The Bedford gazette. [volume] (Bedford, Pa.) 1805-current, 1857-09-18
OF PUBLIC DEBTS.


Section l. The State may contract debts, 10 supply
casual deficits failures ia revenues, TO
penses otherwise provided for; but the aggre-
gate amounts OF such debts direct and contingent,
whether contracted by virtue OF one acts OF
the General Assembly, different periods ottne,
shall never exceed seven hundred and y-thousand
dollars and the money arising from the creation OF
debts, shall be applied 10 the purpose for which
il obtained, TO repay the debts contracted
and to no other paTPose whatever.
Section 2 Ia addition TO the above limited power
the State may contract debts 10 repel invasion, sup
press insurrecton, defend the State in war,
deem the present outstanding Indebtedness OF the
State; bat the money arising from the contracting
such debts, shall be applied TO the purpose for which
it was raised to repay such debts, and to other
purpose whatever.
Section 3. Except the debts above specified, in
section one and two OF this article no debt what
ever shall be created by behalf OF the State.
Section +. To provide for the payment OF the pres
ent debt and any additional debt contracted as alore-
said the Legislature shall, at its first e,sion after
the adoption OF this amendment, create sinking
fund which shall be sufficient 10 pay the accruing
interest of such debt, and annually to reduce the
principal thereof by not less than two hundred
and fifty thousand dollars which sinking fund shall
consist OF the annual ncume OF tur public works,
from time TO time owned by the State, or the pro-
ceeds of the sale OF the same any part thereof,
and of the income and proceeds of sale Of stock
ed by the State, together with other funds
ces that may be designated by law. The said sink
ing fund may be Increased, from time to time, by
assigning II any part OF the taxes, other
nues sf the State required for the ordinary and
current expenses of government, and unr>s in
OF war invasion or insurrectioO, part Of the said
sinking fund shall be used applied otherwise than
in the extingushment Of the public debt, until the
amonnt OF such debt reduced below the Of five
millions OF dollars.
Section 5. The credit Of the Commonwealth shall
not Ia any manner or event, be pledged, or loaned
TO, any individual, company, corporation, assccIa
ton; nor shall the Commonwealth hereafter become
a Joint owner, or siockEolder, in any company,
citation or corporation.
Sec. 6, The Commonwealth shall not assume the
debt, or any part thereof, of any county, city, bor
ough, township; OF any corporation, or aSsocI-
ton unless such debt shall have been contracted 10
enable the State 10 repe nva>,un suppress domestic
In>urrectioa. defend itself in OF war, or TO
sst the State in the discharge of any portion OF It's
present Indebtedness.
Section 2. ne Legislature shall not authorize any
county, city, borough, township, incorporated dis
frct, by virtue OF vote Of is citizens, otGerwise,
10 become a stockhoder in any company, association,
or corporation 10 obtain money for or ioan lis
credit to, any corporation, association Institution
party.
SFCoNn AMENDMENT.
There shalt be an additional article 10 said Con-
.r,r,,,,ou IN ba tasupatpfe1 as 3rttcl, Mi a. T.l