The daily sentinel., 1910-10-15

Warrants for the year 1883 4lS.22T.64
for for The iSs year
Warrants for the year 1894. 32,3l6.l&
Warrants for the year 1927. 2,i9j.9S
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 30th, 1910, to
the sum Of S2.lli.762.96
And, Whereas. the major portion OF
the above Indebtedness is held In the
state school funu as an investment.
which, under the constitution Of the
state must forever remain inviolate
ana ana intact any .oss thereof to be sup
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 /.
the per diem Of the Legislative clerks
and employees; the salaries OF she gov
ernors, attorney generals. secretaries
OF state. superlutrndents OF public In
struttlou, state auditors. trgasurers OF
state. and other elective and
appOintive executive Officers and
empIoyes; er,o ,,, lndses OF the sn-
and district attorneys; the legislative
executive and judicial incidental and
contingent expenses; and expenses in
=
and the maintenance of the state peni-
tentiary, insane asylum industrial
Schoul, retormatory. agricultural col
lrEe 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 There shall he submit cd
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 Coustltu-
lion OF the state OF Colorado which,
whom ratified by II majority OF those
of th- Constitution. to-wIt:
Section Three t3l of Article Eleven
tAb OF the Constitution OF the State OF
Colorado shall be amended so as to
read as follows
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 tnsurrec-
tloh' defend me 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 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
time exceed the sum OF fifty thousand
dollars except as provided in section
shall be that OF the assessment last
preceding the creation OF said debt.
smdG9, 'es Geb, i" tsat ad'Gn may TO 'Ss
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 1sss
1889. 1897, 1893. 1891. and 1897. said
pom interest bearing funding bonds to
an amount not exceeding f2.1lb,0O0.oo,
or SO much thereof as may be necessary
to pay said warrants and interest
said funding bond, shall be
dated December LIST. 1910. shall be pay
rado at any time after ten years from
their date. shall be absolutely due and
payable fifty 500 years, after their
OF One Hundred Dollars (sloo.0o) each.
or any multiple tn erect The interest
on said bonds shall be payable semi- an
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 tho state treasurer.
mo such bonds shall be issued except
at par and accrued interest. and upon
the contemporaneous surrender and
cancellation of = like amount OF prin-
cipaI and interest of said warrants.
said bonds to an amount equRllnS
the principal OF SAID warrants % u now S heId @
istered by the state auditor and state
treasurer in the name and for the bene-
and shall not be transferable.
And all such bonds to an amount
eoualinx 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
tund. and distributed TO the several
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
be printed or written the words; Far
the Amendment to Section of Article
NJ of the Constitution, Funding the
stsse shrs,nst isasfe the Rmenament @ to % Section
of Article XI of the Constitution, Fund
ing the state Indebtedness" and shall
Indicate his approval or disapproval by
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-
taining 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, and organize as debt-funding
board, by electing one of Its members
president and another secretary of said
board. Each member OF said board. and