The Fremont weekly journal. [volume] (Fremont, Sandusky County, Ohio) 1867-1877, 1874-06-26
ARTICLE VII.
PUBLTc DEBTs AND Rus1IC ToRZs.

/
SEQ. !. The State may coatract dsbts 70
supply casual deficits OK failures in revenues.
or 70 meet expenses not otherwise provided
for; but the aggregate amOunt Of such debtl
/ shall never exceed seven hundred and dfty
thousand dollars; and the money arising nom
the creation Of such debts shall be applied 10
the purpose for which it was obtained, OF 20
pay the debts 50 contracted, and 70 no othsr
/ purpose.
1 to rspel invasion, suppress insurrection, de-
fend the State in time o. war, or redeem ils
present indebtedness; but the money srising
| from the creation Of such debts shall Be ap-
piled to tHs purpose for which it was obtained
or 20 pay the debts 20 contracted, and to no
other purposs; and al debts incurred t0 70
deem the present indebtedness Of the Staf8
shall be made payable from the sinking fund
hereinafter provided for, as the same shall ae-
eumulate.
SEC. 8. Except Is provided in section one
and two Of this article, no debt shall be crea-
ted By OF on behalf Of the Stats.
SEC. 4. The credit Of the State shall not be
given. OF loaned to, or in aid Of any indiYidu-
al, association or corporation nor shall ths
State become stockholder or part owner in
any company or association.
SEC. 8. The State shall never sssume any
debt Of q county, township, city, town, village
or corporation, unless such debt shall have
been created to rspel invasion, suppress insur-
rection, or defend the State in time Of var.
SEC. 6. No county, township, city, toHn,
villagaoz other political OF municipal division
Of the State, shall become s5ockholder, eth
er directly or indirectly, in any joint stock
company, corporationor or association; OK raise
money for OF IN aid Of, or loan its credit 70, OF
in aid Of any such company, corporation, or
association: or purchase or cOnstrnct, Crin any
way aid IN purchasing or constructing any
railroad, canal or apPurtenanee thereto.
SEC. Z. The faith Of the State being pledged
for the payment Of its public debt, IL order 20
provide therefor, q sinking fund shall be crsa-
ted, sufficient to pay the aecruing interest On
such debt, and annually reduce the principal
thereof, BY sum not less than one hundred
thousand dollars, increased yearly, and each
and every year, bY compromising at the rate
cf six per eentum per annum, from the hl-
teenth day Of November, one thousand eight
hundred and ifty-one. The said sinking 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 s1ch further
sum, to be raised By taxation, ss may be re-
quired for the purposes aforesaid; and no part
thereof shall ever Be transferred 70 any Other
fund, OF used for any other purpose.
SEC. 8. The Auditor Of State, Secretary Of
State and Attorney General shall be 3 board
of commissioners, 70 be styled "Ihe Commis-
sioners OF the Sinking Fund"
SEC. 8. The commissioners Of the sinking
/ fund shall, Immsdiatsly preceding each rsgu-
lar session Of the General Assembly, make an
esfimats Of the probable amopnt Of the fund
provided for in the seventh section Of this zr-
fioIe. from al soarces, except from taxation.
and report the same, together with all their
nroceedings relative to said fund and he pub
| lie debt, to the Governor, who shall transmit
the same, with his regular message, to ~
General Assembly; and the General AsSsmhi-
shall make All necessary provision fgr raisi1-r
and disbursing said sinking fund Ia oursuarcs
Of the provisions Of this article,
SEC 10. L shall be the dusv Of aaid conmi1.
sionsr. faithfully 70 apply said fund, togstbsr
with al moneys that may b appropriated By
the General Assembly to that object 70 the
payment Of the interest, Is it becomes due.
and the redemption Of the principal Of tho
public debt Of the State, excepting only tha
school aud trust funds hald b tha Stats.
SEC. IL. The sai1 commissioners ahali lslni-
annuailys maze a fHa and detailed report 81
tksir proceedings 70 tie Governor. vhs shall
lc0aeisdsd On Fosgti Pagsf