Gilpin observer., 1910-10-06

aggregate sum of Eight Hundred and
seyenty,three E,, Thousand and seventy
SS73,01.S4). and are still outstanding
and unpaid. as follows:
Warrants for the year 1887
Warrants for the year 1888. 277,55565
Warrants for the year 1889. 41S,227.54
Warrants for the year 1892. 5,767, 80
Warrants for the year 1893. 5,932.53
Warrants for the year 1894. 32,31613
Warrants for the year 1897. 2.495.9S
Total. .............$S .$S7s,O71s4
All of which warrants were duly pre-
sented for payment. and bear interest
at the rate of six per cent. per annum.
amounting approximately, principal
and interest on November Goth, 1910. to
the sum of s2.114.762.96:
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, 1t 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:
and employees; the salaries of the gov
ernors, attorney generals, secretaries
of state, superintendents of public in
struction, state auditors. treasurers of
appointive executive Officers and
employees; judges of the su-
and district attorneys; the Legislative.
executive and judicial incidental and
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,
q nj he a a two oF hn
revenues of the fiscal years aforesaid
wherewith to pay said warrants. or
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
| of the Constitution. to-wft:
Section Three t3) of Article Eleven
(XD of the Constitution of the State of
! Colorado shall be amended so as to
Section 3. The state shall not con-
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 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 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
| lars, and thereafter such debt shall not
! exceed one hundred thousand dollars.
| and the debt incurred in auv 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 teNcept as provided in section
five of this article). and in all cases the
shall be that OF the assessment last
pre- eding the creation of said debt.
Provided; that in addition to the
Incurred. as above. the state may
| purpose of paying the principal
standing warrants issued by this state
! during and for the years. 1887, 1883.
debt to be evidenced by registered cou-
| pom interest bearing funding bonds to
an amount not exceeding s2,1l5o00.OO'
| 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 years from
their date, shall be absolutely due and
payable fifty t5O) years after their
| date, and shall be of the denomination
| of one Hundred Dollars (S10O.00) each,
| or any multiple thereof. The interest
on said bonds shall be payable semi-an-
nually at the rate of three per cent.
| per annum at the office of the state
OF New York, U. s. A.; and the principal
| of said bonds shall be payable ut the
office of the state treasurer.
| NO such bonds shall be issued except
| Mt par and accrued interest, and upon
the contemporaneous surrender ana
cancellation of ike amount of prin-
| cipnl and interest of said warrants.
| said bonds to an amount equaltng
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 all such bonds to an amount
| eoualiug the 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
section 2. Each elector voting at said
| election, and desirous OF voting for or
against said amendment. shall deposit
| in the ballot box n ticket whereon shall
| he printed or written the words: For
| the Amendment to Section 8 OF Article
| NJ OF the Constitutlon. running thc
| state Indebtedness, and the words
| against the Amendment to Section 3
| of Article NJ OF the Constitution. Fund
| ing the state Indebtedness" and shall
Indicate his approval or disapproval by
| placing IA cross (N) 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.
l. Section 4. Immediately upon ascer-
| tanning that said amendment to the
Constitution has been adopted by the
| people of the state, the governor, state
| auditor. state treasurer, attorney gem
together at the office OF the state treas
| urer and organize as n debt funding
board; by eiecting one of It's members