The daily sentinel., 1910-10-07

T. y TU.NT a. Z
Warrants for the year 1885. s77.555.65
Warrants for the year 1883. 4IS.227.54
Warrants for the year 1892. 5,767.3O
Warrants for the year 1893. 5.932,53
Warrants for the year 1s94 32.3l6.i3
Warrants for the year 1897. 2,4s5. .9S
All of which warrants were duly pre-
sented for payment, and bear interest
at the rate of six per cent. per anuum.
amounting approximately, principal
the sum OF s2,lli,762.gG:
And Whereas. the major portion of
tho 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, any loss thereof to be sup
piled by the state:
And. Whereas, Il further appears
that all OF said warrants were issued in
payment Of the ordinary expenses OF
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
aud employees; the salaries OF the gov
ernors, attorney generals. secretaries
structlon. state auditors, treRsurers Of
state. and other elective and
appointive executive officers and
preme, district and criminal courts.
and district attorneys; the legislative,
executive and judicial incidental and
contingent expenses. ana expenses IN
Cured for the erection of buildings.
and the maintenance OF the state peni-
tentiary 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,
wherewtth to pay said warrants, or
any OF them; and al the said indebt-
odness should be funded at lower rate
of Interest: therefore
Section 2 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-
ton of the state OF Colorado. which,
when ratified by majority of those
voting thereon, shall be valid as IA part
Of tho Constitution. to-wlt;
Section yhree (3) of Article Eleven
(NI) of the Constitution of the State OF
Colorado shall be amended so as to
read as follows:
section >. The state shall not con-
tract any debt by loan in any form. ex-
cept to provide for casual deficiencies
Of revenue, erect public buildings for
tion. defend the state, or, in time of
war, assist In defending the United
states. and the amount of the debt con-
tracted In any one year to provide for
deficiencies of revenue, shall not exceed
one-fourth of a mill on each dollar of
valuation OF taxable property within
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
lars, and thereafter such debt shall not
exceed one hundred thousand dollars,
and the debt incurred in any one year
for erection of public buildings shall
not exceed ne-hslf 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 az provided in section
five OF this article). and in all cases the
yslustion in this section mentioned
preceding the creation OF said debt
Provided; that In addition to the
amount amount, OF debt. debt that , may be
contract debt by loan for the
purpose OF paying the principal
and accrued interest of all the out
standing warrants issued by this state
during and for the years, 1857. 1855.
1889. 1ss,, 1898. 1894. and 1897: said
pom interest bearing funding bonds to
an amount not exceeding SENS. 900. co.
or so 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 at the option OF the state of Colo
their date, shall be absolutely due and
payable fifty 800 years after their
date, and shall be OF the denomination
or any multiple thereof. The interest
on said bonds shall be payable semi-an-
nually at the rate Of three per cent
treasurer. or at some place in the City
OF New York; U. S, A.; and the principal
OF said bonds st'all be payable at the
office of the state treasurer.
No such bonds shall be issued except
at par and accrued interest, and upon
the eSntemp9ffane1Iinh nf Iih. amepnt OF nrinl Ine
cipal and interest of said warrants.
said bonds to an amount equaling
the principal Of said war5ants VAR .hs,T now S held
istered by the state auditor and state
treasurer In the name and for the bene-
fit of and payable only to the said fund.
and shall not be transferable.
and all such bonds to an amount
equaling the interest on said warrants
now held in the school fund shall be
sold by the state treasurer at not less
than-p par and accrued interest; and the
proceeds thereof paid into ths school
counties and school districts of the
state for school purposes. in the pro-
portions and in the manner required by
Section s. Each elector voting at said
election, and desirous OF voting for or
against said amendment, shall deposit
in the ballot box ticket whereon shall
be printed or written the words: For
the Amendment to Section of Article
XI OF the Constitution, Funding the
Against the Amendment to Section )
of Article NJ of the Constitution. Fund
ing the state Indebt tedness." and shall
Indicate his approval or disapproval by
placing a cross (X) opposite one or the
other OF said groups of words on his
ballot.
The votes cast for the adoption or
re lection of said amendment shall be
canvsssed. and the result determined, In
the manner prescribed by the laws of
the state for the canvass of votes for
representatives in congress-
Section 4. immediately upon aseer-
taining that said anne endment to the
Constitution has been adopted by the
pc opls of the state, the governor, state
auditor, state treasurer, attorney gem
eral and secretary of state shall meet
urer. and organize as a debt funding
board. by electing one of its members
president and another secretary of said
board. Each member of said board. and
any Of their auccealorR In offica ahai