The Potter journal. [volume] (Coudersport, Pa.) 1857-1872, 1857-09-17

OF PUBLIC DEBTS.

SECTION ! The state may contract debts, 10
suDuly 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
.ou.blv. or at different periods Of time, shall
never { eIceed seven hundred and fifty thousand
dollars, and the money arising from the crea-
zion Of such debts shall he applied to the
purpose for which ii was obtained, or 10 repay
the debts so contracted, a4l to no o!acr pur-
pose whatever.
SscrIoy 2. In addition to the above limited
power the state may contract debts to repel
invasion, SUPPRESS insurrection, defend the
state in war, or tc redeem the present out
standing indebtedness Of Tie state but the
money arising from the contracting of such
debts. shall be applied 70 the purpose for which
it was raised. OF to repay such debts, and to
no other purpose whatever.
SECTION ,. Except the debts above specified
in sections one snd two of this article, no debt
whatever shall be created by, or on behalf of
the state.
SEcrIoN 4. Fo provide for the payment of
the present debt, and any additional debt con-
tracted as aforesaid, the legislature shall, Mt
its FIRST session after the adoption OF this
amendment create a sinking fund, which shall
be sufficient to pay tue accrning interest on
snch debt, and annually to reduce the princi-
pal thereof hy sum not less than two hun
drcd and fly thousand dollars which sink
inE fund shall consist OF the ret annual in
come of the public 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 OF proceeds Cf sale Of stGCks 4wned by
the state, together with other funds or reSour-
ces that may be designated BIZ law The said
sinking fund may be increased, 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 govern
mcnt, and unless in case Of war, invasion or
lnsurrection, no part Of the said sinking fund
shall be used or applied Otherwise than in ey-
tinguiShmept Of the public debt, until the
amount Of such debt is reduced bcIoW the
sum Of fiyc millions Of dollars.
SECTION ). The credit OF the commonwealth
shall not in any manner or event, be pledged,
or loaned 10. any individual, COMPANY. corpo-
ration, or association; nor shall the sominon-
wealth hereafter become a joint owner, or
stockhode7, il any company, associa:iGa, OF
corporation.
SECTIJN .. 1he commonwealth shall not 81
suR}5 the dHtit, or any part thereof, OF anv
county, city, borough, or township; or of any
corporation. or association; unless such debt
shall have been contracted to enable the state
70 repel inYasiRp, suppress domestic insurrec-
ton, defend itself in time Of war or TO assist
the state il the discharge of any portion of
its present indebtedness
SECTION I. The legislature shall not author
izc any cQHr;y, city, borough, township, or
Incorporated district, by virtue of vote of its
citizens, or otherwise, to become stockhold-
er in any company, association, or corpora
ton; or to obtain money for, or loan its credit
to, any corpqralqq, association, institation, or
party.