Lewistown gazette. [volume] (Lewistown, Pa.) 1843-1944, 1857-07-09
ARTICLE XI.
OF PUBLIC DEBTS.

SECTION |. The state may contract debts 10
supply casual deficits or failures in revenues
or 10 meet expenses not otherwise provided for:
but the aggregate amount of such debts direct
ana 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.
ana the money arising from the creation of such
aeotsJ 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 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 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 Cor tbs vaynent of
the present debt, and any additional debt con-
tracted as aforesaid, the legislature shall, at its
hFst session, alter the adoption of this amend
ment, create sinking fund, which shall be suf-
hclent to pay the accruing interest on such
debt, and annually to reduce the princinal
theFeoi by sum not less than two hundred and
hIty thousand dollars which sinking fund shall
consist OF the net annual income Of the nublic
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 the state, together with
other funds, or resources, that NAV be desroa-
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 reyenprs 0f fhe
state, not required for the ordinary and current
expenses Of government, and unless in case of
war, INVASION or insurrecton, no part of the
SAID sinking fund shall be used or applied other-
wise than III eXtIngulshment Of the public debt
uh'i' lhe amount OF such debt is reduced be 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 a Joint owner, OF s.ockhold-
eT, 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; ungess such debt
shall hHye been contracted to enable the
state to I>oel invasion, suppress domestic
insurrecriCn de fend itself in time Of war. or 10
assist the state in the discharge of any portion
of its present Indebtedness.
SECTION 7. The iCgisIa ture shall not autho-
rlze any county, city, bOrougG, township, or in
corporated district, by yiItue o. vote of its
citizens, or otherwise, 10 become a stockholder
IN any company, association, or corpora ton; or
to obtain money for, or loan its credit to, sny
corporation, association, institution, or party.
SECOND AMENDMENT.
There shall be an additional article f. s,;J
c constitution TO be designated as article XII, as
follows: