The daily sentinel., 1910-10-10

Warrants FOR the year 1888. 2T7,555.G5
Warrants for the year 1883 4tS.2275I
Warrants for the year 1892 5767. 80
Warrants for the year 1898 5,932.53
warrants for the year 1894, 32.316.l3
Warrants for the year 1897. 2.4s5.ss
Total .................sS73
All of which warrants were duly pre-
sented for payment. and bear Interest
at the rate of six per cent per annum
amounting approNimately. principal
the sum Of &2,lliIG296.
And. Whereas. the major portion Of
the above Indebtedness is held in the
state school fund as an Investment
state, must forever remain invlOIate
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
apartments OF the state government,
including the per diem and mileage or
the members OF the general assembly;
the per diem OF the Legislative clerks
and employees; the salaries OF the gov
ernors. attorney generals. secretaries
OF state, superiutcndeuts Of public in
struCtiuu, state auditors, treGsurers Of
state; and other elective and
app32intive 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
'hiifh iti lht fIttllpn OF DullIlnBSt
and the maintenance of the state peni-
tentlary. insane asylum. Industrial
school, reformatOry, agricultural coll
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 a lower rate
Of interest; therefore
section . There shall be submitted
TO the qualified electors of the state
Of Colorado. at the next general cleo
tton of members OF the General Assem-
ply, for their approval or rejection, the
following amendment to the Constitu-
tion OF the State OF Colorado, which,
when ratified by Il majority of those
voting thereon, shall be valid a part
ut the Constitution. to-wr:
section Three t3) of Article Eleven
lND 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
of revenue, erect public buildings for
the use OF the state. suppress asurrec-
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 10 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
hree-tourths of a mill on each dollar
of said valuation until the valuation
shall 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
not exceed ona-half mill on each dollar
of said valuations; and the aggregate
amount of such debt shall mover at any
time exceed the sum OF fifty thousand
dollars Except as provided In section
five OF this arttcle), and in all cases the
Ia. tl.r. To- IA IL . tNlV. V.al
shall be that of the assessment last
preceding the creation OF said debt.
rPToyided; tGa, hat, in edition to the he
Incurred. as above. the state may
contract a debt by loan for the
purpose OF paying the principal
standing warrants issued by this state
during and for the years. 1887, 1888.
1889. 1899. 1898, 1924, and 1897; said
pom interest bearing funding bonds to
an amount not exceeding s2.ll5.ooO.oo,
to pay said warrants and Interest
thereon
said funding bonds shall be
able at the option of the state OF Colo
rado at any time after ten years from
their date. shall be absolutely due and
date, and shall be OF the denomination
OF One Hundred Dollars (yloo.O0) each.
or any multiple thereof The interest
on Shld pohuS snblA " phsauAc
nually at the rate of three per cent.
per aunum at the office of the state
treasurer. or at some place In the CITY
of New york, U. S. A.: and the principal
Of said Bonds shall be payable at the
office of the state treasurer.
No such bonds shall be issued except
at par and accrued interest, and upon
the contemporaneous surrender and
cancellation of a like amount of prin-
cipal and interest of said warrants.
said bonds to an amount eQuallng
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-
| fit of and payable only to the said fund,
and shall not be transferable.
and all such bonds to an amount
| eouaiing the interest on said warrants
now held in the school fund shall be
| sold by the state treasurer at not less
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"
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: "F3r
the Amendment to Section 3 of Article
NJ of the Constitution, Funding the
state Indebtedness and the words:
| of Article NJ of the Constitution. Fund :
ing the state Indebtedness" and shall
indicate his spproyal or disspprovai BY
| . acing n 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 aseer-
| tanning that said amendment to the
Z 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 st ate treas
urer. and organize as debt-funding 8
board, by slectinE one of Its members
MT nd har 81