, 1878-09-08

ultlOn ot oNn 'lal bond or Ol bnni tO Sc
cure public moneys, or the performance
of any contract in which they are jointly
or sevcmlly interested.
Sec. 0. Neither the State. nor any
county. city, town or school dissric,
shall lend or pledge the credit oi faith
thereof, directly or indirectly. IN aid oi
any person, company or corporation. for
any amount or for amy purpose what.
ever, or become Responsible fnT ans
debt contract or liability OF any person.
COMPANY or corporation, m or out ot the
State.
Sec. 10. The State shall never con-
tract any debt, except in 'he cases and
manner hereinafter described.
See. II. For the purpose of dcfraying
extraordinary expenditures, the State
may contract public debts; hat such
debts 10 the aggregate, shall not. for the
fret fifteen years, exceed tity thousand
dollars; and shall never exceed one
hundred thousand dollars. Every such
debt shall be authorized 10y law, Tor
some purpose or purposes to pc distinct.
u specified therein; and every such law
shall provide for levying an annual tax
sufficient to pay the annual interest OF
such debt, aud the principal within ten
years from the passage of such law; and
shall specially appropriate the proceeds
of such taxes to the payment of such
principal and interest; and such appro
priation shall not I've repealed. nor the
taxes postponed or diminished, until
the principal and interest of such debt
shall have been wholly paid,
Sec. 10. No county, city town or
school district shall contract any debt
unless authorized and limited Ivy law;
and no scrip, certificate or other evi =
dence of debt whatever shall be issued
by them, excepet in accordance with
the provisions of such law.
Sec. 1S. No city or town shall con :
tract any debt, by loan, or in any form,
except by means of an ordinance which
shall be irrepealable until the indebted =
ness therein provided for shall have
been fully paid or discharged-specity-
ing the purposes to which the funds to
he raised shall be applied, and providing
Tor the levy Of Il tax not exceeding
twelve mills on each dollar of valuation
OF taxable property within such city or
town-sufficient to pay the annual in
terest, and extinguish the principal of
such debt within fifteen years, but not
less than ten years, from the creation
thereof; and such tax, when collected,
shall apply only to the purposes in such
ordinance specified, until the indebted
ness he paid or discharged. But no
such debt shall be created unless the
question OF fincurring the same shull, at
ii regular election for councilmen, elder.
men or officers of the city or town, be
submitted to vote of such qualified
electors US shall, in The year next pre-
cceding, have paid Il property tax there
in; and majority of those voting on
tile question, by ballot in separate
box, shall vote in favor of creating such
debts but the aggregate amount of debt
so created, together with the debt eX-
isting at the time of election, shall not
at any time, exceed three per cent of the
last valuation OF property upon which
said tax was paid.
Sec. Il. Nothing contained in this
article shall either impair or add to OBJ
legation of any debt heretofore contract
ed by the Territory of Washington, or
10y any county, city, town or school dis
tric; within tae State, IN accordance with
law.
Sec -. The State Treasurer shall
keep 4 separate account of each fund ia
his hands. aud shall, at the end of the
year. report 10 the Governor, ia writing.
1udcr oath. the ,mount of all moneys m
hi- hands to ihr crrdit Ut such fund. and
;bc number and amount ol every warrant
rccIyel. and the number and smoInt ,l