The Delta independent., 1908-10-16

| and payable in fifteen years from their date,
with the option of redemption on the part of
order of their number. at any time after ten
years from their date, at the office of the
bonds shall be numbered consecutively. begin
ming at number one and shall be registered
in the Office of the Auditor of State; and his
certificate 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 "Fpnding Bonds, Series of
1909" and shall be signed by the Governor
co Undersigned by the State Treasurer and
attested by the Secretary of State, who shall
aiix the great seal of the State to each bond.
They shall be numbered and registered in a
book kept for that purpose by the State
Treasurer in the order in which they are
issued. Each bond shall be payable to bearer
and shall state upon its face the amount for
which it is issued. the date of It's issuance, and
the title of this Act, together with the section
and article of the constitution authorizing the
issuance of said bonds, and the title and text
of this Act shall be printed on the reverse
side of each of said bonds Only such an
amount and number of said bonds shall be
issued as may be necessary to pay the amounts
due the outstanding warrants of the State
prescribed in this Act
Section Z. Whenever the bonds provided in |
this Act issued, it shall be the duty of
the State board of equalization to levy and |
assess special tax on all taxable property in |
this State. sufficient in amount to meet the |
semi annual interest accruing on said bonds,
which tax when collected shall be paid into |
the State Treasury to the credit of the inter
est fund of said bonds, known as Funding
Bonds. Series of 1909" and for the ultimate
redemption of said bonds, there shall be
levied annually for five years, after ten years
from the date of their issuance, such a tax
upon all of the taxable property of the State
as shall create an annual fund equal to
twenty coy per centum of the whole amount
of the bonds issued. which fund shall be
called Funding Bond. Series of 1903, Sink
ing Fund.- All taxes for interest upon and
for the redemption of such bonds, shall be
levied and collected other State taxes, and
shall be paid into the State Treasury in cash
only; the proceeds thereof shall lie kept by
the State Treasurer as distinct fund under
the respective heads, to be used in payment
of interest on, and redemption of said bonds, |
or for their purchase as hereinafter provided,
and for no other purpose whatever: Provided, |
that whenever any surplus remains to the |
credit of the interest fund after the full pay
ment of the interest maturing in any year, |
the State Treasurer shall cause such surplus |
to be transferred to the credit of the Fund |
ing Douut Csries OI loOS, SINKING Funu. All
moneys belonging to the said sinking fund |
may be invested by said State Treasurer in |
any of the bonds issued under this Act; but |
not otherwise.
Section 3. The Treasurer shall include in |
his biennial report statement of the inter-
est collected in pursuance of this Act the
amount paid, also the amount il any carried
to the sinking fund and how invested.
When any of the said bonds are purchased
or redeemed under this Act. it shall be the
duty of the Treasurer 10 cancel the tame so
that they be plainly identified, and to
cause the record of such cancellation to be
made in the registry books of both the State
Treasurer and the State Auditor and they
shall be kept on file in the State Treasurer
Office; and any such purchases and cancella-
tions shall also appear in said biennial state L
ment of the Treasurer.
Section o. For the payment of the coupons
representing the first years interest acc rued
and due bonds issued under this Act, the
State Treasurer is hereby authorized and di-
rected to apply any money at that time in
his hands belonging to the general revenue
fund, or the funds accruing from interest on
bank deposits and so much money as may be
necessary therefore. is hereby appropriated out |
of such funds for the payment Of said interest
Section 10. The Governor and Attorney
General are authorized to prescribe the form
of the bonds to be issued under this Act, and the
coupons attached thereto, subject to the pro-
visions contained in this Act.
Section IL. This Act shall not be revised
amended or repealed until the total amount of
the Indebtedness herein provided for is wholly |
paid and discharged.
Approved April 9th 1907.
In testimony whereof, have hereunto set my |
hand and affixed the great seal OF the State of
Colorado, at the city of Denver this 10Th day
of September, A. ID. 1908.
TIMOTHY o'CONNoR,
USEAL) Secretary State.