Lewistown gazette. [volume] (Lewistown, Pa.) 1843-1944, 1857-09-03
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;
but the 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 time, shall never ex
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
1t was obtained, or to repay the debts so con-
tracted, and to no other purpose whatever.
SECTION 2. In addition to the above limited
power the state may contract debts to rePel 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 CT such debts, shall be
applied to the purpose for which it was raised
or to repay such debts, and to no other purpose
whatever.
SECTION g. Except the debts above specified,
in sections one and two of this article, no debt
whatever shall be created by, or on behalf of
the state.
SEcrIoN A. 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 adoption of this amend
ment create a sinking fund, which shall be suf-
fcient to pay the accruing 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 by the state,
or the proceeds of the sale of the same, any
part thereof, ana 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 may be IN
creased, from time to time, by assigning to it
any part of the taxes, or other revenues OF the
state, not required for the ordinary and current
expenses of 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. or event, be pledged,
or loaned to, any individual company, corpora
tion, or association; nor shall the commonwealth
hereafter become a joint owner, or stockbold-
er, in any company, association, or corporation,
Section 6 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 to enable the
state to repel invasion, suppress domestic
insurrecton, 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
corporated district, by virtue of vote of its
citizens, or otherwise, to become stockholder
in any company, association, or corporation; or
to obtain money for, or loan IFS credit 10, any
corporation, association, Institution, or party.
SECOND AMENDMENT.
There shall be an additional article TO said
constitution, 10 be designated as article XII, as
follows: