Gilpin observer., 1910-10-20


Seventy.three Thousand and Seventy
one one, Dollars and Eighty-four cents
Ns7a.o7lsD. and are still outstanding
warrants for the year 1887
warrants n ntsof for the year isss asgS..s5ss5
Warrants for the year 1889. 4l8.22754
Warrants for the year 1893 5.9325s
for for the the year year 1881 1881
Al H'a Of which warrants were Sniy pre-
sented for payment. and bear interest
at the rate of six per cent. per annum.
amounting approximately, principal
the sum OF s2.I14.762.9s:
=, And. Whereas, the major portion of
state school fund as an investment,
which, under the constitution of the
state must forever remain invioiate
psn And. oy whereaa. 9he esa.ei ii 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 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
employees. judges of the su-
preme. district and criminal courts.
ado,t,;,t and district Sttorneys the legislative;
contingent expenses; and 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;
Whereas. no moneys are now in the
hands of the state treasurer. of the
revenues of the fiscal years aforesaid.
any OF them; and all the said indebt-
edness should be funded at a lower rate
of interest; therefore
to the qualified electors OF the state
Of Colorado. at the next general cleo
bly,. for their approval or rejection. the
following amendment to the Constitu-
tion of the State of Colorado. which.
voting thereon. shall be valid as a part
of the Constitution. to-wit:
Section n, Three ;0 Of Article ,S g, Eleven
Colorado shall be amended so as to
read as follows:
tract any debt by loan in any form. ex-
cept to provide for casual deficiencies
OF revenue. erect public buildings for
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 for
deficiencies of revenue. shall not exceed
one-fourth of a 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 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 anv one year
for erection OF public buildings shall
not exceed one-half mill on each dollar
amount of such debt shall never at any
time exceed the sum OF fifty thousand
dollars except rs 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.
Incurred. as above. the state may
deb, nsyna BY .Se Ss" 5Sr ni
and accrued interest OF all the out
standing warrants issued by this state
dsgns 1ss5 sss ssd 1895 tsI nnd 1851 said
debt to be evidenced by registered cou-
pom interest bearing funding bonds t.
or so much thereof as may be necessary
to pay said warrants and interest
thereon.
dated December LIST, 1910, shall be pay
able at the option Of the State OF Colo.
sdE at any me ,s ses ysa5s due amd
payable fifty 500 years after their
date. and shall be OF the reorganization
OF OF ons any Hnn mnisipie thereof thereof. The interest
on said bonds shall be payable semi an
nuaiiy 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 shall be payable at the
mo such bonds shall be issued except
at par and accrued interest. and upon
the contemporane9%ns % nprnt smprTnaeff ef nrina hnu
cipai and interest of said warrants
said bonds to an amount equnlinS
the ,Rs Prins PaiI o. sesooi ss fund shall be
istered by the state auditor and state
treasurer in the name and for the bene- s
tit OF and payable only to the SAID fund.
and shall not be transferable.
And ali such bonds to an amount
sauainS the interest int sssool on fn fana shni be
sold by the state treasurer at not less
than par and accrued Interest: and the
fund' and distributed TO the several
counties and school districts of tho
state for school purposes. IN the pro-
portions and In the manner required oy
Section 3. Each elector voting at said
sestsn ,aIS ara SmsnSment sSa deposit
in the ballot box ticket whereon shall
be printed or written sactin the wopSs r,ic1r E1r
XII Of the Constitution. Funding the
State Indebtedness" and the words:
against the Amendment to Section .
Of Article XI of the Constitution. Fund
ing the state Indebtedness" and shall
indicate his approval or disapproyai by
placing a cross (x) opposite one or the
ballot.
reiection. of said amendment shall be
canvassed, and the result determined, In
the manner prescribed by the laws of
the state for the canvass Of votes for
at.to n
Section 4. Immediately upon nscer-
taining that said amendment to the
Constitution has been adopted by the
neopie Of the state. the governor. state
auditor, state treasurer. attorney gem
eral and secretary of state shall meet
together at the office of the state treas
nrer and orRanixa An daht funding