The Paonia newspaper., 1910-10-14

fttsr state IndeDteuneSS, anu Shtii
Indicate his approval or disapproval by
~ ing a cross (X) opposite one or the
other of said groups oil words on MS
The votes cast for the adoption or
rejection of said amendment shall be
canvassed, and the result determined' IN
The state for the canvass of votes for
representatives in congress.
Section 4. Immediately upon ascer-
taining 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 a debt-funding
president and another secretary of said
board. Each member of said board. and
take and subscribe an oath OF office
and file the same with the secretary of
state officers, for the faithful dis
charge of the duties required py inns
act. Said board is hereby authorized
and empowered to subpoena witnesses,
send for persons and papers, administer
oaths, and perform other acts neces-
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 or
said warrants. and is an honest obliga-
tion of the state, and shall thereupon
make and file a full and complete
statement of it's findings and determin;,
alton with the auditor of the state. and
the decision of majority of said board
with respect thereto shall be final.
Section 5. After said board has filed
its report with the auditor of state. the
governor, the treasurer and the secre-
tary of state are hereby authorized to
issue the bonds of the State of Colo
rado in accordance with the Constitu-
tion amended in a sum not exceed
ing two million, one hundred and III d1
and and to noasdn exchange 0 said bonds. or so
many thereof as may be necessary, at
par and accrued interest, for said war,
in and for the years 1887, 1883, 1889,
1892. 1898. 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 t treasury any difference iess S. tnaa iha
bonds so delivered to them respectively.
Said bonds shall be dated December
1st, 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 art
er ten years from their date. at the Of
flee OF the state treasurer of the state
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
yer, Colorado, or in the City of New
York. Said bonds shall be numbered
one, and shall be registered in the Of
flee of the auditor of state, and his
tested by the seal of his office affixed
to each bond, shall be evidence Of their
legal issue.
this act shall be known as Funding
Bonds, Series of 1910. and shall be
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.
registered in a book kept for that pur-
pose by the state auditor and state
treasurer. in the order in which they
are issued. Each bond shall be payable
to the bearer. and shall state upon Its
face the amount for which IL 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 til
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 I. Whenever the bonds pro-
vided in this act are issued. II shall be
the duty of the state board Of equaiiza-
tion to levy and assess a special tax ON
all taxable property In this state suff-
nual Interest accruing 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 1916"
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
equal to two and one-nalf per cent.
tskE) of the whole amount Of the
bonds issued. which fund shall be
called Funding Bonds. Series OF 1910.
Sinking Fund
All taxes for interest upon and for
the redemption Of said bonds shall be
levied and collected as other state
taxes. and shall be paid into the state
treasury I'm cash only The proceeds
urer as distinct fund under the prop
.er heads. 10 he issued In payment OF
the interest on and for the redemption
of said bonds. or for their purchase as
purpose whatever: Provided. that
whenever any surplus remains to the
credit OF said Interest fund. after the
fun payment Of the interest maturing
cause such surplus to he transferred
to the credit OF the Funding Bonds.
Series OF 1910. Sinking Fund.
All moneys belonging to said sinking
fund may he invested by the state
treasurer In any of the bonds issued
under this act. but not otherwise.
Section 3. 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. IL any. carried to the sinking
fund. and how Invested. When any OF
the said bonds are purchased or re-
deemed under this act, II shall be the
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
the state auditor. and they shall also
be kept on file in the state treasurers