The Springfield herald. (Springfield, Baca County, Colo.) 1887-1919, 1910-11-04

w HFFantS Tor the year 1873. 2Ii,bbb.bo
Warrants for the year 1883. 4lS.221.b4
Warrants for the year 1892. 5.767.30
Warrants for the year 1893. 5.932.5 3
for ne The year 1872
All Of which Warrants were duiy pre-.
scented for payment. and bear interest
ut the rate of six per cent per annum.
a ana appToXmddeyS otb pri da "a
the sum of s2.i14.762.96:
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
PA. And. wh h cas- it further appears
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
ernors, attorney generals, secretaries
OF state. supcrintendents of public In.
struction. state auditors. treasurers of
appointive executive officers and
employees, judges of the
preme. district and criminal courts.
executive and judicial incidental and
contingent expenses and expenses IN
Cured for the erection of buildings,
Tertiary. insane asylum. Industrial
school. reformatory. agricultural col
leEe 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,
wherewith to pay said warrants, or
any Of them; and al the said inde6 +,
of Interest: therefore
Section .. There shall be submitted
to the qualified electors of the state
r.f -11s al In Vnl oil
tion of members of the General Assem-
bly,, for their approval or rejection. the
ton of the State OF Colorado. which.
when ratified by a majority of those
voting thereon, shall be valid as a part
Of the Constitution. to-wit:
Section Three 49, of Article Eleven
CID of the, Constitution of the State of
Colorado shall be amended so as to
section 3. The state shall not con-
tract any debt by loan in any form. ex-
of revenue, erect public buildings for
the use OF the state. suppress insurrec-
ton. defend the state. or In time of
war. assist in defending the United
States; and the amount of the debt con-
tTacted In any one year to provide for
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 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 valuation. and the aggregate
amount of such debt shall never Mt any
time exceed the sum of fifty thousand
dollars Except as provided in section
five of this artlcle), and In ali cases the
Valuation lie IN in this section mention as,
preceding the creation of said debt.
provided: that in addition to the
i hm1rn, as above sS the state a may
contract debt by loan for the
purpose of paying the principal
standing warrants issued by this state
during and for the years. 1857 1ssS;
1889, 1892, 1898, 1924. and 1897; said
pom interest bearing funding bonds to
an amount not exceeding s2.llb.ooo; 90.
or SO mucm thereoI as may pe he ,ntsrs,
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 nd
date, and shall be of the denomination
of One Hundred Dollars, tSIoo.oql each.
on said bonds shall be payable semi-an
nually at the rate OF three per cent.
per annum ut the office of the state
of New York, U. S. A.; and the principal
Of said bonds shall be payable at the
office of the state treasurer, $50,
mo such bonds shall be. ISSUED except
at par and accrued interest, and upon
the contemporaneous surrender and
cancellation of like amount of prin-
cinnl and interest of said warrants.
said bonds to an amount equalinE
the principal of said warrants now held
nv the public school fund shall be reg
Istered by the state auditor and state
treasurer in the name and for the bene-
fit of and payable only TO- TO ah ne saio iuho'
And all such bonds to an amount
eoualing the interest on said warrants
now held in the school fund shall be
sold nv the state treasurer at not less
than par and accrued interest; and the
nraoeeds thereof paid into the school
fund and distributed TO the several
counties and school districts of the
state for school purposes in the pro-
portions and in the manner required by
law
section g. Each elector voting at said
election and DESTROYS of voting for or
against said amendment, SHAH deposit
IL, the ballot box ticket wherein shall
he printed or written the WORDS: "For
the Amendment to Section OF Article
State Indebtedness and the words;
against the Amendment to Section 3
of Article ri of the Constitution, Fund
Indicate his approval or disapproval by
placing cross (X) 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
cnnVassed, 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 ascer-
tanning that said amendment to the
Constitution has been adopted by the
people of the state, the governor. state
auditor, state treasurer. attorney gen
eral and secretary of state shall meet
together at the office of the state treas
urer and organize as n 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 successors in office. shall
take and subscribe an oath of office
and file the same with the secretary of
state, in the usual form required of
state officers. for the faithful dis
charge of the duties required by this
act. Said board is hereby authorized
and empowered to subpoena witnesses.
send ror persons and papers. administe err
oaths, and perform other acts neces-
sary to the speedy and proper dis
charge of its duties. The treasurer
and auditor shall furnish the necessary
clerical help required by the board.
Said board shall consider and deter
mine the amount which should fairly
and equitably be paid upon each of
said warrants, and Is an honest obliga-
tion of the state. and shall thereupon
make and file n full and compi etc
statement of It's findings and determin-
alton with the auditor of the state. and
the decision of n majority of said board