Fayette County herald. [volume] (Washington [Washington Court House], Fayette County, O. [Ohio]) 1860-1???, 1876-04-20
ARTICLE Will

Z. PuBLIc DEBTs ANE PUBLIC WORKS.
sEc T. The state may contract debts to
supply casual deficits Of failures in revenues.
or 20 meet expenses not otherwise provided for;
exceed seven hundred and fifty thousand dol
larSi and the money arising from the creation
Of such debts shall be aHplied to the purpose
for which t vas obtained, or to pay the debts
SO contracted, and to no other purpose. $
SEC. q The state may also leentraets debts
70 repel invasion suppress InsUrreetioR4 de-
present Indebtedness; but the money arising
from the creation Of such debts shall be ap-
piled to the purpose for " hicf 1t MAS obtained,
or to pay the debts so contracted. and to no
other purpose; and all debts incurred to re-
deeIa the present indebtedness5 of the state
shall be made payable from the sinking fund
hereinafter provided for, as the same shall
ISEC. 5! Except rs provided in sections one
| by or on behalf of the state.
SEc. 4. The credit Of the state shall not be
given or ioafIed to or IN aid of any Individual
asspeiatien. or e9rpoTations nor shall the state
become a stockholder or part owner in any
coEapany or assoeiation-
SRC. 5. The state shall never assume any
/ debt qEi = county. township, city, teEn, Til /,
lsge 9g eqrpoEatlosli unless sneh debt
1 press insurrection, ordetend the statein time
Il SEC s. 10 county, township, city, town /,
tage or utlIer Political or municipal division
of the atatsa aghaH become astoekhoider. either
direct lndireetlY, in any joint stock COM
4 Ratltss- UOfpeEHLlCQ- 3SSOcIatl0nS or raise
money for ur i aid Of or loan its credit to, or
IN aid Ct aus such company, corporation or
/ assoelatllns or ptlrshase err construct. or in
raitrUad. canal or appartenaHee thereto.
SEQ 7.5,iIhe faith fsthe state being pledged
for the payment of its public debt, in order to
provide therefor, a sinking fund shall be
created sufficient to bay theaecruing interest
ON such dellts and annually geduee tho prin-
eipal theTHofs BY a sum not less than one hun
dred thousand dollars, increased yearly, and
each and every year. by compounding at the
Fsete ~ oi SIX per cen4uni per anhAm, from the
nttccnth day Of November, one thousand
eight hundred and iifty-one. The said sink king
/ t4nd shttH consist of the net annual ineDnleEof
tnelt tpublIel works and stocks owned, by the
lstate, OF any other funds or resources that arc
( ther. sum- 70 Be raised BY taxation as may be
lirequired for the. purposes aforesaid; !; and no
other fund or used for any ther5 purpose.
state and attorney -ganeral shsl be aboard OF
commissioners, to be styled The Commis-
sioneFs- of the Sinking Fund. - y = zt5t--zs
T See! 9. The commissioner of the sinking
fund shall, mmediatelyipreeeaing4 each regu-
| lar session Of. the general assembly, make an
/ estimate of the probabIe amount Of the fund
L provided for in the seventh section of this ar
/ ticles from all sources seNcept from taxation,
land report the same, together with all their
| lie debt, to the governor, who shall transmit
/ the same, with his regular Messageg to the gen
eral assembly: and the general assembly shall
make all necessary provision for raising and
/ disbafsing said sin king fund in pursuance o1
/ the pToY1sIOns OF this article. a.-s5r
i Sec. 10. 1t shall be the duty of said com
missiOners faithfully to apply said fund, to-
getheF with all moneys that may be appro-
4 priated by the general assembly to that object
1 to the payment Of the interest, as it become:
| due, and the redemption of the principal o
the public debt of the state, excepting onlytht
school and trust funds heldsby the state.
i =, Sec. IL. The said commissioners shall
semi-annuatly, make a full and detailed re
port to the governor, who shall inmediatel.
cause the same to be published, and eommu
nlcate 1t to the general assembly, If in session
and if not, then at its first session after sucl
report is made! esT5t3 sLalse 554
) Sec. u. IAt the first general election afte
i the adoption of this constitution, and ever.
four years thereafter, SO hong as the state ha
. public works which require superintendent
/ there shall be elected by the electors of tn
/ state q superintendent of public works, t
serve for four years. Ela t.=f
Sec. 10. The qualifications, powers, dutie
4 and mpensation of said superin tendent shal
be such as may be prescribed by law.