The daily sentinel., 1910-10-21
Be 1T Enacted by the General Assembly
Of the State OF Colorado;

= i49h %
Warrants for the year 1889 lis.227.54
Warrants for the year 1898. 5.S32.53
warrants for the year 1887. 2.495.sS
All OF which warrants were duiy ti;S pre- 5-e
sented for payment, and bear interest
at the rate of six per cent. per annum.
amounting approximately, principal
and interest, on November 3Oth, 1910, to
the sum Of $2.Il4.762.9G.
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, 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 she gov
ernors, attorney generals, secretaries
Of state, Superintendents Of public in
state, and other elective I'D
appointive executive officers and
preme. district and criminal courts
and district attorneys; the legislativN
executive and judicial incidental anN
contingent expenses: and expenses in
CURED for the erection of buildings
and the maintenance of the state peni-
tentiary insane asylum, industrial
school. reformutory, agricultural col
and,
Whereas, no moneys are now in the
hands OF the state treasurer OF the
revenues OF the fiscal years aforesaid
wherewlth 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 be submitted
to the qualified electors OF the state
OF Colorado. at the next general cleo
tton 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,
whom ratified by majority of those
voting thereon, shall be valid as a part
Of tho Constitution, to-wit:
Section Three l2) OF Article Eleven
tND 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
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
not exceed one-half mill on each dollar
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 mantlOnpd
shall be that of the assessment last
preceding the creation OF said debt
amount Rt'of OF %si debt " that ''Gn may " be be
incurred. as above, the state may
contract debt by loan for the
and accrued interest OF all the out
standing warrants Issued by this state
during and for the years; 1887, 1855
debt to be evidenced by registered cou-
pom interest bearing funding bonds to
an .mount not e5csedlns s2,ll5,oOoeo.
to pay said warrants and interest
thereon
said funding bonds shall be
able at the option of the State of Colo
RADIO at any time after ten years from
payable fifty. 800 years after their
date. and shall be of the denomination
of One Hundred Dollars CSloo.oo) each.
on said bonds shall be payable semi-sn-
nualiy at the rate OF three per cent.
per snnum at the office of the state
OF New York, U. s. A; and the principal
OF said bonds shall be payable al the
office of the state treasurer.
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 eaualing
the principal OF said warrants now held
by the puolie school fund shall be reg
istered by the state auditor and state
treasurer in the name and for tho bene-
tit of and payable only to the said fund,
and shall not be transferable.
And all such bonds to an amount
| edualinE the interest on said warrants
| now held in the school fund shall be
| 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
Section 3. Each elector voting at said
| election, and desirous OF voting for or
against said amendment. shall deposit
be printed or written the words: For
| the Amendment to Section ) of Article
NJ OF the Constitution. Funding the
| state Indebtedness" and the words:
| Against the Amendment to Section
of Article NJ OF the Constitution. Fund
| Ing the state Indebtedness" and shall
| lNnlcale MS hppIONbl OF ulSApprONal py
| placing a cross (Xl 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-
1 taining that said amendment to the
| 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
| urer and organize debt-fundinE
board, by electing one of its members
president and another secretary of said
! board. Each member OF said hoard. and
! any Of their suceekaors In offica ahaM