The La Jara chronicle., 1908-10-16
CONSTITUTIONAL AMENDMENT.

amending the Constitution of said State.
question is found in House Bill no. 4s5.
which is. in words and figures. foiiow-
ing, viz:
AN ACT
To submit to the Qualified Electors OF
the State of Colorado an Amendment
to Section Three go of Article Eleven
tXl Of the Constitution OF the stat
of Colorado; and to Provide for tine
Creation of a Bonded Indebtedness on
Behalf of the state to the AMOUNT OF
All Outstanding Legal Warrants OF
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
Colorado at the next general eiection
of members of the General Assembly tor
amendment to the Constitution OF the
state of Colorado, which. when ratiheu
by majority of those voting thereon,
shall be valid as 3 part of the Constr
tuition, to-wit:
Section Three (a) of Article Eleven
Colorado shall be amended as to read
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. dsIeHu
the State, or, in time of war. assist IN
defending the United states; and the
amount of debt contracted IN any ono
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 ana lle
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 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 pup
lie buildings, shall not exceed one-hilt
Il In faf au
and the aggregate amount of such DEBT
shall never at any time exceed the sum
OF fifty thousand dollars. teXcept as
provided in section five OF this article).
and in all cases the valuation in TINS
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
the years 1887, 1883. 1859. lS92. 1875
1894 and 1897; said debt by loan to be
evidenced by registered coupon inter-
est funding bonds to an amount not eN-
ceeding eight hundred and seventy
seven dollars and ninety-four cents
(sS73.457.s4) or so much thereof as may
edness herein named. Such funding
bonds shall be payable at the option OF
thc state any time after ten years from
their date but shall be due and paya,
BILE within fifteen years after date. ana
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 at some place IN the
City of New York. state of New York
The principal of said said bonds shall ltoIe be
Treasurer, and shall bear interest from
April / 1903
cept in exchange for "A ike amount ot
Indebtedness and upon the surrender of
warrants evidenciug the same. eNclu-
stVe OF interest
The State Treasurer is hereby author
lied and directed to exchange said
bonds for equal amounts of warrants
holders or OF warrants heIG by the pub
lie school fund and other Investment
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
vestment funds under his control.
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 n o. the ,,ia Gonstitntiod' on
the words against the amendment to
Sec. 3 of Article NI Of the Constitution
funding the state Indebtedness, and
shall Indicate his approval or disHp-
iN) onnosite one or the other of said
votes cast for the adoption or the re-
lection of said amendment shall be
in the manner described by tho laws of
the State for the canvass of votes for
representatives in Congress.
Section 3. Upon aseertaining that
said amendment to the Constitution
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
one of its members president and am
other secretary of said board, Each
member Of said board or their success
an oath oaoffice and riIe the same with
the Secretary, of state. in the usual
the faithful discharge OF the duties
auired by this Act. Said board is here
by empowered to subpoena witnesses,
ter oaths, and perform all other Acts
necessary to the speedy and proper dis
and Auditor shall furnish the necessary
clerical help required by the board.
Section 4. When said board has de-
termiped the amount which should be
paid upon each warrant. 1t shall make
and file a full and complete statement
the Auditor OF the State, and the de-
cision Of majority of the board shall
Section 5. After the board herein
provided for has filer its report and
findings with the Auditor of state tie
SONtTHoT. tHc anu tie seer
tary of State are hereby authorized to
issue the bonds OF the State of Colo
RADIO in accordance with the constitu-
tion as amended in a sum not exceed
ing eight hundred and seventy-three
thousand, four hundred and fifty seven
dollars and ninety-four cents (SSi3,-
$3.50 and to exchange said bonds or
so many thereof may be necessary.
at 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
nm surrender
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 lSlO0l each. nnceSsnrY to pnN for