Bedford inquirer and chronicle. [volume] (Bedford, Pa.) 1854-1857, 1857-09-11
ARTICLE XI.
OF PUBLIC DEBTS.

4 SECrIoN /. The State may contract debts, 10
sltsy casual deficits or failures IN revenues, Oh
/ to meet expenses not otherwise provided for;
! hut the aggregate amount of such debts direct
1 ami contingent, whether contracted By virtue
/ Of one or more acts of the general assembly, OF
! at different periods Of time shall never exceed
! seven hundred and fifty thousand dollars, and
! the money arising from the creation of such
/ debts, shall he applied to the pHrppso for which
! it vas obtained, or repay the debts so con-
| tracted. and TO no other purpose whatever.
SgerIoy 2 In addition to the above limited
power, the State may contract debts to rcpel
invasion, suppress insurrection, defend the
State in war or 70 redeem the present oat-
Observation-Disclosures Of the State; but the
money arising from the contracting OF such
debts, shall be applied to the purpose for which
il was raised or to repay such debts, aud to no
other purpose whatever.
SFcrfoy g. Except the debts above specified
in sections one and two of this article, no debt
Whatever shall be created by, or on behalf OF
the State.
sEorIoS 4. To provide for the payment of the
present debt, aud any iditi0nal debt contracted
as aforesaid, the Legislature shall, at its first
session. after the adoption Of this amendment,
create sinking fand, which shall be sufiirient
to nav the accruing interest such debt, amt
annually TO reduce the principal thereof by q
sum not less thtn two hundred aa ntty thous-
and dollars; which sinking iuad shaii consist of
the net annual income Of the pueIc works from
time t" time owned by the State, cF the pro-
ceeds of the sale OF the same, 2fauy pIrt there
of and of the income or pIoceeis Of sale of
stocks owned by the State, together with other
funds or resources, that may be designated by
law. The said shaking fund may beincreased,
from time to time, by assigning il to ans part OF
the taxes or other revenues of the State, not
reauired for the ordinary and current expenses
of government, and nuless in case Of war, inva.
sion or insurrection, no part Of the said sinking
fund shall be used or applied otherwise than in
extinguishment Of the public debt, until the
amount of such debt is reduced below the sam
of five millions of dollars.
SEcrroS 5. Tie credit of the commonwealth
shall not in any manner, or event, be pledged, OF
! loaned to, any individual, company, corpora
ton on association; nor shall the common
wealth hereafter become joint owner, or stock
| holder, in any company, association or rco!pora-
tion.
SEC. 6, The commonwealth shall not assume
I the debt, or any part thereof, of any county,
city, borough, or township or OF any corporation
or association; unless such debt shall have been
contracted 10 enable the State to repel invasion,
suppress domestic insurrection, defend itself in
time of war. or to assist the State in the dis
charge ofany portion of its present indebted
| ness.
| SEC. Z. The Legislature shall not authorizes
any county, city, borough, township, or rlncor-
porated district, b7 virtue of vote Of its clti-
| zens or otherwise. TO become stoekhoidtr IN
| any company, association or corporation; or to
pbtain money for, or loan it's credit to, any cor
ooration association, institution or party.
SECOND AMENDMENT.
/ There shall be an additional ARTICLE 70 sadi