Bedford inquirer and chronicle. [volume] (Bedford, Pa.) 1854-1857, 1857-09-18
FIRsr AMENpMENI
OF PUBLIC DEBTS.

Srcrtoy L. The State may contract debts, tC
suhply casual deficits failures revenues, OF
toneet expenses not otherwise provided tor
I.gt the aggregate amount of such debts direct
ami contingent whether cont ricted by virtue
OF one or more acts OF the gcHsrI assembly, or
Ut different periods OF tiIae, shall never exceed
seven hundred and tifty thousand dollars, and
th,. money arising from the creation Of such
,i.htS shall be applied to the purpose for which
!, Was obtained, or to repay the debts 50 con
tracte,l, and 10 no other purpose whatever.
SECTION . In addition 10 the above limited
mower, the STATE may contract debts TO repel
inyasiou, suppress insnrrectlon, defend tue
State in war, or t. redeem the present out
standing indebtedncss of the State bat the
,nopev arising from the contracting Of such
debts, Shall be applied 10 the purpose fer which
II vas raised. or TO repay such debts, and to no
other purpose whatever
SrcrIos g. Except the debts above specified
in ns.,tions QUE and two of this article, 10 debt
whatever shall be created by, or on behalf 0f
tra State.
SLcr1os A. Toproyide for the payment of the
present debt, and any idltional debt contracted
az Aforesaid, the Legislature shall, ut its first
session. after the adoption Of this amendment,
create sinking faut, which shall be sufficient
to pay the accruing interest on such debt, aud
annually to reduce the principal thereof by a
sum not less than two hundred and ii;y thous
and dollars; which sinking fund shall consist OF
the net annual ncOme,0f the public works, from
time tetime owned by the State, or the pro-
ceeds of the sale of the same, or any part there
Of and of the income or proceeds OF sale OF
stocks owned by the State, together with other
funds, or resources, that may be designated tly
law. The said shaking fand may beincreased.
from time to time, by assigning il toany p.trt o.
the taxes, or other revenues of the State, not
.s.d fba
of government, and unless in case Of war, inya
sion or insuueetion, no part of the said sinking
fund shall be used or applied otherwise than in
extinguisnulent of the public debt, until the
amount vi such debt is reduced below the sg.m
OF five millions of dollars.
SECTION 8. The credit Of the commonwealth
shall not in any manner, or event, be pledged, or
loaned to, ans individual, company, corpora
tion o. association; nor shall the common
wealth hereafter become joint owner, or stock
hold, r. in any company, association or corpora
zion.
Sect, The commonwealth shall not assume
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 nsuHcctiOn, defend itself in
time OF war or 70 assist the State in ths dis
charge ot any portion Of ITS present Indebted
urSs.
SIC. !. The Legislature shall nos authorize
any county. city, borough, township, or incor-
por4t Il district, by virtue Of vote Of its citi
zens or otherwise, 20 become stocllholdvr in
any company, association or corporation; to
phiaiu money for, or loan it2 crcl lit to, any Cur
ooratien. association, inStitveien or party.
SECOND AMENDMENT
There shall be an additional article TO sadi
coRstitEtion, to be designated as article XII, as
3uaOws.