Bedford inquirer and chronicle. [volume] (Bedford, Pa.) 1854-1857, 1857-10-02
ARTICLE
OF PUBLIC DEBTS.

SEcr1oS l. The State may contract debts, tC
supply casual deficits or failures IN revenues, OF
- meet expenses not otherwise provided for
lIut tue aagrega.e amount of such debts direct
ami contingent, whether contracted by virtue
of one or more acts of the general assembly, OF
;. different periods of time, shall never exceed
seven hundred and fifty thousand dollars, and
The money arising from the creation OF such
debts, shall be applied to the purpose for which
II vas obtained, orto repay the debts so con-
tractsd. and TO no other purpose whatever.
SEcr1oT Q In addition 10 the above limited
power, the State may contract debts TO repel
Invasion, suppress insurreetlon, defend the
S.ata in war. or to redeem the present out
s1a..ding Indebtedness of the States but the
money sr.sing from the contracting OF such
derts. shall be applied to the purpose for which
it VS. raised, OF TO repay sueu ueotS' anu 70 no
other purpose whatever.
Crcr,os 3. Except the debts above specified
in sections one and two Of this article, no debt
Whatever shall be created by, or on behalf OF
Sscr1os 4. To provide for the payment of the
present debt, and any additional debt contracted
"a aforesaid, the Legislature shall, ut its first
session. after the adoption et TINS amendment,
create i sinking fund, which shall be sufficient
10 pay the accruing interest en- such DEBT, ana
an1uslls 10 reduce the principal thereof by a
sum not less than two hundred aud fifty thous-
sni dollars; which sinking iund shall consist OF
the net annual income of the public works from
lime t..tinle owned hy the STATE, or the pro-
oeeds Of the sale Of the same, or any part there
Of and Of the income or proceeds OF sale of
stocks owned By the State. together with other
funds or resources, that may be designated by
law. The said siaking fund may beincreased,
from time to time, by assigning 1t to any part OF
the taxes, or other revenues OF the State, not
reonir.d for the ordinary and curreat expenses
ofscvernlnent, and unless in case Of war, inYl.
sjor, or instruction, no part of the sal sinking
fund shall be used G. applied otherwise than in
-cxtinruisnment OF the public debt, until the
amornt az such debt is reduced below the sam
Of FIVE millions OF dollars.
SECTION 5. The crolit Of the commonwealth
shall not in any manner, prevent, be pledged, or
loaned to, any individual, company, corpora
lion o, associations nor shall the common
wealth hereafter become joint owner, or st0ck-
holder, in any company, association or corpora
lion.
SEC 6, The commonwealthshall not assume
the debt or any part thereof, of any county,
e.tv, borough, or township or Of any corporation
or ass,ciation; unless such dabt shan have been
ccatraetcd TO enable the State TO repel invasion
suppress domestic insurrcction, defend itself in
ti.ae Of war, or to assist the State in TIN. dis
charge Of any portion Of its present indebted
ness.
SEC Z The Legislature shall not authorize
any county. city, borough, township, orincor-
porat cd district. by virtue Of vote Of its citi
xens or Otherwise, TO become a stockho!der in
any coais1T association or corporation; or to
pb a u laey for, or loan its credit to, any cor
Q ..tion association, institution or party.
SECOND AMENDMENT.
There shall be al additional Article to sadi
e. iii .ion, to be designated as article XII, as
fDIlnNs: