The Springfield herald., 1908-10-09
CONSTITUTIONAL. AMENDMENT.

/ =
| ing, viz.
To Submit to the Qualified Electors of
the state of Colorado an Amendment
| to Section Three go of Article Eleven
tNll of the Constitution of the state
| OF Colorado; and to Provide for the
Creation of IA Bonded Indebtedness on
Behalf of the State to the Amount of
| SSi3.i51.94 for the Purpose of Funding
Al Outstanding Legal Warrants of
| the State for and Prior to the Year
1897. and to Provide for the Issue and
| Payment of said Bonds.
Be it 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 ut 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
| by majority of those voting thereon.
shall be valid as a part OF the Const-
tuition, to-wit:
section, Three go of Article Eleven
| tNlD of the Constitution of the State of
Colorado shall be amended so as to read
as follows;
Sec B. 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 lnSurrection, 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
enuc, shall not exceed e-fourth of
! mill on riCh dollar OF valuation oil taN-
able property within the state. ana the
aggregate amount of such debt shall not
at any time exceed three-fourth of IA
mill on each dollar of said valuation,
until the valuation shall equal one nun
dred m'llions OF dollars. and thereafter
such debt shall not exceed one hundred
thousand dollars. and the debt incurred
! in any one year Tor the erection of pub
! lie buildings. sl;all 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, teNcept as
provided in section five of this article).
and in all cases the valuation in this
section mentioned shall be that of the
assessment last preceding the creation
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 loan for ltquidatlng or redeem
ing the principal only of the warrants
the years 1887 1883. 1883. 1892. 1898.
1894 and 1897; said debt by loan to be
est funding bonds to an amount not eN-
ceeding eight hundred and seventy
three thousand four hundred and fifty-
seven dollars and nlnety-four cents
CSS13, 3,4,19i) 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. ana
shall be of such denominations as the
state Treasurer may deem best. The
three per cent per annum. interest pay
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 ex-
cept in exchange for like amount OF
Indebtedness and upon the surrender OF
warrants evidencinS 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 individual
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
bonds in the name and for the benefit
of the public school fund, and other in
vestment funds under his control
Section 2. Each elector voting at
such election and desirous of voting
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 of the Constitution
funding the State Indebtedness" and
shall Indicate his approval or disap-
proval of the same by placing cross
(N) opposite one or the other of said
~roups of words 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 3. Upon ascertaining that
said amendment to the Constitution
has been adopted, the Governor. the
Attorney General. and the Secretary of
State shall meet together at the office
as a 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 take and subscribe
an oath of office and file the same with
form required of State officers. for
the faithful discharge of the duties re
qulred 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
charge of its duties. The Treasurer
and Auditor shall furnish the necessary
clerical help rs9uired by the the r beard n
termined the amount which should be
paid upon each warrant. 1t shall make
of its findings and determination with
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
RADIO in accordance with the constitu-
tion as amended in sum not exceed
ing eight hundred and seventy-three
thousand, four hundred and fttty-seyen
dollars and ninety-four cents tsSI3.-
457.9D 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 list 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 lSlOO) euCh, necessary to pay for
the bonds so delivered to them re-
spectiVclY-
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 II 'he State at par and
accrued interest in the order of their
number at any time after ton years
from their date at the office of the
State Treasurer OF the state of Colo
RADIO said bonds shall be numbered
consecutiVcly. beginning nt number one
and shah be registered in the office of
ficate of such registration, attested
bond, shall he evidence of their legal
issue.
Section C. The bonds issued under
this Act shall be known as Funding
Bonds Series of 1909" and shall he
signed by the Governor. countersigncd
by the state Treasurer, and attested
by the Secretary of State who shall