Bedford inquirer and chronicle. [volume] (Bedford, Pa.) 1854-1857, 1856-10-17

ARTICLE xf.
ON PUBLIC DEBTs.

SrcrIoX J. rhe state may contract debts, to
supply casual deficits or futures in revenues.
or 10 meet expenses not otherwise provided
for; but tie aggregate amount of such debts
direct and contingent, whether contracted by
virtue Of one or more acts Of the general as
scmbly, or at different periods Of time. shall
never exceed seven hundred and fifty thousand
dollars. ard the money arising from the creation
of such debts, shall be applied TO the purpose
fer which il was obtained, or 10 repay The debts
so contracted, all TO no other purpose what
ever.
SscTi0S .. In addition to the above limited
power the state may contract dehts to repel in-
vasion. Suppress iasurection, deiefd the state
in war, ar % redeem the present outstanding
indebtedness Of the state; bBt TIE money afis-
ing from the contracting of such debts, shat
be applied to the purpose for which il vas
raised, or TO repay such debts, and - no other
purpose whatever.
SECTION 8. Except the debts above specified,
in sections one and two of this article, 30 debt
whatever shall be created by, OF on behtlf Of
the state.
SIcrIax 4. To provide for the ps3ment Of
the present debt, and any additional debt con-
tractcd aforesaid, the legislature shall, nj It's
first session, after the adoption Of this amend
mont, create sinking fund, which shall be
sufficient To pay the accruing interest on such
debt, aud annually TO reduce the principal there
Of bY a sum not less than two hundred AMI fifty
tAousan6 dollars; which sinking fnd stall con-
sist OF the net annual income of the pu9iie
works, frem lime TO time owned by the state,
OF the proceeds Of the sale OF the same, or any
part thereof AMI Of the income or proceeds Of
sale of stocks owned by the state together with
other fuuds, or resources. that may be designa-
ted by law. The said sinking fund may ne in
creased, from time 10 time, by assigning 10 II
any part of the taxes, or other revenues of the
state, not required for the ordinary and cnrreat
expenses Of government, and unless in case oi
war. invasion or iusnrrection, no part OF the
sad sinking filad shall be used or applied 9TH
erwise than il extinguishmeut Of the public
debt, until the amount of such debt IS reduced
below tile sum OF lve millions of dollars.
STorfos S. The credit of the commonwealth
shall not in any manner, or oyent, be PIE {
ed, or loaned to, any individual, com q
ny, corporation, or association; nor shail VA
commonwealth hereafter become joint owner
Or stakeholder, in any company, association, or
corporation.
SEcFfsS 6. The commonwealth shall not as
sumo tho debt, or any part thereof, OF apy
county, city, borough, or township; or OF any
corporation, or association; unless such debt
shall.haye been contracted to enable the state
to repel invasion. Suppress domestic lnsuriec'
| ton. defend Itself in tima of war, or to assist
The state In the discharge ci ang portion 81 IT
present indsbtedness.
SEcrrox Z. flieiegislatuge shall not auilioriz
! any county, city, borough, township, of ihs q
/ norated district, Iy virtue of vote oi rs CHI
/ zens, or otherwise to sssonfe stocShoi.sar
any COMPANY, association, or corpetail9hi
to obtain money for, or loan its credit to, an
corporation, association, institution or party
ercosp AMENDMENT.
There shall bs an additional article 70 sa
coastita tier, TO be designated as article All,
foIlowt