Opinion by Judge GABRIEL.
This case requires us to determine the meaning of "expressly advocating the election or defeat of a candidate," as that phrase is used within the definition of "expenditure" contained in article XXVIII, section 2(8) of the Colorado Constitution. Petitioner, Colorado Ethics Watch (Ethics Watch), contends that "expressly advocating" encompasses more than just advertisements using the so-called "magic words" of electoral advocacy delineated...
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