The Springfield herald., 1910-10-21


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Warrants for the year 1892. 5.767,30
Warrants for the year 1893. 5,932.53
Warrants FOR for The year 1891 aSsasas
AZ H's Of which warrants were 'dds niy pre-.
scented for payment. and bear interest
amounting approximately: PRINCIPAL
a hs snm ef Fl I?SssRHeF s0'h 1910
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
p'. Ana ~ wh he eas. It 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
ernors. attorney generals. secretaries
struction. state auditors. treasurers Of
s snPn'dHay , EXECUTIVE offissrs and
preme. district and criminal courts.
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,
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.
wher ef hs to pay SAID warrants RI td, or
edness should be funded at lower rate
OF interest; therefore
% IL 4
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.
voting thereon. shall be- valid as part
OF the Constitution. to-wit:
SECTION Three !sl of Article Eleven
read as follows:
Section 8; 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-
deficiencies of revenue. shall not exceed
one-fourth of u 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
exceed one hundred nousand 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
time exceed the sum of fifty thousand
dollars Except as provided In section
preceding the creation OF said debt
amount t''t Of del deb. :" that may y be be
Incurred. as above. the state may
S0ntrast debt by lean for ths
and accrued interest of all the out
standing warrants issued by this state
1855, 1899, 1888. 1891. and 1897: said
debt to be evidenced by registered cou
pom interest bearing funding bonds to
or SO much thereof as may be necessary
thereon.
dated December list. 1910. shall be pay
able at the option of the State of Colo
their date. shall be absolutely due and
date. and shall be Of the denomination
or any multiple thereof. The interest
on said bonds shall be payable semi-an-
nualy at the rate o or three per eent
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.
mo 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.
the nrincipai 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-
Tit of and payable only to the said fund.
and shall not be transferable.
and all such bonds to s,i an amount
now held in the school fund shall be
sold by the state treasurer at not less
proceeds thereof paid Into the school
fund and distributed TO the several
counties and school districts of the
state for school purposes. in the pro-
Jaw ~
Section 2. Each elector voting at said
election and DESTROYS 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 3 Of Article
NJ of the Constitution. Funding the
State Indebtedness" and the words
"Against the Amendment to Section )
of Article XII of the Constitution. Fund
ing the State Indebtedness" and shall
Indicate his approval or oisapproval by
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 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 gem
eral and secretary of state shall meet
together at the office of the state treas
urer. and organize as 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, shan
take and subscribe an oath OF office
and file the same with the secretary CT
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 for persons and papers, administ 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-
tlon of the state. and shall thereupon
statement OF Its findings and determin-
n N ha 4,