The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1874-06-18

aggregate amount OF such debts shall never ex-
coed seven hundred and fifty thousand dollars;
debts shall be applied to the purpose for which In
was obtained, or 10 pay the debts so contracted,
and to no other purpose
SEC. ?. The state may also contract debts 10
repel INVASION, suppress insurrection, defend the
state in lime of war, or redeem its present indebt-
eohessi put the money arising from the creation
Of such debts shall be applied to the purpose for
which 1t was obtained, or tOpay the debts so con-
tracted, and TO no other purpose: and all debts in
CURED to redeem the present Indebtedness of the
state shall be made payable from the sinking fund
hereinafter provided for, as the same shall ac-
SEC. 8. Except as provided in sections one and
two Of this article, no debt shall be created by or
on behalf of the state.
SEC. 4. The credit OF the state shall not he
given or loaned 10, or in aid Of any individual.
association or corporation; nor shall the state be-
come a stockholder or part owner in any company
or association.
SEC. 5. The state shall never assume any debt
OF a county, township, city, town, village or cor
pOratiOn, unless such debt shall have been created
70 repel invasion, suppress instruction, or defend
the state IN time OF war.
SEC. 8. No county, township, city, town. village
or other political or municipal division OF the state,
shall become a stakeholder, either directly or indi-
rectly, in any joint stock company, corporation or
loan its credit to, or in aid Of any such companV.
corporation or association; or purchase or con-
struct, or in any way aid in purchasing or con-
structng any railroad, canal or appurtenance
SEC. Z. The faith of the state being pledged for
the payment of its public debt, in order to provide
LnSIStOE, q SINKING IunQ shall be created. sufficient
70 pay the accrnlng interest on such debt and an
nually reduce the principal thereof, by a sum not
less than one hundred thousand dollars, increased
yearly, and each and every year, by compromising
AZ the rate OF six per centum per annum, from the
fifteenth day Of November, one thousand eight
hundred and ffty-One. The said lntinP fund
shall consist Of the net annual income Of the public
works and stocks owned by the state, Of any other
funds or resources that are or may be provided by
law, and of such further sum, to be raised by tax
alton, as may be required for the purposes afore-
said; and no part thereof shall ever be transferred
10 AnE other fund n maan for any nfhar urnaa
SEC. 8. The auditor o~fstate, secretary Of state,
and encouragement shall be a board Of commits
sioners, TO be styled The Commissioner of the
Sinking Fund"
SEC. 8. The commissioners of the sinking fund
shall, Immediately preceding each regular Session
of the general assembly, make an estimate Of Tbe
probable amount Of the fund provided for in the
seventh section Of this article, from all sources.
except from taxation, and report the same, to-
gether with all their proceedings relative to said
fund and the public debt, 10 the governor. who
shall transmit the same, with his regular message.
~ ~ ~ n n a ~ ana me general assem-
ply shan make all necessary provision for raising
and discussing said sinking fund in pursuance Of
the provisions OF this article.
SEC. 10. 1t shall be the duty of said Commits
sioners faithfully to apply said fund, together with
all moneys that may be appropriated by the gen
eral assembly to that object. to he DaymeDt ~ fba
interest, as II becomes due. and the redemn+fon ~
the principal Of the public debt Of the state. ex-
eeptng only the school and trust funds held by
Sic. II. The said commissioners shall. semi
annually, make q full and detailed report OF their
~ canse the same 10 be published, and m
cate II 10 the general assembly, if in session. and
II not, then AT its first session after such report Is
SEC. Il. AT the first general election after the
adoption OF this constitution, and every four wears
IhereSiter, SO long as the state has public works
winch require superintendent, there shall he
elected by the electors Of the state a superintend-
emit OF PUBLIC works, to serve for four years.
compensation Of said superintendent shall be sucb
as may be prescribed by law.