The Vinton record. [volume] (M'arthur, Vinton County, Ohio) 1866-1891, 1874-07-30
ARTICLE VIII.
PUBLIC DEBTS ANE PUBLIC WORKS

PUBLIC DEBTS ANE PUBLIC WORKS.
SEC. l. The state may contract debts t.
supply casual deficits of failures in revenues
or to meet expenses not otherwise provided for
but the aggregate amount of debts shall neyel
exceed seven hundred and fifty thousand dol
lars; and the money arising from the creation
of such debts shall be applied to the purpos,
for which 1t was obtained, or to pay the debt
SO contracted, and to no other purpose.
SEc. z. The state may also contracts debt,
70 rePel invasion, suppress insurrection, de
| fend the state in time of war; or redeem il.
present Indebtedness; but the money, arising
from the creation of such debts shall be ap.
piled TO the purpose for which it was obtained
OF, TO pay the debts so contracted, and to nc
ether purpose; and all debts incurred to re-
deem the present Indebtedness of the state
shall be made payable from the sinking fund
hereinatter provided for, as the same shall
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. l.. The credit of the state shall not be
given or loaned to, or in aid ofany individual
hs hhssoelaton or corporation; nor shall the state
Geo oeroaie stoekholder or part owner in any
SEC. 5. The state shall never assume any
aeot OF a county, township, city, town, vii
shall have been created to repel invasion, sup
press lnsurrection. or defend the state in time
SEC. 6. No county, township, city, town.
village or other political or municipal division
oi the state: shall become n stakeholder, either
directly or indirectly, in any joint stock COM
pany, corporation or association; or raise
money for or in aid of, or loan its credit to, or
aiJn ~ ai9 % any such company, corporation or
assOclatlOni or purchase or construct, or in
any way anu IN purchasing or constructing any
railroad, canal or appurtenance thereto.
SEC. Z. The faith of the state being pledged
for the payment of its public debt, in order TO
provide therefor, sinking fund shall be
created, suticlent to pay the accruing interest
on such debt, and annually reduce the prin-
cipal thereof. by a sum not less than one hun
dred thousand dollars, increased yearly, and
each ana every year, by compounding at the
.ENaf fnR 81
htteenth day of November, one thousand
eight hundred and fifty-onc The said sinking
t9nd shall consist of the net annual income of
tne pupnc works and stocks owned by the
state, of any other funds or resources that are
or may bo provided by law, and of such fur
ther sum, TO be raised by TAXATION as may be
required for the purposes aforesaid; and no
part thereof shall ever be transferred to any
other fund or used for any other purpose.
state and attorney-generals shall be a board of
commissioners. to be styled "The Commits
sioners of the Sinking Fund"
Sec. 3. The commissioners of the sinking
iund shall, immediately preceding each regu-
lar session of the general assembly, make an
estimate of the probable amount of the fund
provided for in the seventh section of this ar
ticie, from all sources, except from taxation,
and report the same, together with all their
proceedings relative to said fund and the pub
lie debt, to the governor, who shall transmit
the same, with his regular message, to the gem
eral assembly; and the general assembly shall
make all necessary provision for raising and
disbursing said mixing fund in pursuance of
the PROVISIONS of this article:
See. 10. 1t shall be the duty of said com
missioners faithfully to apply said fund, to-
gether with all moneys that may be appro-
priated by the general assembly TO that object,
TO the payment of the interest, as it becomes
due, and the redemption of the principal of
the public debt of the state, excepting only the
school and trust funds held by the state.
Sec. IL. The said commissioners shall,
semi mi-annually, make n full and detailed re-
port to the governor, who shall Immediately
cause the same TO be published, and commu-
nicate 1t to the general assembly. If in session,
and II not, then at its first session after such
report is made.
Sec. II. At the first general election after
four years thereafter, so long as the state has
public works which require superintendenee,
there shall be elected BY the electors of the
state q superintendent of public works. to
serve for four years.
Sec. Is. The qualifications, powers, duties
and compensation of said Superintendent shall
be such as may be prescribed by law.