The daily sentinel., 1910-10-12


one one Dollars and Eighty-four cents
tsIs,O7LSD, and are still outstanding
and unpaid, as follows:
warrants for the year 1887
warrants for the year 1855. s77,55s.S5
Warrants for the year 1889 4IS22T54
Warrants for the year 1892 5767 80
Warrants for the year lSg3 5q3253
Warrants for the year 1894. 32,316.lS
warrants for the year 1897. 2,495.sS
All OF which warrants were duly pre-
sented for payment. and bear Interest
at the rate OF six per cent. per annum
amounting approximately. principal
the sum of $2.114,762.96;
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 inyiOlate
and intact, any loss thereof to be sup-
And, whereas. il further appears
that all Of said warrants were Issued ia
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
ana employees, the salaries OF the gov
crnors, attorney generals, secretaries
OF state, supcrinteUdents OF public In
struction, state auditors. treasurers OF
state, and other elective and
app9intiye executive officers and
employees, judges Of the su
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-
tertiary insane asylum, Industrial
school, reformatOry, agricultural coll
leEe and soldiers and sailors home;
Whereas no rnoneva ara ro,,, In tn.
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 lower rate
OF Interest; therefore
section 2. There shall be submitted
of Colorado. at the next general cleo
tion OF members OF the General Assem-
MY Tor their approval or rejection, the
following amendment to the Constltu-
when ratified BY = majority OF those
voting thereon. shall be valid as part
OF the Constitution. te-wil:
Section Three (3l of Article Eleven
KID of the Constitution OF the State of
Colorado shall he amended so as to
read as follows:
''sertion Q. 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
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-
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 a mill ON each dollar
of said valuation, until the valuation
shah 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
of said valuation: and the aggregate
amount of such debt shall never at any
time exceed the sum of fifty thousand
five Of this articis), and in all cases the
valuation In this section mentioned
shall be that of the assessment last
@Proviasd: that in addition TO the
incurred, as above, tho state may
contract deb, by lean for the the
and accrued interest of all the out
standing warrants issued by this state
during and for the years, 1887, 1sss;
debt to be evidenced by registered cou
pon interest bearing funding bonds to
an amount not exceeding s2,11b'oOo,oo,
to pay said warrants and Interest
thereon.
said funding bonds shall be
dated December 1st. 1910. shall be pay
rado at any time after ten years from
their date, shall be absolutely due and
payable fifty (5O) years after their
OF One Hundred Dollars sIoo.oo) each.
or any multiple thereof. The interest
on said bonds shall be payable semi-an
per snnum at the office of the state
treasurer, or at some place in the CITY
OF New York u. $. A.. and the principal
OF said bonds shall be payable at the
office of the state treasurer.
mo such bonds shall he 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 equainG
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 hene-
tit OF and payable only TO the said fund
and shall not be transfer able.
And all such bonds to an amount
equaling the interest on said warrants
now held in the school fund shall be
than par and accrued interest: and the
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-
portions and in the manner required by
law"
Section s. EHCn tleCiOf NOtlnk At caiu
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
NJ 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 disapproval by
placing a 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
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 asoer-
taining 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 bt-funding
board, by slectins one of Its memb srs
president and another secretary of said
board. Each member of said board. anl
of THAR tr oSN -