The Lamar register. [volume] (Lamar, Colo.) 1889-1952, 1908-10-14

amending the COuStllutlOn OF 5tdtS.
The authority, for submitting such
question is found in House BIZ No; 4Ss.
which is. in words and figures. follow
ing, viz:
To Submit to the Qualified Electors of
the State of Colorado an Amendment
(XD of the Constitution of the State
of Colorado: and to Provide for the
Creation OF Bonded Indebtedness on
sS73.45794 for the Purpose of Funding
All Outstanding Legal Warrants OF
1897, and to Provide for the Issue and
Payment OF Said Bonds.
Be Il 81 ENACTED iSs ,S az s oh
Section !. There shall be submitted to
the qualified electors of the State OF
of members of the General Assembly for
their approval or rejection the Following
smfndmen5 to ihe whes when
Shall 81 i be valid as part OF the consti.
section Three go of Article Eleven
CID of the Constitution of the State OF
Colorado shall be amended so as to read
see. g. The State shall not contract
any debt by loan in any form. except to
enue erect public buildings for use Of
the State, suppress instruction, defend
the STATE or In time q war: a ASA tb 1s
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 SHAH not
at any time exceed threefourth of .
mill each dollar OF said valuation
until the valuation shall equal one hun
bred m lions 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
assessment last preceding the creation
of said debt.
amount OF debt that may be incurred.
as above the State may contract.
debt by loan for liquidating or redeem
issued by the Auditor OF state during
the years 1887. 1855; 1889. 1892. 1893.
eSideae. . by BY resistered coupon inter
est funding bonds to an amount not ex-
ceeding eight hundred and seventy
seven dollars and ninety-four cents
(Ss73.+579D or SO much thereof as may
be Necessary 10 esneei the s Sthle f inu
bonds shall be payable at the option of
the state any time after ten years from
their date. but ahall 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 ssmi-annuslly at the office Of 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 /. 1909.
But no such bonds shall be issued ex-
cept in exchange for a like amount OF
ind . hit RdueSs and upon the surrender OF
warrants evidencins the same. exclu-
sive OF interest
lied and directed to exchange said
bonds for equal amounts of warrants
holders or OF warrants held by the pub
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 beneit
Of the Pq6 ins ssh09 fqnS and 9ther in
such election and DESTROYS OF voting
deposit In the ballot box ticket
wherein shall be printed or written the
words: For the amendment TO Sec
funding the State indebtedness," and
the words against the amendment to
funding the state indebtedness" and
shall indicate his approval or disap-
pyov.l Of the same by placing a cross ,s
,-roups OF words on his ballot The
votes cast for the adoption or the re-
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 .. Upon ascertaining that
has been adopted. the Governor. the
Attorney General, and the Secretary of
state shall meet together at the office
of the state Treasurer and organize
as a debt funding board by sleeting
other secretary of said board. Each
sors in office shall take and subscribe
an oath of office and file the same with
the Secretary Q, state; in Lbs, The usual val
quired by this Act said board is here
send for persons and papers. adminis-
necessary TO the speedy and proper dis
clerical help required by the board.
Section 4. When said board has de-
termined the amount which should be
paid upon each warrant, IT shall make
and file a full and complete statement
the Auditor OF the state. and the de-
cision OF majority of the board shall
Section 5. After the board herein
provided for has filed it's 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-
ton as amended In q sum not exceed
ing eight hundred and seventy-three
thousand. four hundred and fifty-seven
dollars and ninety-four cents (ss73.-
1890 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 1909. 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 $1,000 each. necessary to pay for
the bonds so 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 OF the 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
! oonsecutiyely. beginning at number one
and shall be Registered ia the office of
the Auditor OF State: and his certl.
ficate of such registration attestsd
BY the seal of his office affixed to each
| bond. shall be evidence of their legal
Section 8. The bonds issued under