrender of
said warrants for cancellation. The
holders of any of the said warrants
may pay into the State Treasury any
difference less than one hundred dol
lars (S100) each. necessary to pay for
the bonds delivered to them re-
spectively.
The principal of said bonds shall be
due and payable in fifteen years from
their date, with the option of redemp-
tion on the part If 'he State at par and
accrued interest in the order of their
number, at any time after ten years
from their date, at the office of the
state Treasurer of the State of Colo
RADIO, Said bonds shall be numbered
consecutively. beginaing at number one
and shall be registered In the office of
the Auditor of State. and his certi-