The daily sentinel. [volume] (Grand Junction, Colo.) 1893-current, 1910-10-25

Total ss73O7lS4
All OF which warrants were duly pre-
scented for payment. and bear interest
At the rate of six per cent. per annum,
amounting approximately principal
| the sum OF S2.1l4.762.96;
And, Whereas. the major portion of
| the above Indebtedness Is held In the
state school fund as an investment,
state, must forever remain inviolate
| and Intact, any loss thereof to be sup
| piled by the state;
And, Whereas. It further appears
| 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
and employees: the salaries of .he gov
| OF state. superintendents OF public in
struction. state auditors. treasurers OF
appointive executive officers and
employees, Judges OF the SUI
| preme. district and criminal courts
and district attorneys; the legislative
executive and judicial incidental and
contingent expenses: and expenses in
| CURED for the erection of buildings
tertiary insane asylum. industrial
school. reformatory agricultural col
lese and soldiers and sailors home
and,
Whereas. no moneys are now In tho
hands of the state TREASURER. of the
revenues of the fiscal years aforesaid
any Of them; and all the said iEdebt-
edness sh ould be funded at 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
ton OF members of the General Assem-
| bly,. for their approval or rejection. the
| following amendment to the Constitu-
| tlon of the state of Colorado. which.
when ratified by majority of those
| voting thereon, shall be valid as a part
| Of the Constitution, TOWN.:
Section Three (31 of Article Eleven
| CID OF the Constitution OF the State of
| read al follows:
section 3, The state shall not con-
tract any debt BY loan In any form ss
| of revenue, erect public buildings for
| the use OF the state. suppress insurrec-
SSr aefend the STATE or In time OF
| states; and the amount of the debt con-
trncted In any one year to provide for
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 a mill on each dollar
| of said valuation. until the valuation
shall equal one hundred millions of dol
exceed one hundred thousand dollars.
| and the debt Incurred in any one year
! for erection of public buildings shall
not exceed ons-half mill on each dollar
| amount of such debt shall never at any
time exceed the sum of fifty thousand
five Of this articis). and in ali cases the
valuation in this section mentioned
shall be that of the assessment last
provided, that in sddition to the
Insured. as above. III. state may
purpose of paying the principal
and accrued interest of all the out
standing warrants issued by this state
d 1sss. 1851. $40 1885 1Ss 1854. ana 1881 said
debt to be evidenced by registered cou :
pom interest bearing funding bends TO
or 80 much thereof as may 5e 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
RADIO at any time after ten year, from
| their date. shall be absolutely due ana
payable fifty 500 years after their
date. and shall Be 81 the denominstien
OF One Hunarea Dollars oISo.osI each;
on said bends shall Be payable semi :
nuaiiy at the rate Of three per cent.
per annun at the sffiee Of the STATE IA :
OF New York. u. s. A, and the principal
Of said bonds shall be payable at the
sffiee Of the state trs ire, nn ,r.,d .xosn,
At mar and accrued interest. and upon
the contemporaneous surrender ana
cancellation of q like amount OF prin-
cipai and Interest Of said warrants.
said bonds to an amount elualin
the principal of sail 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-
tit of and payable only to the said funa.
and shall not be transferable.
| sApd ALL such bonds to amount
eoualing the interest en- 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 int the school
fund. and distributed TO the several
/ counties and school districts OF the
portions and In the manner required by
law