The Elbert County tribune., 1910-10-14

Nns ana prior TO the year 1897 Tor the
aggregate sum OF Eight Hundred and
Seventy-three Thousand and Seventy
one. one Dollars and Eighty-four cents
tss13,O1l.S4). and are still outstanding
and unpaid, as follows:
Warrants for the year 1887
warrants arr pt0f for the year issss. 2SY55s.s5
Warrants for the year iss2. 5.7si.s0
Warrants for the year 1894. 32.31613
Warrants for the year 1897. 2.4s5.ss
Total ss7s.O71.s4
All Of which warrants were duly pre-
sented for payment, and bear interest
amounting approximately. principal
the sum Of s2.I14.7s2.s6;
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
departments OF the state government.
including the per diem and mileage of
the per ssm Of Of the The
and employees; the salaries of the gov
ernors, attorney generals, secretaries
struction. state auditors. treasurers Of
sRRS3ns,ys ss3dHa. szssStive 0ffisss' and
preme, district and Criminal courts.
and district attorneys; the legislative;
ana and neasa ana in
CURED for the erection of buildings.
and the maintenance of the state peni:
school, rsformatory. agricultural col
lege and soldiers and sailors home;
Whereas. no moneys are now in the
revenues of the fiscal years aforesaid,
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
bly,, for their approval or rejection, the
following amendment to the Constitu-
when ratified by a majority of those
voting thereon. shall be valid as a part
of the Constitution. to-wit;
(xI) 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
the use of the state, suppress insurrec.
ton. defend the state. or. in time of
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
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 valuation: and the aggregate
amount of such debt shall never at any
dollars (except provided In section
five of this article). and in all cases the
valuation in this section mentioned ned
preceding the creation of said debt.
provided; that in addition to the
Incurred. as above. the state may
contract a. debt by loan for the
Ss sssruea Of neest ayns of hs tPe ap
standing warrants issued by this state
during and for. the years, 1887, 1888;
debt DEBT to be evidenced by registered cou-
pom interest bearing funding bonds to
an ues s may
to pay said warrants and interest
thereon.
dated December 1st, 1910. shall be pay
able at the option of the State of Colo
rado at any tine ia after i, ten e years d IRON and
payable fifty. (50) years after their
date and shall be of the denomination
or any multiple thereof. The interest
on said bonds shall be payable semi an
'nualiy- at the rate Of three per per cent cent.
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.
mo 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.
.,a Sain nrincipal of said warrants now held
by the public school fund fund, shall be reg reg
= istered by the state auditor and state
l,rea st1rer In the name and for the bene-
~ Of and payable only to the said fund.
and shall not be transferable
SAnd all such bonds to an amount
o,,,aiine the Interest on said warrants
now held in the school fund shall be
sold by the state treasurer at not less
9ban mar and accrued interest; and the
.roeeeds thereof paid into the school
snnd. and distributed TO the several
Counties and seh0oi ornoses 9issriiis In the proe
I. portions and in the manner required by
faw." ,o.. o.,r - cot,
election. and desirous of voting for or
against said amendment, shall deposit
in the ballot box rteo tGket the Words sfS or
me Amendment TO Section OF Article
} XI OF the Constitution, Funding the
sagsinst the Amendment to Section
Of Article XI of the Constitution. Fund
Ing the state Indebtedness" and shall
Indicate his approval or disapprovai by
placing 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 ascer-
tafning that said amendment to the
Constitution has been adopted by the
people of the state. the governor, state
Saiditor state treasurer. attorney gem
ISSral and secretary of state shnll meet