Lewistown gazette. [volume] (Lewistown, Pa.) 1843-1944, 1857-07-16
ARTICLE VI
OF PUBLIC DEBTS.


SECTION |. 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
cced seven hundre and fifty thousand dollars.
and the money arising from the creation oC such
debts, shall be applied to the purpose for which
it 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 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 Of 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 3. 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.
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 adoption of this amend
ment, create sinking fund, which shall be suf-
hcient to pay the accruing interest on such
debt, and annually to reduce the principal
thereof by a sum not less than two hundred and
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, or 3ny
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
state, not required for the ordinary and current
expenses OF government, and unless in case Of
war, invasion or insurrcction, no part of the
said sinking fund shall be used or applied other
wise than IN eHtinBushmcmt Of tie public debt
until the amount of such debt is reduced b. low
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
ton, or association; nor shall the commonwealth
hereafter become joint owner, or stockbold-
er, IN any company, association, or corporation
SECTION 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 deb
shall have been contracted to enable the
state 10 repel invasion, suppress domestic
insurrection, defend Itself in time of war or to
assist the state in the discharge Of any portion
of lis present Indebtedness
SECTION 7. The legislature shall not autho-
rize any county, city, borough, township. or in.
corporated district, by virtue Of a vote of lis
citizens, or Otherwise, to become a stockholdcr
IN any company, association, or corporation; or
to obtain money for, or loan its credit 10, any
corporation, association, institution, or party
SECOND AMENDMENT.
There shall be an additiona! article to said
constitution, 10 be designated as article XII, as
follows: