Bedford inquirer and chronicle. [volume] (Bedford, Pa.) 1854-1857, 1857-08-28
OF PUBLIC DEBTS.

SECTION |. The State may contract debts, to
supply casual deficits or failures in revenues, or
TO meet expenses not otherwise provided for;
hut the aggregate amount of such debts direct
and contingent, whether cont racfed by virtue
of oae or more acts Of the general assembly, or
at different periods Of time, shall never exceed
seven hundred aud ifty thousand dollars, and
the money arising from the creation of such
debts, shall be applied to the purpose for which
il was obtained, orto repay the debts so con-
tractcd, and TO no other purpose whatever.
SEcrIoS 2. In addition TO the above limited
power, the State may contract debts to repei
invasion, suppress instruction, 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 whatever.
SEcrioz 8. Except the debts above specified
in sections one and two Of this article, no debt
whatever shall be created by, or on behalf of
the State.
SEcrIox 4. To provide for the payment of the
present debt, aud any additional debt contracted
as aforesaid, the Legislature shall, ut its first
session, after the adoption Of this amendment,
create sinking fund, which shall be sufficient
To pay the accruing interest on such debt, and
annually to reduce the principal thereof by
sum not less than two hundred and fifty thous-
aud dollars; which sinking fund shall consist OF
the net annual income of the public works, from
time tntime owned by the State, or the pro-
ceeds of the sale Of the same, or any part there
of and of che income Or proceeds of sale OF
stocks owned by the State, together with other
funds, or resources, that may DO designated by
law The said sinking fund may be increased,
from time 10 time, by assigning il to any part OF
the taxes, or other revenues Of the State, not
required for the ordinary and current expenses
of government, and unless in case OF war, inva-
sion or insurrection, no part Of the said sinking
fund shall be used or applied otherwise than in
extinguishnlent OF the public debt, until the
amount of such debt is reduced below the sum
of Ave millions OF dollars.
SECTION 5. The credit Of the commonwealth
shall not in any manner, or event, be pledged, or
loaned to, any individual, company, corpora
ton oa association; nor shall the common
wealth hereafter become joint owner. or stock
holder, in any company, association or corpora
tion.
SEC. 9, 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 iBsurrection, defend itself in
time of war, or to assist the State In the dis
charge of any portion Of its present indebtstlrs
ness.
SEC. Z. The Legislature shall not authorizes
any county city, borough, township, or ineDr-
perated district, by virtue OF vote of it's citi-
zena or otherwise, 10 become q stockh0lder In
any company, association or corporation; or to
pbtain meney Cor, or loan its credit TO, any cor
ooratioa~ association, Institution or party
SECOND AMENDMENT.
There shall be an additional article to sadi