Gallipolis journal. [volume] (Gallipolis, Ohio) 1837-1919, 1851-04-17
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thousand dollars; and the money,
arising from the creation Of such
debts, shall be applied to the purpose
for which il was obtained, or 10 re-
nav the DEBTS so contracted, and to
no other purpose whatever.
Sec. 3. In addition TO the above
limited power. the State may con-
tract debts to rePel invasion, sup
nress insurrection, defend the State
n war, or to redeem the present out
standing Indebtedness Of the State:
but the money, arising from the con-
tracing of such debts, shall be ap-
piled 10 the purpose for which it was
raised, or to repay such debts, and
10 no other purpose whatever; and
all debts, incurred to redeem the
present outstanding Indebtedness Of
The State. shall be so contracted as
to be payable by the sinking fund.
hereinafter provided for, as the same
shall accumulate.
Sec. 5. Except the debts above
specified in sections one and two
of this article, no debt whatever
shall hereafter be created by, or on
behalf OF the State.
See. 4. The credit of the State
shall not, in any manner, be given
or loaned 20. or in aid OF, any indi-
Vidual association or corporation
whatever; nor shall the State ever
hereafter become a joint owner, or
stockhoIder, in any company or as
sociatiou, in this State, or elsewhere,
formed for any purpose whatever.
Sec. 5. The State shall never
assume the debts of any county, city,
town, or township, or of any corpo-
ration whatever, unless such debts
shall have been created to repel in
vasion, suppress insurrection, or de-
fend the State in war.
Sec. 6. The General Assembly
shall never authorize any county,
city, town, or township, BY vote oi
IL citizens, or otherwise, to become
a stockho!der in any joint stock
company, corporation, or association
whatever; or to raise money for, or
loan IFS credit 10, rim aid Of, any
such company, corporation, or asso-
citation.
Sec. z. The faith of the State
being pledged for the payment olits
public debt. in order to provide there
for, there shall be created a sinking
fund, which shall be sufficient TO pay
the accruing interest on such debt,
and, annually, TO reduce the prin-
eipal thereof, by sum not less than
one hundred thousand dollars, in
creased yearly, and each and every
year, by compounding, at the rate
OF six per cent. per aunum. The
said sinking fund shall consist, OF the
net annual income OF the public
works and stocks owned by the
State, of any other funds or resour-
ces that are, or may be, provided by
law and of such further sum, to be
raised by taxation, as may be requir-
ed for the purposes aforesaid.
Sec. 8. The Auditor of State,
Secretary Of State, and Attorney
General, are hereby created board
of commissioners, to be styled, "The
Commissioners Of the Sinking Fund"
Sec. 9. The commissioners Of the
sinking fund shall, Immediately pre-
ceding esch regular session of the
General Assembly, make an estimate
of the probable amount of the fund,
provided for in the seventh section
OF this article, from all sources except
from taxation. and report the same,
together with all their proceedings
relative to said fund and the public
debt, to the Governor, who shall
transmit the same with his regular
message, to the General Assembly;
and the General Assembly shall make
all necessary provisions lor raising
and discussing said sinking fund,
in pursuance Of the provisions OF this
article.
Sec. 10. Itshall be the duty oI
the said Commissioners faithfully to
apply said fund, together with all
moneys that may be, by the General
Assembly, appropriated to that OBJ
ject, to the payment of the interest
as il becomes due, and the redemp-
tion of the principal OF the public
debt OF the State, excepting only,
the school and trust funds held by
the State.
Sec. III. The said Commissioners
shall, semiannually, make full and
detailed report OF their proceedings
10 the Governor. who shall, immedi-
ately, cause the same TO be publish
ed, and shall also communicate the
same to the General Assembly, forth
with, If it be in session, and if not
then at its first session after such re-
port shall be made.
Sec. u. So long as this State
shall havs public works which re-
quire superintendence, there shall
be Board Of public Works, to con
sist Of three members, who shall be
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