The new era., 1910-10-06

TO PROVIDE FOR THE ISSUE AND
PAYMENT OF SAID BONDS.
Be 1t Enacted by the General Assembly
OF the State of Colorado*
Section /. WHEREAS, 1t appears
from the register of warrants In the tha 1io
state treasurer that warrants of the
State of Colorado We're duly issued dur
ing and prior to the year 1897 Tor the
Seventy-three Thousand and seventy
one Dollars and Eighty-four cents
tsS7s.o71.s4). and are stin outstanding
and unpaid, as follows:
Warrants for the year 1887 =,
warrants for the year i$$s. s7s,ss55s5.se55
Warrants for the year 1889. 41S,2sl ~
Warrants for the year 1892 5,a6a59
Warrants for the year 1898. 6,9325S
Warrants for the year 1924 SS.3ae. aS aS
All AH'ai Of which warrants We're duiy pre-
at the rate of six per cent per annum
amoqnting appToXimatelys sotn prinH1pal ,q1a td
the sum of S2,114.762.96;
And, Whereas, the major portion or
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, any loss thereof to be sup
pan And " Whereas. he cas- 1t 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 assemb!y;
the per diem of the legislative clerks
and employees; the salaries of the gov
ernors. attorney generals secretaries
of state, superintcndents of public In.
struction, state auditors. treasurers of
slasei appointiSe Se0 executive Officers and
employees. judges of the su-
Il ct s.,
and district attorneys; the legislative;
executive and judicial incidental and
CURED for the erection of buildings.
and the maintenance of the state penl,,
tentiary, insane asylum, industrlal
school, reformatory, agricultural col
iege and soldiers and sailors home;
and,
Whereas. no moneys are now IN the
revenues of the fiscal years aforesaid,
wherewith to pay said warrants, or
any of them; and all the said indebt- :,
edness 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 e to the conssi,t9 ,nh
when ratified by a majority or those
voting thereon. shall be valid as part
of the Constitution. to-wit:
(XI) of the Constitution of the State of
Colorado. shall be amended so as to
'Section g. The state shall not con-
tract any debt by loan in any form. ex-
cept to provide for casual deficiencies
the use of the state. suppress insurrec-
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 Tor
deficiencies of revenue. shall not exceed
one-fourth of mill on each dollar OF
valuation 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
lars, and thereafter such debt shall not
and the debt incurred in any, one year
for erection of public buildings shall
not exceed one-half mill on each dollar
of said valuations. and the aggregate e
amount of such debt shall never at any
time exceed the sum of fifty thousand
dollars Except as provided In section
valuation In this section mentioned n q
preceding the creation of said debt.
amount lot''eofi Of debt that may be
Incurred, as above, the state may
contract debt BY lean tSa 59F prlneipai the
and accrued interest of all the out
standing warrants issued by this state
during and for the years, lSSn lsSe; 1888.
1883 1892 1898, 1894, and 1897; SAID
debt to be evidenced by registered cou :
pom interest bearing funding bones &c TO
an amount not exceeding S,oVU;vV, ~,
to pay said warrants and interest
thereon. ,u ho
able at the option of the State of COLO
rado at any time after ten years from
their dats sR sna 5 Se years after her
date, and shall be Of the denomlnaMai1,h M o,i
Of One Hundred Dollars (s10ooG0 est eaen;
on said bonds shall be payable semt-an-
nually at the rate of three per cent.
per annum at the office of the state iatt e
treasurer, or at some place IN the MY T,ey
of New York, U. S. A., and the principhal hsa
Of said bonds shall be payable at the
office Of the state treasurer ,,,.
at par and accrued interest, ana upon a
the contemporaneous surrender ana
cancellation of like amount OF prih-
cipal and interest of said warrants.
"Said bonds to an amount equaiiiiti
the principal of said warrants now helo
by the public school fund shall 9e s,af res
istered by the state auditor ana state
treasurer in the name and for M, me 9ene sS,aa
fit of and payable only to the salu iu''o'
and shall not be transferabie' onounr
eouaiing the interest on said warrants
now held in the school fund shti De
sold by the state treasurer at NOT less e,
tbnn par and accrued interest; ana the
proceeds thereof paid into the sehoo,
fund and distributed TO the several
counties and school districts OF tne
state for school purposes, in the Pro
portions and in the manner required ny
law" ,.,,,, Of said
e,ection. and desirous of voting Tor or
egainst said amendment shall deposit
in the ballot box ticket whereon snail snail
he printed or written the words: FOR
the Amendment to Section OF ArttGie ,i
ST of the Constitution. Funding the
State Indebtedness and the, words;
against the Amendment to Sect!on 5
of Article XI of the Constitution, Fund,
ing the State Indebtedness" and shall
Indicate his approval or disapproval py
placing cross (N) opposite one OF We We
other of said groups of words on MS
ballot. t
rejection of said amendment shall be
canyassed, and the result determined, In
the manner prescribed by the laws OF
the state for the canvass of votes Tor