The state herald., 1908-10-16
CONSTITUTIONAL AMENDMENT.


general election to be held on the third
day OF November. A. ID. 1905 there win
pc submitted to the qualified electorG of
the state OF Colorado the question of
Amending the Constitution of said state.
me authority for submitting such
question is found in House Bill No ig5,
which IS, in words and figures follow
Ing, viz:
AN ACT
To Submit to the Qualified Electors of
the state of Colorado an Amendment
to section Three (3) of Article Eleven
ND of the Constitution of the state
or Colorado. and to Provide for the
creation of a Bonded Indebtedness on
Behalf of the State to the Amount of
sS,S,i0I,94 for the Purpose Of Funding
Al outstanding Legal warrants of
the state for and Prior to the Year
1897, aud 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
colorado at the next general election
OF members of the General Assembly for
tneir approval or rejection the following
amendment to the Constitution OF the
state of Colorado, which, when ratified
by q majority of those voting thereon.
tuition, to-wit.
Section Three (3) of Article Eleven
thl) of the Constitution of the State of
Colorado shall be amended so rs to read
as follows:
Sec, ., The State shall not contract
fay debt by loan IN any form, except to
provide FOR casual deficiencies of rev.
enue. erect public buildings for use OF
the state, suppress insurrcction, defend
the state, or. In time of war. assist IN
defending the United States, ana tho
amount Of debt contracted in any one
year to provide for deficiencies of rev.
ehuc, shall not exceed one-tourth OF n
mill on each dollar of valuation OF tax
ttH
aggregate amount Of such debt shall not
at any time exceed three-fourths OF
mill on each dollar OF said valuation,
until the valuation shall equal one nun
dred millions Of dollars, and thereafter
such debt shall not exceed one lsindrcd
thousand dollars, and the debt Incurred
IN any one year for the erection of pub
lie buildings, shall not exceed ono-half
mill on each dollar of said valuhtlon'
and the aggregate amount OF such debt
shall never at any time exceed the sum
OF f1fty thousand dollars. Except as
provided In section five Of this artlclc).
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 liquidating or redeem
ing the principal only OF the warrants
issued by the Auditor OF state during
the years 1897. 1855, 1883, 1892, 1898,
1894 and 1897; said debt by loan To be
evidenced by registered coupon Inter-
est funding bonds to an amount not ex-
ceeding eight hundred and seventy
three thousand four hundred aud fifty-
seven dollars and nincty-four cents
(sS13,i5GgiD or so much thereof as may
be necessary to cancel the state indebt-
edncss 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-annuully at the office Of the
state Treasurer or at s-mc place IN tho
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 !. 1903.
cent In exchange for "A like amount OF
Indebtedness and upon the surrender OF
warrants evidcncing the same. eNclu-
slve 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
liS7 s;hool fund and other Investment
rdnus under his control issued In tho
yenrs above named, and the state
Treasurer shall register and keep the
bonus IN the nufit ana lOf Inc htuftlt
OF the public school fund, and other In
yestment funds under his control"
Section 3 Each elector voting ht
such election aud dcsirous OF voting
for or against the amendment shall
deposit In the ballot box a ticket
whcreon shall he printed or written the
words: FOR the amendment to Sec.
2 of Article ~ OF the Constitution
the words Against the amendment to
Sec. ! OF Article NJ Of the Constitution
funding thu state Indebtedness" and
pfovnl OF the same by placing a cross
tAl opposlte one or the other OF said
~rOups of words on his ballot, IN.
votes cnst for tho adoption or the rr-
lection Of said amendment Hhn.l be
rauyusEcd ana the result determined
IN the manner described by the laws of
the state for the canvass Of votes FOR
representatives In Congress
Section }. Upon asccrtaining that
said amendment 10 tho Conutltution
hHs been adopted. the Governor, the
state Auditor, the state Treasurer. the
attorney General. hnd the secretary OF
State shall meet together NJ the office
Of tho state Treasurer aud Orranix"
ns a debt funding board by olreting
ono OF It's members president ana nn-
other secretary Of said board. Each
member OF said board or their success
Hort Ia office shall slks and subscribe
an oath Of office uuh rite the same with
th' SECRETARY, Of state, In No usual
the faithful discharge Of the duties tr-
duirci by this Act said board " here
by empowered to hunporuu witnesses.
send for persons and papers udminis Z.
ter nnths. nnd perform an other Acts
necessary 10 the speedy and proper dis
charge ~ It, duties Tbs Treasurer
and Auditor shall furnish the necessary
clerical help required by the board,
section T. when said board has Dc.
trrmiucd the amount which should be-
paid upon each warrant II shall make
and file "A fun and complete statement
nf ltH findings nnd determination with
the Auditor ~ the state, ana tho do
riHinn Of a majority of the board shall
Section o. After the hoard herein
provided for has flied ~ rrf a and
findings with the Auditor Of State. tho
Governor the Treasurer. ana the Sorfrs
tnry Of state are h0r-hN authorized 90
issue the bonds oi the State of Colo
RADIO In accordance with tho conHtitus
tiBn hH amended In nnm not rNroud.
Ink eight hundred ana seventy three
thousand four hundred und flftysHrven
dollars and ninety four cents tN9a.-
tSFb1 and 10 exchange Huid bonds or
~ many thereof uH may be- necessary,
Ht par, Tor the amount uf tho principal
due on any ana all of said warrants.
and which are offered In exchange hY
tho legal holders thereof, and unpaid
ON Apfii let 1908. upon surrender of
FHi1 warrants for cancellation The