Gilpin observer., 1908-10-22
ooNyr1rur1oNAL AMENDMENT.

be submitted to the qualified electors of
the 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
to seetion Il Three Of hrtele
(xI of the Constitution of the State
oroCt Of COLORADO; , and to Pr9vide v for the
ss7s.457.94 for the Purpose of Funding
the State for and Prior to the Year
1897. and to Provide for the Issue and
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 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
by majority of those voting thereon.
shall be valid as part of the Consti-
tuition, to-wit:
Section Three go of Article Eleven
(XI) of the Constitution of the State of
Colorado shall be amended so as to read
as follows:
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 yal9ation of tax
aggregate amount of such debt shall not
at any time exceed three-fourth of a
until the valuation shall equal one hun
dred millions of dollars. and thereafter
thousand thou dollars. G and the debt incurred incurred
in any one year for the erection of pub
lie buildings, shall not exceed 'one-half
and the aggregate amount of such debt
shall never at any time exceed the sum
provided in section five of this articleS.
and in all cases the valuation in this
section mentioned shall be that of the
of said debt.
Provided. that. in addition to the
as above. the State may contract. a
debt by loan for liquidating or redeem
Ing the principal only Of the warrants
the years 1887. 1855, 1889, 1892. 1898.
1894 and 1897; said debt by loan to be
est funding bonds to an amount not ex-
ceeding eight hundred and seventy
three thousand four hundred and fifty
(SS73,457.9D 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
luelT udlo, DuI Audll Ue uut anu Pdyd-
BILE within fifteen years after date. and
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
City CITY of New York, State Of New Y York.
The principal of SAID said. bonds shall ,.3 be
at and she shalt bSsr
But no such bonds shall be issued ex-
| nt in a n fnr a ayrln n
| Indebtedness and upon the surrender of
! warrants evidencing the same. exclu-
The State Treasurer is hereby author,
! lied and directed to exchange said
Ppesented aas tSr for ua exehange 'S by indivdnai
lie school fund and other Investment
f, Treasurer shall register and keep the
Of the public school fund, and other in
: vestment funds under his control"
Section T. Each sns 0etng at
deposit In the ballot box a ticket
words; For the amendment to Sec.
Of Article ssI XI of the Constitution on
ons the Words sn AGAINST gain en the amendment ao to
Sec. Of Ar Artiele at, XI Of the Constitution
Rhall indicate his approval or disap-
/ (X) opposite one or the other of said
votes cast for the adoption or the re-
lection of said amendment shall be
4 in the manner described by the laws Of
the State for the canvass of votes for
representatives in Congress.
Section 3 Upon asSertaining see tain that
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
as a debt funding board by eleeting
other secretary of Of said board beard Each
sors in office shall take and subscribe
an oath of office and file the same with
the Secretary Of State; in in.,the the usual
! the faithful discharge Of the duties re-
CURED by this Act Said board is here
rS by 9P to sIbPSema
ter oaths. and perform all other Acts
t9 the SPEEDY and proper dis
and Auditor shall furnish the necessary
clerical help required by the board.
termined the amount which should be
! paid upon each warrant. 1t shall make
and ,e full and and GSmpete
! the Auditor of the State. and the de-
cision Of majority of the board shall
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 of the State of Colo
/ RADIO In accordance with the constitu-
| tion amended in n sum not exceed
| Ing eight hundred and seventy-three
| thousand four hundred and fifty-seven
dollars and ninetyfour cents Css73.-
45794) 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