The state herald., 1908-10-09
coNsrITUTIoNAL AMENDMENr.

CONSTITUTIONAL AMENDMENT.
Notice is hereby given that at the
day Of November. A. d. 1908. there will
bAsubmitted to the qualified electors of
the state OF Colorado the question of
amending the Constitution of said State.
The authority for submitting such
question Is found in House Bill No 495,
which is. In words and figures follow
To Submit to the Qualified Electors OF
the State of Colorado an Amendment
to Section Three (3) of Article Eleven
(xl) of the Constitution OF the State
of Colorado: and to Provide for the
Creation of a Bonded Indebtedness on
Behalf Of the state to the Amount of
All Outstanding Legal Warrants of
the State for and Prior to the Year
and tS o3 sr1S RohSs for the Issue and
Be II Enacted by the General Assem-
bly, of the state of Colorado:
Section 1. 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 the
state of Colorado which. when ratified
shall be valid as part of the Consti-
Section Three (3) of Article Eleven
txu of the Constitution of the State of
Colorado shall be amended so as to read
as follows:
Sec. 5. 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 n
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-fourth of a
mill on each dollar OF said valuation,
until the valuation shall equal one hum
dIS1 millions OF dollars. and thereafter
stfch 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
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
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 oniy OF the warrants
issued by the Auditor OF state during
the years 1887. 1883, 1883. 1892. 1898,
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
(SS73.<5I9D 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
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
three per cent per annum. interest pay
able seml-annually at the office OF 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
hut no such bonds shall be issued ex-
cept in exchange for n like amount oi
warrants evidencing the same. exclu-
aive Of Interest.
The State Treasurer is hereby author,
ICED and directed to exchange said
bonds for equal amounts OF warrants
presented for exchange by individual
holders or OF warrants held by the pun,
funds under his control issued In the
years above named, and the state
Treasurer shall register and keep tn,
bonds In the name and for the beneti
vestmcnt funds under his control"
Section 2. Each eiector voting al
fer or against the amendment. shal
dci,osit In the ballot box a ticke
whereon shall be printed or written & ,h.
) OF. Article XI OF the Constitution
funding the State Indebtedness" anC
the words Against the amendment t'
Funding the state Indebtedness" ant
shall Indicate his approval or disap
provai OF the same by placing cros'
tX) opnosite one or the other of sale
votes cast for the adoption or the re
lection OF said amendment shall b'
In the manner described by the laws o
the State for the canvass of votes fol
representatives In Congress,
Section >. Upon aseertalning tha
has been adopted. the Governor. th'
state Auditor, the state Treasurer. th'
Attorney General. and the secretary o.
state shall meet together at the offlc,
OF tho state Treasurer and organize
as "A debt funding board by elcetlnp
one OF It's members president and an,
other secretary OF said board, EaCl
member OF said board, or their success
sors In office shall take and HubHcrlb,
an oath OF office aud file the same viii
the Secretary of State, In the uHuh
form required of State officers, fol
the faithful discharge Of the duties re-
auircd by this Act. said board is here
by empowered to subpoena witnesses
send for persons and papers. admins
ter oathE. and perform all other Act,
necessary to the speedy aud proper dis
charge OF Its duties, The Treasurer
and Auditor shall furnish the necessary
clerical help required by III" board.
Section 4 When said board has do
termin.d tn. amount which should b'
paid upon each warrant Il shall maxi
and file full and complete statement
of ith findings Rnd determination with
tho Auditor OF the State. and tho de-
eision OF u majority OF tho board shall
be final
Section 0. After the board horcir
Nprovid.d for has filed Its report and
findings with the Auditor OF State. the
Governor, tn. Treasurer. and the Score
tnry Of State are hereby authorized "a
inHu. tho bonds OF the State OF Colo.
fndo In nceordnnc. with the conHtitu'
tion ms amended In n sum not exceed.
inR eight hundred and Heventy-thrcs
thousand. four hundred and fifty-royer
dollars ana ninoty-four ceriH Uh1i,'
tsfep and TO exchange said bonds ~
90 many thnroof as may be necessary
at par. FOR the amount OF the principal
due on any and nll OF said warrants
and which are offered In exchange by
the legal holders thereof. and unpaid
ON Apflt tat tNOp upNu surrender of