The La Jara chronicle., 1908-10-09
CONSTITUTIONAL AMENDMENT.

CONSTITUTIONAL AMENDMENT.
Notice is hereby given tn,.e at ths
general election to be held on the third
es submitted to the qualified electors OF
.ne state Of Colorado the question of
The authority for submitting such
question is found in House Bill No 495.
Which is in words and figures. follow
To Submit to the Qualified Electors of
.he state OF Colorado an Amendment
10 section Three t3) OF Article Eleven
OF Colorado: and to Provide for the
creation OF a Bonded Indebtedness on
$SlS,457.94 for the Purpose OF Funding
Al outstanding Legal Warrants OF
the State for and Prior to the Year
Payment of Said Bonds.
Be 1t Enacted by the General Assem-
bly, OF the state of Colorado:
:, Section |. There shall be submitted to
me qualified electors OF the state of
Colorado at the next general election
OF members of the General Assembly for
their approval or rejection the following
amendment to the Constitution of the
state Of Colorado. which. when ratified
py a majority OF those voting thereon.
snail be valid as part of the Consti-
tuition. to-wit.
Section Three !3) of Article Eleven
IND OF the Constitution of the State OF
Colorado shall be amended so as to read
Sec. 3. The state shall not contract
any debt by loan in any form. except to
provide for casual deficiencies of rev.
enue. erect public buildings for use of
the State. suppress insurrection. defend
the State, or. in time of war. assist in
defending the United States: and the
amount of debt contracted in any one
year TO provide for deficiencies of rev
enue, shall not exceed one-fourth of
mill on each dollar OF valuation of tax
able property within the State, and the
aggregate amount of such debt shall not
"a. any time exceed three -fourths OF
mill on each dollar OF said valuation.
uhtll the valuation snail equal one nun
dred millions of dollars. and thereafter
such debt shall not exceed one hundred
thousand dollars, and the debt Incurred
in amy one year for the erection of pub
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, texcept as
and in all cases the valuation in this
section mentioned shall be that of the
assessment last preceding the creation
OF sald debt.
Provided. that, in addition to the
amount of debt that may be incurred.
as above, the state may contract
debt by loan for liquidating or redeem
Ing the principal only OF the warrants
issued by the Auditor OF state during
1894 and 1897; said debt by loan to be
evidenced by registered coupon inter-
ceeding eight hundred and seventy
three thousand four hundred and fifty-
seven dollars and ninety-four cents
(SS13,i5794) or SO much thereof as may
be necessary to cancel the State indebt-
edness herein named. Such funding
bonds shall be payable at the option Of
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
able semi-annually at the office Of the
State Treasurer or at some place in the
city of New York, State of New York.
The principal of said bonds shall be
payable at the office OF the state
Treasurer. and shall bear interest from
April l. 1903.
But no such bonds shall be issued eN-
cent in exchange for a like amount OF
Indebtedness and upon the surrender OF
warrants evidencinB the same. eNclu-
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 indiv~fuul
holders or of warrants held by the pub
lie school fund and other Investment /
funds under his control issued in the
years above named, and the state
Treasurer shall register and keep the
of the public school fund and other in
vestment funds under his control
Section 2. Each elector voting at
such election and desrous of voting
for or against the amendment, shall
deposit in the ballot box a ticket
whereon shall be printed or written the
words: For the amendment to Sec.
OF Article II OF the Constitution
funding fun the stats inde6tedness ma and no
Sec of Article XI of the Constitution
funding the State Indebtedness, and
provaI OF the same by placing a cross
(X) onnosite one or the other of said
votes cast for the adoption or the re
lection of said amendment shall be
canvassed and the result determined
In the manner describe. by the laws OF
the State for the canvass of votes for
representatives, in Congress,
Section 3. Upon ascertaining that
has been adopted. the Governor the
State Auditor. the state Treasurer. the
Attorney General. and the Secretary Of
State shall meet together at the office
of the state Treasurer and organize
as debt funding board by electing
one of its members president and an
other secretary of said board Each
member of said board. or their success
sors in office shall sake and subscribe
an oath oe.office and file 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. admins
ter oaths. and perform all other Acts
necessary TO the speedy and proper dis
charge of its duties. The Treasurer
and AudN or shall furnish the necessary
clerical help required by the board.
Section 4. when said board has de-
termiped the amount which should be
paid upon each warrant II shall make
and file a full and complete statement
OF its findings and determination with
the Auditor of the Statc and the de-
cision of majority of the board shall
be final
Section 5. After the board herein
provided for has filen 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 OF 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 fifty-scven
dollars and ninetyfour cents (sS73.-
1890 and to exchange said bonds or
SO many thereof may be necessary,
at par for the amount of the principal
due on any and all of said warrants