The Paonia newspaper., 1910-10-07

state treasurer that warrants of the
ing and prior to the year 1897 for the
aggregate sum of Eight Hundred and
Seventy-three Thousand and Seventy
one Dollars and Eighty-four cents
tsS73.O7i.S4D. and are still outstanding
and unpaid. as follows:
Warrants for the year 1887
warrants for the year 1855. 277.555.65
Warrants for the year 1889. 41S.227.54
Warrants for the year 1892. 5.16I.3o
Warrants for the year 1898. 5.sS2.53
Warrants for the year 1894. 32.316.13
Warrants for the year 1897. 2.495.9S
Total ................ss ss73.O71.s4
All OF which warrants were duly pre-
at the rate of six per cent. per annum.
am9qin,ins ns uniting, a~ppToximateiy; ~ prinG,pai al
The sum of S2,1l4.762.9G.
And. Whereas. the major portion of
the above Indebtedness is held in the
state school fund as an Investment,
which. under the constitution of the
state, must forever remain inviolate
and intact, amy loss thereof to be sup
And. whereas, it further appears
that all OF said warrants were issued in
the Legislative. executive and judicial
departments of the state government.
Including the per diem and mileage of
the members Of the general assembly:
the per diem of the legislative clerks
and employees: the salaries OF the gov
Of state, superintendents Of public In
struction. state auditors. treasurers OF
state, and other elective and
smpioyas Judge. asSatvs oifisss' sse snd .a
preme. district and criminal courts.
and district attorneys; the Legislative.
contingent expenses; and expenses in
CURED for the erection of buildings.
and the maintenance of the state peni-
tsntiary. insane asylum. Industrial
school. reformatory. agricultural col
lege and soldiers and sailors home;
and,
Whereas. no moneys are now In the
hands Of the state treasurer. of the
revenues OF the fiscal years aforesaid.
wherewith to pay said warrants. or
any Of them: and all the said indebt-
edness should he funded at n lower rate
Of Interest: therefore
Section ?. There shall be submitted
to the qualified electors of the state
Of Colorado. at the next general cleo
tion OF members OF the General Assem-
bly,. for their approval or rejection. the
following amendment to the Constitu-
fion of the State of Colorado. which.
when ratified by majority Of those
voting thereon. shall he valid as a part
of the constitution. to-wit;
txI) Of the Constitution OF the State of
Colorado shall he amended so as to
section B. The state shall not con-
tract any debt by loan In any form. ex-
eept to provide for casual deficiencies
the use OF the state. suppress insurrec-
tton. defend the state, or, In time of
war assis, In defending the United
States: and the amount Of the debt COM
trected la any one year to provide for
deficiencies OF revenue. shall not exceed
one-fourth OF q mill on each dollar of
vaiustiea OF taxable 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 hundred millions of dol
e1ceed one hundred thousand dollars.
and the debt Incurred In any one year
for erection OF public buildings shall
not exceed one-haif mill on each dollar
of said valuation: and the aggregate
amount of such debt shall never mt any
time exceed the sum OF nfty thousand
dollars Except as provided in section
five of this artlcie). and In all cases the
valuation In this section mentioned
p9eeediax @ the creation Of said debt.
:, smoaSi ci debt Sss, ,sai e., ma, may ! be c
purpose Of paying the principal
standing warrants issued by this state
during aud for the years, 1887. lsss.
1889, 1892. 1893. fsgt. and 1897; said
pom Interest bearing funding bonds to
an amount not exceeding s2.ii5.OOO.OO.
OF NO much thereof as may be necessary
to pay said warrants and Interest
said funding bonds shall be
dated December list. 1910. shall be pay
able al the option OF the State of Colo
rado at any time after ten years from
their date, shall he absolutely due and
PAYABLE rfty (bOb years after their
date and shall he OF the denomination
of One Hundred Dollars fsiOo.0o) each.
or any multiple thereof. The interest
on said bonds shall be payable semi an
puaIly at the rate Of three per cent
per annum at the office OF the state
treasurer. or at some place In the CITY
of New York q. s. A.. and the principal
Of said bonds shall be payable AT the
office Of the state treasurer.
NO such bonds shall be Issued except
at par and accrued interest. and upor
the contemporaneous surrender ana
cancellation of a like amount of prin-
cipaI and Interest of said warrants.
said bonds to an amount edualing
the principal OF said warrants now heid
by the public school fund shall be reg
istered by the state auditor ana state
treasurer In the 4me and for the bene-
tit OF and payable only to the said fund,
and shall not be transferable.
And all such bonds to an amount
now held in the school fund shall be
sold by the state treasurer at not less
than par and accrued Interest. and the
proceeda thereof paid intc the school
fund. and distributed 10 the several
counties and school districts Of the
state for school purposes. IN the pro
portions and in the manner required by
law"
section O. Each eIector voting at said
election and desirous OF voting FOR or
against said amendment. shall deposit
in the ballot box ticket whereon shall
he printed or written the words: For
the Amendment to Section of Article
vi OF the Constitution. Funding the