The Julesburg grit-advocate., 1908-10-30
CONVENTIONAL AMENDMENT.


amending the Constitution of said state
The authority for submitting such
, question is found in House Bill No: 493
which is. In words and figures. follow
Ing. viz:
To Submit to the Qualified Electors Of
the State Of Colorado an Amendment
to Sectiol Three t3) Of Article Eleven
tX1) 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 OF
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 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
their approval or rejection the following
amendment to the Constitution of tho
State OF Colorado. which. when ratified
by majority Of those voting thereon.
shall be valid as a part of the consti-
tuition. to-wit:
Section Three {3) of Article Eleven
lxD of the Constitution Of the State Of
Colorado shall be amended so as to read
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 or rev.
enue, shall not exceed One-fourth or q
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 -fourths of q
mill on each dollar OF said valuation.
until the valuation shall equal one hum
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.
amount of debt that may be incurred.
las 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 1887. 1855. 1889. 1892. 1898.
1894 and 1897; said debt by loan to be
Test funding bonds to an amount not ex-
.ceeding eight hundred and seventy
three thousand four hundred and fifty
sysa seysa dollars 1i and nnetytopr tt cents
be necessary to cancel the State indebt-
sdness 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 por 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 bonds shall be
payable at the office of the State
April ! 1909
But no such bonds shall be issued ex-
cept in exchange for like amount Of
Indebtedness and upon the surrender Of
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 Investment
Treasurer shall register and keep the
BONDS in the name name and for the benefit
vestment funds under his control"
Section @ Each elector voting at
such election and desirous Of voting
whereon shall be printed or written tho
words For the amendment to Sec.
3 of Article XI of the Constitution
the words Against the amendment to
Sec. 3 of Article NI of the Constitution
funding the State Indebtedness and
shall Indicate his approval or disap-
proval Of the same by placing a cross
tN) opposite one or the other of said
groups of words on his ballot. Tha
votes cast for the adoption or the re-
lection of said amendment shaal 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 8. Upon ascertaining that
said amendment to tho 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 an
other secretary of said board. Each
member of said board, or their success
sors in office shall take and subscribe
an oath of office and file the same with
the Secretary of State. in the usual
form required of State officers. for
CURED 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 Nelp required Dy the board.
Section 4. When said board has de-
termined the amount which should be
paid upon each warrant 1t shall make
and file n full and complete statement
of its findings and determination with
the 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 Score
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 sum not exceed
Ing eight hundred and sevcnty-three
thousand. four hundred and fifty-scven
dollars and ninety-four cents ($S13-
457.94) 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
on April 1st. 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-
eDeCtiyely.