Bedford inquirer and chronicle. [volume] (Bedford, Pa.) 1854-1857, 1857-08-21
ARTIC u x1.
OLE PUBLIC DEBTS.

SEGrioS l. Tie State may contract Debts To
supply casual deficits failures IN revenues or
to meet expenses not Otherwise provided for;
hut Inc 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 tinie SHALL never exceed
seven hunlred aud f,ty Thousand dollars, and
the money arising E'0m the creation OF such
debts, Shall be applied To tl'e purpose for which
it was obtained. airo repay the debts so con
tr4ctcd, and TO no otaer purpose Whatever.
SECTION =. In addition to the above limited
power, the State may contract debts TO repel
uyasion, suppress insurrection, defend the
State in war or to redeem the present ott-
standing Indebtedness of the aAtate; but the
money IFising from the contracting ot such
debts, shall DO applledtb tiae purpose for which
it was raised, or to repay saeh debts, and TO no
utherpurpose whatever
Section 9. Except the debts above specified
in sections one and tAgoof 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 contracted
is aforesaid, the Legislature shall, at its first
session, after the adoption Of this amendment,
create a sinking faad, which Shall be sufficient
% pay the accruing interest on such debt and
annually to rednce the principal thereof by a
sum not less than two hundred and fifty thons-
and dollars; which sinking fund shall consist OF
the net anuul income of the public works from
time t" tiale owned by the State or the pro-
ceeds Of the sale Of the same, or any part there
Of and .of the income proceeds Of sale of
stocks owned by tn State, together with other
funds or resources, that may he designated by
law. The sdlsfsking ttlnd may be decreased,
from time TO time, by assigning it to any part of
tbs taxes, or other revenues of the State, not
required for t4e ordinary and cuTreAt expenses
of government, and unless in case of war, inva-
sion or insurrecson, no part OF the said sinking
fund shall be used or applied otherwise than in
extng,dsnment tot the public debt, until the
amount of such debt is reduced below the sum
OF five millions of dollars.
SECTION 3. The credit Of the commonwealth
shall not in anyngnner, orcyelt, DO pledged, or
loaned to, any individual, company, corpora
ton OF associations; nor shall the commons
wealth hereafter become Joint owner, or stock
holder, in any company, association or corpora
ton.
SEc. q, The commonwealth shall not assume
the debt, or any part thereof, of any county
city, Borough, ortownship or of any corporation
or association; unless suchdebt shall have been
contracted to enable the State to repel invasion,
SUPPRESS rinsnrrcction, defend itself in
time Of war or to assist the State In the dis
charge Of any portion of its present indebted
ness sag
Src. 7. The legislature shall not authorize
ans county. city borough, township, or lncor-
pofats.i district, byrirtue OF a vote of its citl-
zens or otherwise, 10 become steckhoidor IN
any company. association or corporation; or To
pbtain money for, or loan its credit to, any corr
oorstion, association, institution or party.
SECOND AMENDMENT.
There shall be an additional article to said