The Potter journal. [volume] (Coudersport, Pa.) 1857-1872, 1857-08-27
ARTICLE EI.
OF PJ BLIC DEBT3.

SEcT:os !. The state may contract dFbt9, Il
supply - sual deficits OF faIinres III revenues,
OF 10 meet expenses not otherwise provided
for: but the agrregaio amount OF such debts
direct and contingent, whether contracted b.
virtue Of ole or more acts o. tue general as
senlbiv or at different periods CT time, sdal
never exceed seven hundred ana fifty thousand
dollars 3nd the money arising from The crea-
,ion OF such debts. shall be aEpisI 70 tnc
purpose for which it vas obtained, or 10 repay
The debts 50 contracted, and 10 no othcr pur-
pose whatever,
SEcrIoy 2 In addition 10 the above limited
power the state may contract debts 10 repel
invasion, suppress lnsurrect'oA, deiead the
state in war Or to redeem the present out-
standing indebtedness OF the state; hut the
money arising from the contracting OF such
debts, shah be applied to the purpose for which
it was raised, or TO repay such debts, sld 10
no other purpose whatever.
Section 3. Except the debts above specified,
in sections one and two Of this article no deb,
whatever shah be created by or On pcAalt OF
the stale.
SEcrioy T. To provide FOR the payment of
the present debt, aud a2y additiona! daAt con-
trscged IS aforesaid, the legislature SHALL al
its first session, after tha adoption OF this
amendment, create sinking fund which Shall
DC sufficient to pay the accruing interest on
such debt, ald annualiy to reduce the princi-
onl thereof hY Il sum not lass than two hua-
dTeG aud iigJy Thousand dslarS which siah-
ing fuud sAal! consist Of the net annual in
come Of the pubac works, from time to time
owned D. the state, or the proceeds of the sale
Of the same, or any part thereof anI Of the
income or proceeds Of sale Of stocks owned by
the state, tug 3,hfr with othec funds, or rcsoug-
ces, that may be Designated by law. The said
sinking fund may be increased, from time 10
time, by assigning,to it any part Of the taxes
o. other reveuues Of the state, not required for
the ordinary anu current expenses OF govern
ment aud uuless in case Of WAR, invasion OF
instruction, no part Of the said sinking fund
shall be used Or applied otherwise than in cx-
/ ting IisAIaent OF the public deb:, putu the
amount Of such debt is reduced bylIw the
SUN Of FIVE millions Of dollars.
7 SECTION 5. Tue credit or the commonwealth
( shall not in any manner, or event, be pledged.
! or loaned TO- any individual, company. corpo-
I ration, or association nor shall the common
wealth hereafter become joint owner, or
stocGlo.dcr, il any company, association, or
corporation.
! SECTION 6. The commonwealth shall not rs
sumo the debt, O. aay part thereof, OF any
county, c.ty, borough, or township OF Of any
/ corporation, or assoc !ation; unless such debt
shall have been contracted to enable the state
TO repel Invasion, suppress domestic insurre3-
I ton, defend itself in time Of war, 10 assist
the state in the discharge Of any portion OF
its present Indebtedness.
SECTION z. The legislature shall not author
ize any county, city, borough, township, or
/ incorporated district, by virtue Of vote OF its
c;tiZeQs, or Otherwise. 10 become Et3ckuold~
er in any company, association, Q. corpora
/ tiou; or 10 obtliu money for, or loan It's credi;
to, any corporation, association, institution, or
party.