The Paonia newspaper., 1910-10-14

of the State of COLORADO:
Section l. WHEREAS, it appears
flee of the state auditor and of the
state treasurer that warrants of the
State of Colorado were duly issued dur
ing and prior to the year 1897 for the
aggregate sum of Eight Hundred and
Seventy,three Thousand and seventy
$S73,01l.84D, and are still outstanding
and unpaid. as follows:
Warrants for the year 1887
Warrants for the year 1888. s77.555.65
Warrants for the year 1889. 41S,227.54 4
Warrants for the year 1892. 5.a6a.39
Warrants for the year 1898. 5.sS25S
Warrants for the year 1894. 32.316.13
Warrants for the year 1897. 2.495.ss
Total. ...........ss ss7s,o71.s4
All of which warrants were duly pre-
sented for payment, and bear interest
amounting approximately. principal
and interest. on November 30th, 1910. to
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
and intact, any loss thereof to be sup
piled by the state;
that all OF said warrants were issued in
payment of the ordinary expenses of
the legislative. executive and judicial
including the per diem and mileage of
the members of the general assembly:
the per diem of the Legislative clerks
ernors. attorney generals. secretaries
Of state. superintendents of public In
s,raction. state auditors. treasurers Of
app9intivs executive officers and
employer, judges of the Su-
and district Sa Attorney: @ ep the leEislsaive.
executive and judicial Incidental and
contingent expenses; and expenses in
and the maintenance OF the state peni-
tsntiary. insane asylum. Industrial
school. rsformatory. agricultural col
lege and soldiers and sailors home.
Whereas. no moneys are now in the
hands of the state treasurer, of the
wherewith to pay said warrants. or
any any Of them them and al the said indebt.
of interest; therefore
Section Z. There shall be submitted
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-
tion 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 t3b of Article Eleven
(xD of the Constitution of the State of
Colorado shall be amended so as to
section ,. 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-
tion, defend the state, or. In time of
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
~ h Aaall
of said valuation. until the valuation
shall equal one hundred millions of dol
Jars. and thereafter such debt shall not
exceed one hundred thousand dollars.
and the debt Incurred in anv one year
for erection of public buildings shall
not exceed one-half mill on each dollar
of said valuations: and the aggregate
amount OF such debt shall never at any
time exceed the sum of my thousand
five of this srticleD. and In all cases the
valuation In this section mentioned
shall be that of the assessment last
preos ding the creation Of said debt.
provided. that in addition to the
amount, of debt that may be
incurred. as above. the state may
purpose OF paying the principal
and accrued interest of all the out
1883. 1892 1898. 1894, and 1897. said
debt to be evidenced by registered cou-
pom interest bearing funding bonds TO
An amount not exceeding s2.1i5.ooo.o0.
or SO much thereof as may be necessary
10 pay said warrants and Interest
thereon.
dated December list. 1910, shall be pay
able at the option Of the State OF Colo
RADIO at any time after ten years from
their date, shall be absolutely due and
payabIe fifty t50D years after their
daie. and shall be of the denomination
of One Hundred Dollars SIo0.ooD each.
or any multiple thereof The Interest
on said bonds shall be payable semi-an-
nuaiIy at the rate of three per cent
treasurer. or at some place In the CITY
of New York u. S. A.. and the principal
III said bonds shall be payable at tne
office of the state treasurer.
mo such bonds shail be issued excepa
at par and accrued interest. and upon
the contemporaneous surrender ana
cancellation of a like amount.of prin-
cipaI and Interest of said warrants.
said bonds to an amount equailrE
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-
III of and payable only to the said funn.
and shall not be trans trahsisnap,n' 1 'a,on,,
eouaiinr the interest onte esatd. warranas
now held in the school fund shali be
sold nv the state treasurer at not less
than par and accrued interest,". anu .ng
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
Section 3. Each eiector voting at said
election and desirous of Voting for or
AGAINST said amendment. shall deposit
in the ballot box a ticket whereon shall
tho Amendment to Section Of Article
vi Of The Constitution. Funding the