The Potter journal. [volume] (Coudersport, Pa.) 1857-1872, 1857-09-10
FIRST AMENDMENT,
ARTICLE II,
OF PUBLIC DEBTS.

Section l. The state may contract debts, TO
supply casual deficits or failures In revenues,
or to meet eKpenfss nGt otherwise provided
for but the aggregate amount OF SUN dtets
! direct ani contingent, whether contracted by
virtue Of one or more acts Of tie general as
seubly, or AZ different periods of time, shall
never exceed seven hundred and fifty THOUSAND
dollars and the money arising tro.l the crea-
ton OF such debts, shall lie applied TO the
purpose for which it was obtained, or 10 repay
| the dcuts so cqntracted and TO no otaer pur-
pose whatever.
! SECTION .? In addition TO the above limited
power the state may contract debts TO repel
invasion, suppress inSurreCtion, de,sni the
state in war, or TO redeem the present out
standing indebtedness OF the state but the
money arising trlm the contracting OF such
debts, shall be applied to the purpose for which
it was raised, or to repay such debts, aud to
40 other purpose whatever.
SECTION }. Except the debts above specified,
in sections one and two Of this articIe, no debt
whatever shall be created by, or on behalf Of
the state,
SECTION 4. ro proy.ae for the payment Of
the present debt. and any additional debt con-
tracted as aforesaid, the Legislature shall. at
its first session, after tho adoption q! this
amendment, create a siuking fund, which shall
be sufficient to pay the accruing interest on
such debt, and annually to reduce the princi-
pal thereof by a sum not less than Two hun
dred and fifty thousand dollars which sink-
ing fund shall consist 9f the net annual in
come Of the pYhlic wsrks, from time TO time
ownaa Ly the state, or the proceeds o! the sale
Of the same, or any part thereof, and CT the
income or proceeds Of sale Of stecks q sned by
the state, together with other funds, or resoar
ces, that may &c designated by law. The said
sinking fRgd may be increa. .ed, from time 10
| time, by assigning to it any part of the taxes,
or other ,enpes Of the state, not required fGr
the ordinary and current eIpenses OF govern
mcnt, and unless in case Of war, INVASION or
insurrection, no part Of the said sinking fand
shall be used or applied otherwise than in e1-
tinguishmept of the public debt, until the
amount Of such debt is reduced b l9w the
sum Of five milliQps Of da!lars.
SECrIoS 3. The credit of the commonwealth
shall not in any manner, or event be pledged,
or loaned 10, any individual, company corpo-
ration or association; nor shall the common
wealth hereafter become n joint owner, or
stockhotder, il any company, association, or
corporation.
SkcTlox 6. The commonw ealth 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 10 enable the state
to repel invasion. suppress domestic insurrec-
sipp defend itself in time OF war, or to assist
tho state il the discharSs ii an portion nf
its present Indebtedness.
SECTION Z. The legislature shall nat author
ize any county, city, borough, township, or
Incorporated district by virtue Of vote uf its
citiLenS, or otherwise, 10 become stockhold-
Z 80
ton or 70 obtain money for, or loan its credit
lE, &4y corporation, association, institution, or
party.