The Highland weekly news. [volume] (Hillsborough [Hillsboro], Highland County, Ohio) 1853-1886, 1874-08-13
ARTICLE VII.
PUBLIC DEBTS ANE PUBLIC WORKS


SEC. /. The state may contract debts to
supply casual deficits of failures in revenues,
or to meetexpenses not otherwise PROVIDED Tor;
but the aggregate amount OF debts shall never
exceed seven hundred and fifty thousand dol
lars: and the money arising from the creation
of such debts shall be applied to the purpose
for which it was obtained, or to pay the debts
so contracted. and to no other purpose.
SEC. ?. The state may also contracts debts
to repel invasion, suppress insurrection, de-
fend the state in time of war, or redeem its
present Indebtedness; but the money arising
from the creation of such debts shall be ap-
piled to the purpose for which it was obtained,
or to pay the debts SO contracted, and to no
other purpose; and all. debts incurred TO re-
deem the present Indebtedness of the state
shall be made payable from the sinking fund
hereinafter provided for, as the same shall
accumulate
SEC. 3. 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 be
given or loaned to, or in aid ofany individual.
association or corporation; nor shall the state
become q stOckhOlder or part owner in any
company or association.
SEC. 5. The state shall never assume any
debt of county, township, city, town, vii
lage or corporation, unless such debt
shall have been created TO repel invasion, sup
press insurrection, or defend the state in time
of war.
SEC. 6. No county, township, city, town,
village or other political or municipal division
of the state, shall become a stockholder, either
directly or Indirectly. in any joint stock com
pany, corporation or associations: or raise
money for or in aid of, or loan its credit to, or
III aid of any such company, corporation or
association; or purchase or construct, or IN
any way aid in purchasing OF constructing any
railroad, canal or appurtenance thereto.
SEC. :. 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
1nk.e
cipal thereof. by sum not less than one hun
dred thousand dollars, increased yearly. and
each and every year, by eompounding at the
rate of six per centum per annum, from the
fifteenth day of November. one thousand
eight hundred and fifty-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 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, OF used for any other purpose.
Sec. s. The auditor of state. secretary of
state and attorney-general shall be a board of
commissioners, TO be styled The Commits
sioners of the Sinking Fund
See. 9. The commissioners of the sinking
fund 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
ticle, from all sources, except from taxation,
anu report Ine sduts lOkctucT Win All luelT
proceedings relative to said fund and the pub
lie debt, to the governor, who shall transmit
the same, with his regular message, to the gen.
eral assembly; and the general assembly shall
make all necessary provision for raising and
disbursing said sinking fund in pursuance of
the provisions of this article.
Sec. 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-annually, make n full and detailed re-
port to the governor, who shall Immediately
cause the same to be published, and commu-
nicate it to the general assembly, if in session,
and if not. then ut its first session after such
report is made.
Sec. r. At the first general election after
the adoption of this constitution, and every
four years thereafter. so long as the state has
public works which require superintendent,
there shall be elected by the electors of the
state a superintendent of public works, TO
serve for four years.
Sec. l3. The qualifications, powers, duties
and compensation of said superintendent shall
be such as may be prescribed by law.