The daily sentinel., 1910-11-03

state officers. Tor the faithful dis
charge Of the duties required by this
and empowered to subpoena witnesses.
send for persons and papers. administer
earns ana perform dv otneT nd aSd acts neees dss
charge of it's 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
tion of the state, and shall thereupon
make and file full and compiate
statement Of its findings and determin-
alton with the auditor Of the state. and
the decision of a majority of said board
with respect thereto shall be tina.
Section 5. After said board has filed
governor. the treasurer and the sscrs-
tary OF state are hereby authorized to
Issue the bonds of the State of Colo
rado In accordance with the Constttu-
tion SO amended in sum not exceed
ing two million, one hundred and fif-
teen thousand dollars (s2,115.OoO.Oo)
and to exchange said bonds. or so
many thereof as may be necessary. at
par and accrued interest. for said war
rants OF the State of Colorado. issued
in and for the years 1887. 1883. 1883,
1892. 1893. 1894 and 1897, at par and
the interest accrued thereon. upon sur
render of an equal amount OF said war
rants for cancellation. The holders OF
any said warrants may pay into the
state treasury any difference less than
SIOO.OU eacn. necessary TO pay Tor the
bonds so delivered to hem respectively.
Said bonds shall be dated December
LIST. 1910. shall be due and payable In
fifty years. with the option of redemp-
tion at par and accrued interest In the
order of their number at any time aft
er ten years from their date. at the Of
of Colorado, and shall bear Interest at
the rate of three per cent. per annum.
payable semi-annually at the office OF
the state treasurer in the City of DEN
q n
York. Said bonds shall be numbered
consecutively. beginning at number
flee OF thes auditor of state. and his
certificate of such registration, at
tested by the seal of his office affixed
to each bond. shall be evidence of their
Section 6. The bonds Issued under
this act shall be known as Funding
signed by the governor. countersigned
by the state treasurer. and attested by
the secretary of state. who shall affix
the great seal of the state to each bond.
Said bonds shall be numbered and
registered in a book kept for that pur-
pose by the state auditor and state
are issued. Each bond shall be payable
to the bearer. and shall state upon Its
face the amount for which IT Is issued.
the date of Its issuance. and the title OF
this act, together with the section and
article of the constitution authorizing
the Issuance of said bonds. and the I'll
on the reverse side OF each Of said
bonds. Only such amount and number
of said bonds. shall be issued as may
be necessary to take up or pay the out
standing warrants of the state herein
above mentioned
Section Z: Whenever the bonds pro-
vided In this act are issued. 1t shall be
the duty of the state board of equaliza-
tion to levy and assess special tax on
az taxable property in this state suffi-
cfent in amount to meet the semi-an
nual interest accruins on said bonds.
which tax when collected shall be paid
into the state treasury to. the credit of
the interest fund OF said bonds. known
as Funding Bonds. Series OF 1910"
and for the ultimate redemption of said
bonds there shall be levied annually
for forty years, after ten years from
the date of their issuance. such a tax
upon all the taxable property In the
state as shall create an annual fund
lzh%) of the whole amount OF the
bonds issued, which fund shall be
Sinking Fund"
All taxes for interest upon and for
the redemption Of said bonds shall be
taxes. and shall be paid into the state
treasury in cash only. The proceeds
thereof shall be kept by the state treas
urer as a distinct fund under the prop
the interest on and for the redemption
OF said bonds, or Tor their purchase as
purpose whatever; PROVIDED. that
whenever any surplus remains to the
credit OF said interest fund, after the
full payment of the interest maturing
In any year. the state treasurer shall
cause such surplus to be transferred
to the credit of the Funding Bonds.
Series of 1910, Sinking Fund"
All moneys belonging 10 said sinking
fund may be Invested By the state
treasurer In any OF the bonds issued
under this act. but not otherwise
Section 8. The treasurer shall include
In his biennial report statement OF
the interest collected in pursuance of
this act. the amount paid. and also the
amount. II any. carried to tho sinking
fund. and how invested. When any OF
the said bonds are purchased or re-
duty of the state treasurer TO cancel
the same. so that they can be plainly
Identified. and cause the record Of such
CANCELLATION to be made in the registry
books of both the state treasurer and
the state auditor. and they shall also
BE- kept on file in the state treasursrs
cancellations shall also be made to ap-
pear in the biennial statement OF the
state treasurer
Section o. For the payment of eou-
pons representing the first years In
tarest accrued on the bonds to be Is
sueS S.rsSs rnS shs a STATE
apply any moneys at that time in his
hands belonging to the general reve-
interest on bank deposits: and SO much
money as may be necessary therefor IL
hereby appropriated out OF such funds
Section 10. The governor and attor-
ney general are hereby authorized to
prescribe tbs form of the bonds and
coupons to be issued under this act.
subject to the provisions of this act;
an( all such bonds SO acquired for and
retained In the school fund, shall have
the words mot Transferable" plainly
stamped across the face of said honds.
Approved. April 23rd, 1909.
In testimony whereof, have here
unto set my hand and affixed the great
seal of the State of Colorado. at the
City of Denver. this 29th day of Sep
tember. A. D. 1910.
(SeaD JAMES 3. PEARCE
Secretary of State.