The Springfield herald., 1908-10-23

AN act
To Submit to the Qualified Electors OF
the state of Colorado an Amendment
to Section Three 90 of Article Eleven
tNll of the Constitution of the state
of Colorado; and to Provide for the
Creation of n Bonded Indebtedness on
Behnlf of the State to the Amount OF
sSl34 1924 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 1t Enacted by the General Assem-
bly, OF the State of Colorado:
Section l. There shall he submitted to
The qualified electors of the state OF
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 a majority OF those voting thereon,
shall be valid as a part of the Consti-
tuition, to-wit:
Section Three go of Article Eleven
tNI) of the Constitution of the State of
Colorado shall be amended SO as to read
as.follows:
Sec. 8, 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, detenu
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-fuurth of a
mill on each dollar OF valuation OF tax
aggregate amount of such debt shall not
at any time exceed thrce-fourths OF a
mill on each dollar OF said valuation.
until the valuation shalI.qual one nun
dred millions 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 pub
lie buildings. shall not exceed one half
| mill on each dollar of said valuation:
| and the aggregate amount of such debt
shall never ut any time exceed the sum
| of fifty thousand dollars. Except as
l la m inn Na af "a
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
| ing the principal only of the warrants
issued by the Auditor of state during
| 1894 and 1897: said debt by loan to be
| evidenced by registered coupon inter
ceeding eight hundred and seventy
three thousand four hundred and fifty-
seven dollars and ninety-four cents
| iSS'3,i5h?i) or so much Thereon 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 pay't-
BILE within fifteen years after date and
shall be of such denominations MS the
state Treasurer may deem best. The
bonds shall bear interest at the rate OF
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. 1909.
cent in exchange for n like amount OF
indebtedness and upon the surrender of
warrants evidencing the same. exclu-
| 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 investmcht
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
vestmcnt funds under his control"
Section . Each elector voting at
such election and desirous of voting
for or against the amendment. shall
deposit in the ballot box q ticket
words: ''For the amendment to Sec.
, OF Article Nj of the Constitution
funding the state indebtedness" and
Sec. of Article Nj of the Constitution
funding the state Indebtedness and
proval of the same by placing cross
tN) opposite one or the other of said
~roups of words on his ballot The
lection of said amendment shall be
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
State Auditor. the State Treasurer. the
Attorney General. and the Secretary of
State shall meet together at the office
of the State Treasurer and organize
as n debt funding board by electins
one of its members president and an
pfh
member of said board, or their success
sors in office shall tuks and subscribe
the Secretary of State, in the usual
form required of state officers. for
auired 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
necessary to the speedy and proper dis
charge of its duties. The Treasurer
and Auditor shall furnish the necessary
clerical help required by the board.
Section 4. When said board has de-
termined the amount which should be
and file fun and complete statement
of its findings and determination with
the Auditor of the state. and the de-
cision of majority of the board shall
be final.
Section s. After the board herein
provided for has filed its report and
findings with the Auditor of State, the
Governor, the Treasurer and the Score
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 fifty-seVen
dollars and ninety-four cents CSS13.-
45794) and to exchange said bonds or
so many thereof may be necessary
nj 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. 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 (Sl00) each. 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 IT 'he 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
consecutively. beginning at number one
and shall be registered in the office OF
the Auditor of State: and his certi-
ficate OF such registration. attested
by the seal OF his office affixed to each
bond, shall be evidence of their legal
issue.
Section G. The bonds issued under
this Act shall be known as Funding
Bonds Series of 1909" and shall b,.