The daily sentinel., 1910-10-17

o
Warrants for the year 1888. III .555.65
Warrants for the year 1883. 4IS.22T.54
Warrants for the year 1892. 5.7673O
Warrants for the year 1898. 5,932. SO
Warrants for the year 1894. 32,316. 10
Warrants for the year 1897 2.4g5.9S
All of which warrants were duly pre-
sented for payment, and bear interest
AT the rate Of six per cent. per auuum.
amounting approximately. principal
and interest, on November 30th. 1910, to
the sum OF S2.lI4.762.96;
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
state, must forever remain inviolate
and intact, any loss thereof to be sup
And, whereas. IL 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 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, superintendents OF public in
structiun. state auditors, treasurers OF
appointive executive officers and
employees; Judges OF the su-
and district attorneys; the legislative,
executive and judicial incidental and
contingent expenses; and expenses in
CURED for the erection of buildings,
and the maintenance Of the state peni-
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 a lower rate
Of Interest; therefore
Section 2. 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 majority Of those
voting thereon, shall be valid as a part
u the Constitution. town:
Section Three t3) OF Article Eleven
(ND of the Constitution OF the State of
colorado SHAH be amended so as to
Section 3. The state shall not con-
tract any debt by loan In any form, eN-
cept TO provide for casual deficiencies
OF revenue. erect public buildings for
the use OF the state. suppress insurrec-
tton, 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 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
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 one-half mill on each dollar
OF said Usinatsson va sIs and the assregate
time exceed the sum Of fifty thousand
dollars Except as provided In section
five of this srticls), and in all cases the
shall be that of the assessment last
preceding the creation of said debt.
Provided; that in sdaItion to the The
incurred. as above. the state may
contract debt by loan for the
purpose OF paying the principal
standing warrants issued by this state
during and for, the years 1887, 1888.
1889. lss2, 1898, 1894. and 1897 said
debt to be evidenced by registered cou-
pom interest bearing funding bonds TO
an amount not exceeding f2.llb.0o0. 90.
or so much thereof as may be necessary
to pay said warrants and interest
said funding bonds shall be
| dated December LIST. 1910, shall be pay
able at the option Of the State of Colo
their date. shall be absolutely due and
payable fifty 500 years after their
dats. and shall be of the denomination
| OF One Hundred Dollars (.loo.oo) each.
| or any multiple thereof The interest
on safd bonds shall be payable semi an
nually at the rate Of three per cent.
per annum 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 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
| istered by the state auditor and state
| treasurer in the name and for the bene-
| TIT of and payable only TO the said fund.
and shall not be transferable.
And ali such bonds TO an amount
| eoualing tho interest on said warrants
| now held in the school fund shall be
| sold by the state treasurer at not less
| than par and accrued interest: and the
| 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 a ticket whereon shall
| the Amendment to Section 8 of Article
| NJ of the Constitution, Funding the
| state Indebtedness" and the words
| Against the Amendment to Section J
of Article XI of the Constitution. Fund
| ing the state Indebtedness" and shall
| indicate his approval or disapproval by
placing a cross (X) opposite one or the
other of said groups of words on his
ballot.
i The votes cast for the adoption or
i rejection of said amendment shall be
II canvassed. and the result determined, In
4 the manner prescribed by the laws of
/ the state for the canvass of votes for
u representatives in congress
Il Section 4. Immediately upon aseer-
4 tanning that said amendment to the
| Constitution has been adopted by the
/ people of the state. the governor, state
| auditor, state treasurer. attorney gen
eral and secretary of state shall meet
together at the office of the state treas
urer, ana organize a. a debt -fundin {
board, by slecting one of its membsrs
president and another secretary Of sale