The star of the north. [volume] (Bloomsburg, Pa.) 1849-1866, 1856-07-16
OF PUBLIC DEBTS.

en-, as follows
ARTICLE xI.
OF PUBLIC DEBTS.
Sec. /. The slate, may contract debts, to
supply casual deficits or faiurers in reve-
nues, or 10 meet expenses not otherwise pro-
vded for but the aggregate amount of such
debls direct and contingent, whether con.
tracled by virtue of one or more acts Of the
general assembly, or at different periods OF
time, shall never exceed seven hundred and
fifty thousand dollars, and the money aris-
ing from the creation of such debts, shall be
applied 10 The purpose for which il was ob-
tanned, or TO repay The debts go contracted,
and 10 no other purpose whatever
Sec. 2. In addition 10 the above limited pow.
er the slale may contract debts 10 repel in.
vasion, suppress insurrection, defend the
state in war, or TO redeem the present ont.
standing Indebtedness Of the slate: but the
money arising from The contracting Of such
debts, shall be applied to the purpose for
which il was raised, or 10 repay such debts,
and 10 no other purpose whatever.
SEC g. Except the debts above specified,
in sections one and Two of this article, no
deb, whatever shall be created by, or on be-
half of the state.
Sec. 4. To provide for the payment Of the
present debt, and any additional debt con.
lracled as aforesaid, the legislature shall, at
its first session, after the adoption OF this
amendment, create a sinking fund, which
shall be sufficient 10 ray the accruing in
terest on such debt, and annually 10 reduce
the principal thereof by a sum not less than
two hundred and fifty thousand dollars
which sinking fund shall consist of the net
annual income of the public works, from
time to timo owned by the slale, or the pro-
ceeds of the sale of The same, or any parl
thereof, and Of the income or proceeds of
sale of stocks owned by The stale, together
with other funds, or resources, that may be
designated by law. The said sinking fund
may be increased, from time TO time, by as
signing 10 il any part Of tho taxes, or other
revenues Of the state, not required for the
ordinary and current expenses OF Govern
menl, and unless in case of war. invasion
or insurrection, no part of the said sinking
fund shall be used or applied otherwise than
ia extlnguishment of The public debt, until
lie amount ol such debt is reduced below
the sum OF five millions of dollars.
SEC. s. The credit OF The commonwealth
sGali not in any manner, or evenl, be pledg
ed, or loaned 10, any individual, company
corporation, or association; nor shall the
commonwealth hereafter become joint
owner, or stockhoider; in any company, as
socalion, or corporation
Sec. 6. The commonwealth shall not as
sumo the debt, or any parl therenf, of any
county, city, borough, or township or of
any corporation, or association unless such
debt shall have been contracted TO enable
lhe stale TO repel invasion, suppress domes-
tic insureclion, defend itself in time Of war,
or 10 assist The Stale in the discharge of any
portion of lis present Indebtedness.
SEC. 7. The legislature shall moi authorize
any county, city, borough, township, or in
corporated district, by virtue Of vote of lis
citizens, or olherwlse, 10 become stock
holder in any company, association, or cor
poralon; or 10 obtain money for, or loan its
credit to any corporation, association, insli-
tuition, or party.
SECOND AMENDMENT.
There shall be an additional article 10 said
constitution, to be designated as article XII,
as follows: