The state herald., 1908-10-30
coNsTITuTIoNAL AMENDMENT.

Wnicm Is, IN words and ilgures, follow
AN ACT
To Submit to the Qualified Electors of
the state OF Colorado an Amendment
to Section Three go of Article Eleven
tSil OF the Constitution OF the state
OF Colorado. and to Provide for the
Creation of u Bonded Indebtedness on
Bohalf of the State to the Amount of
$S73,457.9i for the Purpose of Funding
All 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 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
Colofauo at the next general election
OF members of the General Assembly for
thslr approval or rejection the following
amendment to the Constitution of the
state OF Colorado. which. when ratified
by majority OF those voting thereon,
shali De valid as u part of the Consti-
tuition, to-wit:
Section Three 90 OF Article Eleven
SAl) OF the Constitution of the State of
Colorado shall be amended so rs to reQd
as follows:
Sec. ,. 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 tho
aggregate amount OF such debt shall not
at any time exceed three fourths OF "A
mill on each dollar OF said valuation.
until the valuation shall equal one nun
dred m'llions of dollars, and thereafter
suSH debt shall not exceed one Nlndred
thousand dollars, and the debt incurred
IN any 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. Except as
provided in section five of this articlel.
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 liquidatlng or redeem
ing the principal only OF the warrants
issued by the Auditor OF State during
the years 1887. lsSS. 1883, 1899, 1898,
1924 and 1897; said debt by loan to be
evidenced by registered coupon Inter
est funding bonds to an amount not ex-
cecding eight hundred and seventy
three thousand four hundred and fifty
seven dollars and nincty-four cents
tSS73. 3.i57gi) 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. Tho
bonds shall bear interest at the rate OF
three per cent per annum, interest pay
able semi-nnnually at the office Of tile
state Treasurer or at some place IN tho
city of New York. State OF New York.
The principal of said bonds shall bo
payable at the office OF the state
Treasurer, and shall bear interest from
But no such bonds shall he issued ex-
cept In exchange for like amount OF
Indebtedness and upon the surrender OF
warrants ovidencins 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
bonds In the name and for the benefit
OF the public school fund, and other in-
vestment funds under hts control
Section 9. Each elector voting nt
such election and dcsirous OF voting
for or against the amendment. shall
deposit In the ballot box ticket
whcreon shall he printed or written tho
words For the amendment to Sec.
] OF Article NJ of the Constitution
funding the state Indebtedness, and
the words Against the amendment to
Sec. OF Article III OF the Constitution
funding the state indcbtedn"sH, ana
shall indicate his approval or dlHnp-
proyal of the same by placing a cross
tND opnoaltc one or the other Of said
groups Of words on his ballot tn.
votes east for the adoption or the re-
lection OF said amendment shan be
0 CauEuHsod 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 ascortaininF that
said amendment 10 the Constitution
has been adopted. tho Governor. the
State Auditor the State Treasurer. she
Attorney General, and tho Secretary Of
State shall meet together At the office
OF the state Treasurer aud organize
AH a debt funding board by olectiug
one OF Its members president hnd an-
ether secretary OF said board, Each
member OF said board, or their success
HorH In office shall saks hut subscribe
an oath Of office aud fllo he same with
the Secretary of State h. the usual
the faithful discharge Of the duties re-
quircd by this Act said board " hors-
by empowered 10 subpoena witnesses.
send for persons and papers, ndmlnls
ter oaths, and perform all other Acts
necessary 10 the speedy ana proper dis
charge Of its duties The Treasurer
and Auditor shall furnish the necessary
sloficnl help required by the board.
section I, when said board has de-
tefmined the amount which should be
paid upon each warrant, u shall make
and file "a full nnd complete statement
OF It's findings and determination with
the Auditor of the State. ana the de-
rislon OF n majority of the board shall
b. finnl.
Section 3. After the board herein
provided for has filed ~ report and
findings with the Auditor Of state, the
Governor the TfoaHurUr. ana the gorrrz
tury of state are hershy authorized 10
issue the bonds OF tho State of Colo
RADIO In accordance with tho unnstitu-
ti6n M amended IN q sum not exceed
inT eight hundred aud revHnty-thrns
thousand, four hundred nud flfty
dollars and ninrtYsfuur cents fsi1,-
as4gl1 and to exchange Fnid bonds or
Hu many thereof o. mur bv necessary,
nt par, for the amount NJ tho principal
duo on amy ANA an nf Hnld warrants.
and which are offered In exchange hy
tho legal holders thereof, ana unpaid
on April LIST, 1909. upon surrender Of
said warrants for rnnrnilHtlln. III.
holders Of any Of tho said warrants
may pay into the state Treasury any
difference lees than one hundred dois
lars fi0n) each necessary 10 pay for
the bonds 70 delivered to them re-
"N1ft,. ,,1ustv,i ~ .ut1 kupta rbuf Ia