The Potter journal. [volume] (Coudersport, Pa.) 1857-1872, 1857-09-03
ARTICLE (,
OF PUBLIC DEBTS.

Section / The state may contract debts, to
supply casual deficits or failures in revenues,
or TO meet expenses not otherwise preVideo
for; but the aggregate amount OF such oeots
direct and contingent, whether contracted by
virtue Of one or more acts OF the general as
scmbly, or ct different periods OF time, shall
never exceed seven hundred ana fifty thousand
dollars, and the money arising from the erea-
ton of such debts, shall De applied TO the
purpose for which twas obtained or to repay
the debts so contracted, and TO no otaer pur
pose whatever,
SECTION 2. In addition to the above limited
power the state may contract debts 20 repel
invasion, suppress insuUectjon, defend the
state in war, or to redeem the present oat-
standing indebtedness of tGe state bnt the
money arising from the contracting OF such
debts, shall ke applied to tie purpose for which
It was raised, or 10 repay such debts, aud to
no other purpose whatever.
SECTION }. Except the debts shove specified,
n sections one and two of this article, no deb,
whatever shal! be created by, Or On behalf Of
.ue state.
SzcT:oy !. To provide for the payusnt of
the preseD: debt, and any additional debt con-
tgac;ei as aforesaid the legislature shall, at
It's first sessiGa, after tia adoption Of this
amendment, create e sioking fund, which shall
De sufficient to pay the accruiug interest Oh
such debt, and annually 10 reduce the princ-
pal thereof by sum not less than two hun
d.ed AID fifty thousand dollars which sink
ing fund shall consist Of the net annual in
cou1e or the pubic works, from time to time
owned by the state, or the proceeds Of the sale
Of the same, or any part thereof, and of the
income or proceeds Of sale of stocks owned by
tie state, together with other funds, or Ie5our-
ces, that may be designated by law. The said
sinking fund may be Increased, from time to
time, b assigning 10 it any part of the taxes,
or other TeI eIGcs Of the state, not required for
the ordinary and current expenses OF govern
meut. and unless in case of war, invasion Of
i2Surrectioa, no part Of the said sinking fund
shall 90 used or applied otherwise than in ex
tingqiskment Of the public debt until the
amount Of such debt is reduced below the
sum of five millions Of dollars.
SECTION :. The credit Of the commonwealth
shall not in any manner, or event, be pledged,
or loaned TO, any individual, company, corpo-
ration, or association; nor shall the common
wealth hereafter become a joint owner, or
stockho.der, ia 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 ID enable the state
to repei invasion, suppress domestic insurre.-
ton, defend itself in time Of war, or to assist
the state il the discharge Of any portion OF
its present indebtedness,
SECTION 7. The Legislature shall not author
ize any county, city, borough, toyFDship, or
incorporated district, by virtue OF a vote Of It's
citizeus, Or otherwise, to become & stockhold-
er n a2y company, association Or corpora
ton or 70 obtain money for, or loan its credit
70, a1y corporation, association, institution, CT
party.