The Potter journal. [volume] (Coudersport, Pa.) 1857-1872, 1857-07-23
OF PUBLIC DEBTS.

SECTION !. The state NAV contract debts, 70
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 as
sembly, or at different periods Of time, shall
never exceed seven hundred and fifty thousand
dollars and the money arising from the crea-
ton OF such debts, shall be applied to the
purpose for which twas obtained or to repay
the debts so contracted, ana 10 no otser pur-
pose wh2taver
SECTION 2. IN addition to the above limited
power the state may contract debts to repel
invasion, suppress insurrection, defend the
state in war, or to redeem the present out
standing 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 whateyer.
SECTION 3. Except the debts above specified,
in SectioEs one and two of this article, no debt
whatever shall be created by, or OH behalf of
the state,
SECTION 4 To provide for the payment of
the present debt, and any additional debt con-
tractcd rs aforesaid, the legislature shall, at
It's first session, after tho adoption of this
amendment, create a sinking fund, which shall
be sufficient to pay the accruing interest on
such debt and annually 10 reduce the princi-
pal thereof by sum not less than two hun
dred and fifty thousand dollars; which sink
ing fund shall consist of the net annual III
come Of 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
+Ba. So, H.,
ces, that may be designated by law. The said
sinking fund may be increased, from time to
time, by assigning to it any part of the taxes.
or other reYeEues of the state, not required for
the ordinary and current expenses of govern
mert, and unless in case OF way, invasion or
insurrection, no part of the said sinking fund
shall be used or applied otherwise than in ex-
| Itinguishment 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 70, any individual, company, corpo-
ration, or association; nor shall the common
wealth hereafter become a joint owner or
stockholder, in any company, association, or
corporation.
SECTION 5. 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 insurrec-
ton, defend itself in time of war, or to assist
the state in the discharge of any portion of
its present indebtedness.
SEcTIoN T. The legislature shall not author
ize any county city, borough, township, or
incorporated district, by virtue OF vote Of It's
citizens, or otherwise, to become stockhold,
er in any company, association, or corpora
ton or 10 obtain money for, or loan its credit
to, any corporation, association, Institution, or
party.