The Potter journal. [volume] (Coudersport, Pa.) 1857-1872, 1857-07-16
ARTICLE II.
OF PUBLIC DEBTS.

! SECTOR !. The state NAV contract debts, to
supply casual deficits Or failures in revenues.
or 10 meet expenses not otherwise provided
! for; but the aggregate a:uoant CT such debts
/ direct and contingent, waether contracted bv
! virtue OF one or more acts Of the general as
sembly, or at different periods CT tine, shall
nercr exceed seven hundred and fifty thousand
! dollars, and the money arising irou tbs cgea-
! ton Of such debts, shall be applied 10 the
purpose t1r which WAS Obtained, or to repay
the u,bts SO contracted, end to no os.er par
pose whatever. 80
SECTION z. In addition to the above limited
power the state may contract debts to reyel
inVa3ioG, suppress insugrcctiQn, defend the
state in war. or 20 redeem the present out
standing indebtedness OF tie state hut the
money arising from tie contracting OF such
debts, shall be applied to the purpose tor wh.ch
. il WAS raised, or TO repay 3ucI debts, and 20
no other purpose waAtcyet
Section }. Except the debts above specified,
in sections one and two of this article, no debs
whatever sha.! DC created BY or on behalf OF
the stats
SGcrIoS 4. To proTidc for the payment Of
the present debt, and any additional debt con-
tracted as aforesaid, the legislature shall. ct
ts first session, after the adoption OF this
amendment, create q sinking fund, which shall
be sufficient to pay the accruing interest on
such de5t, and annually to reduce the princi-
pal thereof by a sum not less than two hum
dred end fifty thousand dollars which sink
ing fund sha.! consist OF the net annual in
come Of the pubic works, from time to time
owned b. the state, Or TIE 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 res0ng-
ccs, that may be designated b. law. The said
sinking fund may lie increased, from time to
time, by assigning TO 1t any part Of the taxes,
or other revenues Of the state, not required for
the ordinary and current expenses OF govern
mcnG, and unlGsS in case Of war, Invasion or
Instruction, no part OF the said sinking fund
shall be used or applied otherwise than III cx-
tiucaishlnent OF the public debt until the
a!upuut Of sucn debt is reduced below the
sum Of five millions OF dollars.
SECTION ). The credit Of the commonwealth
shall not in any manner, or event. DC pledged,
or loaned 10, any Individual, company, corpo-
ration, or association; nor shall the common
wealth hereafter become q joint owner, or
stoc.iholder, in any company, association, or
corporation.
SECTION s. 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
10 repel invasion, suppress domestic insurycc-
ton, defend itself in time Of war, or to assist
the state in the discharge Of any portion OF
its present indebtedness.
SECTION :. The legislature shall not author
ize any county, city, borough, township. or
= r.
citizens, or otherwise, to become n stoclhold-
cr in any company, association, or corpora
ton or to obtain money for or loan its credit
to- auy corporation, association, institution or
party