Bedford inquirer and chronicle. [volume] (Bedford, Pa.) 1854-1857, 1857-08-07
ARTIC.E XL.
OLE PUBLIC DEBTS.

SECTION /. The State may contract debts, to
supply casual deficits or failures 10 revenues, or
10 meet expenses not otherwise provided tor;
bat tic aggregate amount Of such debts 'iirect.
and contingent, whether contracted By virtue
Of one or more acts of tire general assembly. or
at different periods 0f tDne, shall never exceed
seven hundred and City Thousand doll4rs, and
the money arising from the creation of sucli
debts, shall be applied to the purppso for which
Il was obtained, ortO repay the debts 20 con
tr,,ctsd, and to no other purpose whatever.
SECTION =. In addition to the above limited
power, tn: State may contract debts 10 repel
INVASION, suppress instruction, defend the
State in war, OF to redeem the present oat-
stardinr Indebtedness of the State; hHt the
money arising from the contracting OF such
detts, shall be applied to the purpose for which
IL was raised, or to repay such debts, and 10 no
otlfer purpose whatever
SFcrfoy 3. Except the debts above specified
in sections one ard two of this article, no debt
whatever shall be created By, or on behalf Of
the State.
Srcrfox 4. To provide for the payment Of The
mes ,gt tlebr. and any additional debt contracted
as aforesaid the Legislature shall, at its first
session. after the adoption Df this amendment,
or, ate a sinking fJnd, which shall be sufficient
to uav the accruing interest on such debt, and
annually 10 reduce ths principal thereof by
sum not less than TWO hundred aud fifty thOus-
am ntdolars; Which sinking fund shall consist Of
the net elfnu II income OF the public works, from
time tntimc owned by the State, or the pro-
ceetls Of the sale OF the same, any part there-
OF and OF the income CT pFoceeis of sale OF
stocks owned by the State, together with otter
funds, OF resources. that may be designated by
Llw. The said siaking flnd may beiaereased,
from time to time, by assigning It To any part oI
the taxes, or other revenues of the State, not
required for the ordinary and current expenses
of government, aud unless in case of war, inva-
sion or Ilsurrectlon, no part OF the said sinking
fund shall be used or applied otherwise than in
extinguisament OF the public debt, until the
amount of such debt is reduced below the sum
offye millions Of dollars.
SEcrIog ). The credit Of the commonwealth
shall not in any manner, rcvent, be pledged, or
loaned to, any individual, company, corpora
ton o. association; nor shall the common
wealth hereafter become a Joint owner, or stock
holder, in any company, association orco,p0ra-
tion.
SIC. 6, The commonwealth shall not assume
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 to enable the State 10 rcpel invasion,
suppreSs domestic instruction, defend itself in
time Of war; or To assist the State in the dis
charge Of any portion of its present indebted
ness.
Src.7. The Legislature shall not authorize
any county, city, borough, township, or incor-
poratsd district, bY virtue of yotc of its citi-
zens or otherwise, 10 become stockholdor IN
any company, association or corporation; or to
pbtain money for, or loan its credit to, any cor
ooration association, institution or party.
SECOND. AMENDMENT.
There shall be an additional article to said
Constitution, To be designated as article XII, as
follows
ApTTryF yfT