Lewistown gazette. [volume] (Lewistown, Pa.) 1843-1944, 1857-08-06
ARTICLE xI
OF PUBLIC DEBTS.

SECTION L. The state may contract debts to
supply casual deficits or failures in revenues
or to meet expenses not otherwise provided for:
out The aggregate amount of such debts direc +
ana contingent, whether contracted by virtue
OF one or more acts OF the general assembly
or at different periods of time, shall never ey
ceed seven hundre and fifty thousand dollars.
and the money arising from the creation of such
DEBTS, shall be applied to the purpose for which
IL was obtained, or TO repay the debts so con-
tracted, and to no other purpose whatever.
SECTION =. In addition to the above limited
power the state may contract debts TO repeI in
Vasion, suppress insurrection defend the state
IN war, or to redeem the present outstanding
Indebtedness of the state; but the money arising
from the contracting cf such debts, shall be
apphed TO the purpose for which it was raised
or To repay such debts, and to no othar purpose
whatever.
SECTION 3. Except the debts above specified.
III 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 as aforesaid the legislature shall at its
first session, after the adopton Of this amend
meht, create sinking fund, which shall be suf.
hcient to pay the accruug 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 hy the state
or the proceeds Of the sale of the same or anv
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 NAV be in
creased, from time TO time, by assigning to il
any part Of the taxes, or other revenues Of the
slate, not required for the ordinary and current
expenses oi 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 in eXtinguishment Of the public debt
until the amount of such debt is reduced below
the sum 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
tion, or association; nor shall the commonwealth
hereafter become joint owner or stockhold-
er, IN any company, association, or corporation,
SEcTIoN The commonwealth shall not as
sumo the debt, 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 repel invasion, suppress domestic
insurrection, defend itself in time of war. or to
assist The State IN the discharge of any portion
of its present Indebtedness
SECTION 7. The legislature shall not autho-
rize any county, city, borough, township, or in
corperated district, by virtue of vote Of its
citizens, or otherwise, to become a stockhoIder
IN any company, association, or corporation; or
to obtain money for, or loan its credit to- anv
corporation, association, Institution, or party
SECOND AMENDMENT.
There shall be additional article TO said
constitution, to be designated as article Nil as
follows