Lewistown gazette. [volume] (Lewistown, Pa.) 1843-1944, 1857-08-13
ARTICLE XII.
OF PUBLIC DERTs

SECTION L. The state may contract debts To
supply casual deficits or failures in revenues
or TO meet expenses not otherwise provided for;
but the aggregate amount of such debts direct
and 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.
ana the money arising from the creation OF such
debts, shall be applied to the purpose for which
II was obtained, or TO repay the debts SO con-
tracted, aud to no other purpose whatever.
SECTION = In addition to the above limited
power the state may contract debts 10 repeI in
Vaslon, suppress lRsurrection. defend the state
IN war, or to redeem the prese 1T outstanding
Indebtedness of the state; but the money arising
from the contracting CT such debts, shall be
applied TO the purpose for which it was raised,
or to repay such debts, and TO no other purpose
whatever.
SECTION 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
the state.
SECTION 4. To provide for the payment of
the present debt, and any additional debt con-
tracted 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
debt, and annually to reduce the principal
thereof by sum not less than two hundred and
fifty 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-
ted By law. The said sinking fund may be in
creased, from time to time, by assigning to il
any part OF the taxes, or other revenues of the
state, not required for the ordinary and current
expenses oil 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 10 extinguishmeut Of the public debt.
until the amount OF such debt is reduced below
the SUN Of five millions of dollars
SEcTioN 5. The credit Of the commonwealth
shall not IN any manner, event. be pledged
or loaned to, any individual, company, corpora
ton, or association; nor shall the commonwealth
hereafter become a joint owner, or stockhold-
er, IN any company, association, or corporation
SECTION 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 contracted to enable The
state to repei invasion, suppress domestic
lnsurrection, defend itself in time Of war; or to
assist the state in the discharge Of any portion
of lis present Indebtedness
SECTION 7. The legislature shall not autbo-
rize any county, city, borough, township, or in
corporated district, by virtue of a vote of its
citizens, or otherwise, to become stockho,der
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 an additional article to said
constitution, TO be designated as article XII, as
follows: