Gilpin observer., 1910-10-13

ana unpaid, follows:
Warrants for the year 1887
warrants Tor the year 1883. 277.555.s5
Warrants for the year 1889. 41S.227.54
Warrants for the year 1892. 5.767,30
Warrants for the year 1893. 5.932.53
Warrants for the year 1891. 32.316.l3
Warrants for the year 1897. 2,495.9S
All OF which warrants were duly pre-
sented for payment. and bear interest
at the rate of six per cent. per annum,
appToximatelys prine1pal
the sum Of s2.I14.7 1896.
And. Whereas. the major portion of
the above indebtedness is held In the
which, under the constitution of the
state, must forever remain inviolate
and intact, any loss thereof to be sup
And. Whereas. 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
OF state. superintendent OF public In
struction. state auditors. treasurers of
state. and other elective and
app9intive executive Officers and
preme. district and criminal courts.
and district attorneys. the Legislative.
contingent expenses; and expenses in
CURED for the erection OF buildings.
tentiary. insane asylum, industrial
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
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 he 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 n majority of those
voting thereon. shall be valid as a part
of the Constitution. to-wit:
IN) of the Constitution OF the State of
colorado shall be amended so as to
read as follows
tract any debt by loan in any form. ex-
cept to provide for casual deficiencies
the use OF the state. suppress insurrec-
tion. 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 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
dollars Except as provided In section
five OF this article). and in all cases the
valuation in this section mentioned
shall be that OF the assessment last
prec sding the creation OF said debt.
provided; that In addition to the
contract a debt by loan FOR the
purpose OF paying the principal
and accrued interest of all the out :
standing warrants issued by this state
during and for the years. 1887, 1855,
1893. 1892. 1898. 1894, and 1897; said
debt to be evidenced by registered cou-
pom interest bearing funding bonds to
an amount not exceeding S2,l15,oo0. 90.
or 30 much thereof as may be necessary
TO pay said warrants and interest
said funding bonds shall be
dated December 1st. 1910. shall be pay
RADIO at any time after ten years from
their date. shall be absolutely due and
payable fifty 500 years after their
OF One Hundred Dollars HL00oo) each.
or any multiple thereof The interest
on said bonds shall be payable ser semi.an- Ian,
per annum at the office OF the state
treasurer. or at some place In the CITY
of New York, u. 5. a., and the principal
office OF the state treasurer
mo such bonds shall be Issued except
nt par and accrued interest. ana upon
the contemporaneous surrender and
cancellation OF like amount OF prin-
cipal and interest OF said warrants,
"said bonds to an amount equaling
the principal of said warrants now held
by the public school fund shall be reg
treasnrer in the name and for the bene-
lii OF and payable only to the said fund.
and shall not be transferable.
"And all such bonds to an amount
euuaiing the interest on said warrants
now held In the school fund shall be
sold by the state ,reasnfer s, nv no, pd 'ess ,hs
proceeds thereof paid into the school
fund and distributed TO the several
cnwnties and school districts OF the
state for school purposes. In the pro-
law"
election. and dcsirous OF voting for or
against said amendment shall deposit
be printed or written the words: For
the Amendment to Section OF Article
XI OF the .constitution, Funding the
''Against the Amendment to Section 3
OF Article NJ OF the Constitution. Fund
Ing the state debtedness. and shall
placing u cross OK 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 ascer-
tanning that said amendment to the
Constitution has been adopted by the
auditor, state treasurer. attorney gen.
Aral and secretary of state shall meet
together Mt the office of the state treas-
urer. and organize as a 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. shall