The Julesburg grit-advocate., 1908-10-23
cov,rlrUrloSAL ANeNpuENr.

the State OF Colorado the question OF
amending the Constitution of said State
question is found in House Bill No. 495
which is. in words and figures. follow
Ing. viz:
To submit to the Qualified Electors Of
the State Of Colorado an Amendment
to Section Three go of Article Eleven
tNll of he Constitution of the state
OF Colorado: and to Provide for the
Creation OF Bonded Indebtedness on
Behalf of the State to the Amount on
$sl3.451.34 for the Purpose Of Funding
the State for and Prior to the Year
1897. and to Provide for the Issue and
Payment of Said Bonds.
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
amendment to the Constitution of the
State of Colorado. which. when ratified
by a majority of those voting thereon.
shall be valid as u part of the Consti-
tuition. to-wit:
Section Three (3) of Article Eleven
lAl) of the Constitution of the State OF
as follows:
Sec. 3. 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 the
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 hun
,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 at any time exceed the sum
of fifty thousand dollars. Except as
provided in section, five of this article).
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
debt by loan for liquidating or redeem
ing the principal only Of the warrants
issued by the Auditor OF state during
the years 1887. 1855, 1SS9, 1892. 1893.
1924 and 1897: said debt by loan to be
evidenced by registered coupon inter-
iest funding bonds to an amount not eX-
.ceeding eight hundred and seventy
three thousand four hundred and fifty
seven dollars and ninety-four cents
'($S73.457.94) 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 hme after ten years from
their date but shall be due and paya-
shall be Of such denominations as the
State Treasurer may deem best. The
bonds shall bear interest at the rate of
three per cent per annum interest pay
able semi-annually at the office of the
State Treasurer or a some place in the
City of New York. State of New York.
payable at the office of the State
April /. 1909.
But no such bonds shall be issued ex-
cspt in exchange for 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
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, his control"
Section q Each elector voting at
such election and desirous of voting
for or against the amendment. shall
deposit In the ballot box a ticket
words; For the amendment to Sec.
: Of Article XI Of the Constitution
Sec. 3 of Article XI of the Constitution
Funding the state Indebtedness" and
shall indicate his approval or disap-
proval of the same by placing a cross
(E) opposite one or the other of said
~roups ,,r,a . Of words on his ballot The
eetsn cast at for sad the sbl hf he
canvassed and the result determined
IN the manner described by the la aws Of
4: Section 3. Upon ssceTfalning that
has beea adepted the Governar tRe
State Auditor. the State Treasurer. the
State shall meet together at the office
Of the State Treasurer and organize
as debt funding board by electing
member Of said board. or theif success
sors in office shall take and subscribe
the Secretary. Of State, in the usual
form required of State officers. for
the faithful discharge Of the duties re-
by empowered to subpoena witnesses.
send for persons and papers. adminis-
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
paid upon each warrant it shall make
and file a full and complete statement
Of its findings and determination with
tho Auditor of the State. and the de-
cision of a majority of the board shall
be final.
Section 5. 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-
tiSn as amended in sum not exceed
ing eight hundred and seventy-three
Thousand. four hundred and fifty-seven
dollars and ninety-four cents ($S73,-
457.94 and to exchange said bonds or
so many thereof as may be necessary.
due on any and all Of said warrants.
and which are offered in exchange by
the legal holders thereof. and unpaid
on April lst: 1909. upon surrender of
holders Of any, Of the said warrants
may pay into the State Treasury any
difference less than one hundred dol
lars t$l00) each. necessary to pay for
the bonds SO delivered to them re-