The Findlay Jeffersonian. [volume] (Findlay, Hancock County, Ohio) 1870-1881, 1874-05-29
ARTICLE VIII.

PUBLIC DFBTS AND PUBLIC WORKS.
Sec l. The State may contract debts to
supply casual deficit or failures in the rev
euueS. or to meet expenses not otherwise
provided for; bur the aggregate amount
of such debts shall never exceed seven
hundred and fifty thousand dollars; and
the money arising from the creation of
of such debts thall be applied to the
purpose for which it was obtained, OF to
pay the debts 50 contracted, and TO no
other purpose.
Ser. 2 Tie state mdN also contract
debts to repel invasion, suppress insur-
rectiOn, defend the State in time of war,
or redeem its present Indebtedness; but
the money arising arising from the ere
alton of such debts shall be applied to
the purpose for which it wis obtained.
or to pay tine debts 80 contracted. and
to no other purpose. and all debts incur
red To redeem the present indebtedness
of the State shall be made payable from
the sinking fund hereinafter provided
for H. the same shall accumulate.
See. 3. Except aS provided i'll sections
one and two of this article, 10 debt shall
be created by or on behalf of the State.
SIC. l. The credit of the State shall
not be given or loaned to, or in aid of,
any individual, association or corpo-
ration; nor shall the State become
stakeholder or part owner in any COM
pany or association.
Sec. >. The State shall never assume
any debt of a county, township, city.
town, village or corporation, unless such
debt shall have been created to repel i'll
vaSiOn. suppress insurrectiOn, or defend
the State in time of war.
Sec. &. No county, township, city,
town, village, or other political or Inu-
nicipal division of he State shall become
IL stakeholder, either directly or indi-
rectly, in any joint stock company, cor
pOratiOn or association: or raise money
for. or in aid of, or loan its credit tos or
in aid OF any such company, corporation
or association: or purchase or construct.
or in any way aid in purchasing or con
structing any railroad, canal or ap-
purtenance thereto.
Sec. Z. The faith of the State being
pledged for the payment of its public
debt. in order TO provide therefor. a
sinking fund shall be created. sufficient
to pay the accruing interest on such
deb and annually reduce the principal
thereof by a sum not less than one hund-
red thousand dollars. increased yearly.
and each and every year, by C cJmpOunding
at the rateo of six per cenJum per annum.
from the fifteenth day of November,
one Thousand eight hundred end fifty
one. The said sinking fund shall CON
siSt of the net annual income OF the
public works and stocks owned By the
State. OF any OTTER funds or resources
that ara or may be provided by law and
Of such further SUN. to be raised by tax
alton, a. may be required for the pur-
poses aforesaid: and no part thereof
shall ever be transferred To any other
fund. or used for any other purpose.
.>e~. : The auditor Of State. secretary
Of State, and attorney general shall be Il
board of commissioners. 10 be styled
The Commissioners Of the Sinking
Fund
See. .. The commissioners oEthe sink
ing fund shall. Immediately preceding
each regular session Of the general A.
sembit. make an estimate Of tile proba-
bic amount Of the fund provided for III the
seventh section Of this article. from all
sources except from taxation, and report
the same. together with all their proceed
ings relative 10 said fund and the pub
lc del 10 tn governor, who shall trans
init the same with his regular message.
10 the general assembly; and the general
assembly shall make all necessary provi-
sion for raising and disbursing said sink
ing fund in pursuance of the provisions
of this article.
Sec. TO- 1t shall be the duty of said
commissioners faithfully to apply said
fund. together with all the moneys that
may be appropriated by the general as
sembly 10 that object, 10 the payment of
the interest a. il becomes due. aad
the redemption Of the principal Of the
public debt Of the State eXceptiu. only
the school and trust funds held Ly the
State.
Sc. II. The SAID commissioners shall.
seIni-annualiy, make full and detailed
report of their proceedings 20 the COVER
nor. who shall Immediately cause the
same 10 be published. ard communicate
il 10 the general assembly. r ia session
and if not. then at it, first session after
such report i made.
Secl2 At the first general election al
ter the adoption Of this constitution. and
every four years thereafter, 20 long a.
the State las public works which require
superintendence. there shall be elected
by the electors OF the State. a superin-
tendent Of public works TO serve for
four years.
Sec Is. The qualifications. powers. du-
ties. and compensation Of said superin-
tendent, shall be such as may be pre-
scribed by law.