The Potter journal. [volume] (Coudersport, Pa.) 1857-1872, 1857-10-03
ARTICLE II.
OF pIRLIC DEBTS.

i SECTION !. The state may contract dents, Il
supply casual deficits Or ialluGes - rcFerues
tor to meet expenses not otherwise provided
I for but the asgrsgate amount " SQcn GeD-a
direct and conllng@Dt. whether contracted sI
I virtue of one or more acts OF tae general as
2enbiy, or at different periods OF time, slr;,lI
never exceed seven hundred and nifty thousand
( dollars, and the money arising from the ccea-
I toa OF such debts, shall ba applied 10 the
tpurpose for Y.lich il was Obtained, or TO repay
4 lie debts 50 contracted, and 10 no o.aar par
I pose whatever. .s s. .r
SECTION E. II addition 20 the above limited
| power the state may contract de!fts 10 rspel
invasion, suppress insurrectioa, defend tae
fstato in war, Or TO redeem the present out
standing indehtedncSs Of tie etote but TIC
money arising fram the contracting OF, such
debts, shall be applied to the purpose Tor which
| ii was raised, or 10 repay suca debts, anu to
no other purpose whatever.
SECTION 3. Except the debts above specified
in sections one and two Of this article, no deb;
whatever shall be created BY, Or on behalf Q!
the state.
SEcTIoy 4 To provide for The payment OF
the present debt, and any additional debt con-
traced as aforesaid, the legislature shall, al
its first session, after tho adoption Of this
amendment, create a sinking fund, Which shall
be sufficient TO pay the accruins interest on
such debt, aud unuslly to reduce the prinai-
pal thereof by 8 snGl not less than two hum
dred aud 6f.y thousaG de,lars :. which sink
ing fund shall consist Of the net annual in
cnus,of the public works, from time to time
owned by the state, or thc proceeds Of The sale
OF the same or any part thereof, and of, the
.ineone or proceeds OF sale Of stocks owned b
the state, toIeihcr with other funds, OF. .resour-
css that may be designated bylaw. The said
sinking fund may be increased, from time 10
time, by assigning to it any part Of the taxes,
or other revenues Of the state, not required for
the ordinary aud cnrrent expenses OF govern
ment, aud unless in case Of Var, Invasion or
ipsurroctiou, no part Of TIC said sinking fund
shall be used or applied otherwise thanin c3-
tinguishmcul of the public debt until the
amount Of such debt is reduced beloY the
zum Of FIVE millions Of dollars.
SEcTIoN ;. The credit Of the comm onwealth
shall not in any manner or event, be pledged,
Or loaned to, any individual, company, coIpo-
ration, or association; nor shall the common
wealth hereafter become a joint owner, or
stockholder, in any company, association, or
corporation.
8Earloy s. The commonwealth shall not as
sumo the debt, o. any part thereof, Of any
county. city, horcugh or tGwnship; or Of any
corporation, or association; unless such debt
shall have bacn contractcd TO enable the state
to repel invasion. suppress domestic insnrree-
ton, defend itself in time cf war or to assist
the state in The discharge Of any portion Of
! its present Indebtedness. ~
! SEcrtoS T. The iegisIat1-e shall not author
: izo any county city, borough, township, or
Incorporated distr'ct, by virtue OF vote Of its
citizons, or otherwise, to become stochhold-
CT in any company, association, Of corpora
ton; or to cbtain money for, or loan its credit
( to, any corporation, association. institution. q
party.