Lewistown gazette. [volume] (Lewistown, Pa.) 1843-1944, 1857-10-08
'IRsT AMENDMENT.
ARTICLE xI
OF PUBLIC DEBTS.

SECTION |. The state NAV contract debts IN
supply casual deficits or failures in revenues
or to meet expenses not otherwise provided for;
pul tne aggregate amount of such debts direct
ana contingent, whether contracted by virtue
OF one or more acts Of the general assembly,
or at different periods of time, shall never ex
ceed seven hundre and fifty thousand dollars.
and the money arising from the creation Of such
debts, shall De applied to the purpose for which
IL was obtained, or to repay the debts so con-
tracted, and to no other purpose whatever
SECTION :. In addition TO the above limited
power the state may contract debts 10 repel in
vaslon, suppress insurrection. defend the state
IN war, or to redeem the present outstanding
Indebtedness of the state; but the money arising
from the contracting Of such debts, shall be
applIed 10 the purpose for which it was raised.
or to repay such debts, and to no other purpose
whatever.
SECTION ). Except the debts above specified.
IN sections Que and two of this article no debt
whatever shall be created by, or on behalf of
the state
SECTION 4. To provide for the payment of
the present debt, and any additional debt con-
tracted as aforesaid, the legislature shall at its
hrst session, after the adoption of this amend
ment, create sinking fund, which shall be suf-
hcient to pay the accruing interest on such
deot, and annually to reduce the principal
thereof by sum not less than two hundred and
nifty thousand dollars which sinking fund shall
consist OF the net annual income Of the public
works, from time TO time owned by the state.
or the proceeds of the sale of the same. or any
part thereof, and Of the income or proceeds of
sale OF stocks owned by the state, together with
other funds, or resources, that may be designa-
led oy law. The said sinking fund may be in
creased, from time to time, by assigning 10 II
any part of the taxes or other revenues Of the
state, not required for the ordinary and current
expenses OF government, and unless in case of
war, invasion or insurrection, no part of the
SAID sinking fund shall be used or applied other
wise than IN extlnguishment Of the public debt.
until the amount of such debt is reduced below
the sum of five millions of dollars.
SECTION D. The credit of the commonwealth
Shail not IN any manner. or event, be pledged
or loaned 10, any individual, company, corpora
ton, or association; nor shall the commonwealth
hereafter become joint owner, or stockhold-
er, IN any company, association, or corporation
SEcTloS 6 The commonwealth shall not as
sumo 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 contr9 to enable the
state to repel invasion, suppress domestic
lnsurrection, defend itself in time of war, or to
assist the state in the discharge of any portion
of IFS present Indebtedness.
Section Z. The legislature shall not autho
rize any county, city, borough, township, or in
corporated district, by virtue of a vote Of lis
citizens, or otherwise, to become stockholder
IN any company, association, or corporation; or
to obtain money for, or loan its credit to, any
corporation, association, institution, or party.
SECOND AMENDMENT.
There shall be additional article to said
constitution, to be designated as article XII. as
follows: