The Elbert County tribune., 1910-10-07

and unpaid. as follows.
Warrants for the year 1887
warrants % t ST for the year issS. 2SY..55S.s5
Warrants for the year 1859. 4iS.22T.54
Warrants for the year 1892. 5.767.30
Warrants for the year 1898. 5,932.53
Warrants for the year 1894. 32.316.13
Warrants for the year 1897. 2.495.9S
All H'a Of which warrants were SsGy Sniy pre- ast
sented for payment. and bear interest
at the rate of six per cent. per annum,
amounting approximately; principal
the sum of s2.f14.762.96;
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, any loss thereof to be sup
piled by the state;
And, Whereas. 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 assembly;
the per diem of the legislative clerks
and employees; the salaries of the gov
Of state. superintendent of public in
struetion, state auditors, treasurers OF
employees. judges of the SUI
and district attorneys; the legislative,
executive and judicial Incidental and
contingent expenses: and expenses In
CURED for the erection of buildings.
and the maintenance of the state peni-
tentiary, insane asylum, Industrial
school, rsformatory agricultural col
Iege 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 be funded at a lower rate
of interest; therefore
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-
tion of the State of Colorado. which.
when ratified by majority of those
of the Constitution. to-wit:
Section Three go of Article Eleven
(xI) of the Constitution OF the State of
Colorado shall be amended so as to
read follows:
Section g. The state shall not con
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
tnree-fOurtnS 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 one-half mill on each dollar
OF said valuations; and the aggregate
amount of such debt shall never at any
time exceed the sum of fifty thousand
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
amount OF debt that may be
incurred. as above, the state may
purpose of paying the principal
and accrued interest OF all The out
1859, 1892. 1893. 1924 and 1897: said
pom interest bearing funding bonds to
an amount not exceeding SEIZE. 100000.
or so much thereof as may be necessary
to pay said warrants and interest
said funding bonds shall be
able at the option OF the State OF Colo
RADIO at any time after ten years from
their date. shall be absolutely due and
date, and shall be of the denomination
OF One Hundred Dollars ($IoO.00) each.
on said bonds shall be payable semi lam
nualiy 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, U. 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 upon
the contemporaneous surrender and
cancellation of like amount of prin-
cipal and interest of said warrants.
said bonds to an amount equaling
the principal OF sad War6ants war; shs now NV @ neId
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
equaiing the interest on said warrants
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 the
state for school purposes. in the pro-
lGr.'o"' laGwr." '"1 -
Section 3. 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 |
state. Indebtedness, and the words;
of Article XI of the Constitution. FUND |
ing the State Indebtedness" and shall |
Indicate his approval or disapproval by /
placing a cross (S) opposite one or the |
other of said groups Of words on his |
ballot
The votes cast for the adoption or |
rejection 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
Representatives in congress.
Section a.. Immediately. upon ascer
tanning that said amendment to the
Constitution has been adopted by the |
people of the state, the governor. state
auditor, state treasurer. attorney gem
era1 and secretary of state shall meet
together at the office OF the state treas
urer, and organize as a debt-funding
board, by electing one of its members
president and another secretary of said