, 1878-08-29
[Continued9
Part OF ART. nI.1
FINANCESi

FIN NANCESd
SEC. 0. Neither the sttte, nol any
county, city, town nor school-district shall
lend or pledge the credit or laith, thereof,
directly or Indirectly, in aid of any per-
son, company or corporation, for any
amount or for any purpose whatever. or
become responsible for any debt, contract
ed in private interests, either in or out Of
the state.
SIC. TO- The state shall never contract
any public debt, except in the cases and
manner hereinafter described.
SEC. IL. For the purpose of defraylng
extraordinary expenditures, the State may
contract debts which, in the aggregate.
shall not, tor the first fifteen years, exceed
fifty thousand dollars; and shall never ex-
ceed one hundred thousand dollars. Every
such debt shall be authorized by law, for
some purpose or purposes to be specified
therein; aud every such law shall provide
for eyying an annual tax sufficient to pay
the annual interest OF such debt, and the
principal within ten years from the passage
OF such law; aud shall specially appropriate
the proceeds of such taxes to the payment
of such principal and interest; and such ap-
preparation shall not be repealed, nor the
taxes postponed or diminished, until the
principal and interest of such debt shall
have been wholly paid.
SEC. IL. No county. city, town or school
district shall contract any debt unless au-
thorized and limited by law; and no scrip,
certificate, or other evidence of debt what
ever shall be issued by them, except in ac-
cordance with the provisions Of such law.
SEC. 10. No city or town shall contract
any debt, by loan in any form, except by
means OF an ordinance which shall be ir-
repeahble until the indebtedness therein
! provided for shall have been fully paid or
discharged - specifying the purposes to
which the funds to be raised shall be ap-
piled, and providing tor the levy Of a tax
hot exceeding twelve mills OH each dol
lar Of valuable taxable property within
such city or town-sufficient to pay the an
nual interest, and extinguish the principal
of such debt within fifteen years, but not
less than ten years, from the creation there
Of; and such tax. when collected, shall be
applied only to the purposes in such ordi-
nances specified, unit the indebtedness be
paid or discharged. But no such debt shall
be created unless the question of incurring
the same shall, at regular election for
councilmen, aldermen or officers of such
city or town be submitted to vote OF such
qualified electors as shall, In the year next
preceding, have paid a property tax there
in; and majority of those voting on the
question, by ballot deposited in a separate
box, shall vote IN favor OF creating such
debts; but the aggregate amount OF debt so
created, together with the debt existing ut
the time OF such election, shall not, at any
time, eXcetd three per cent. Of the last
valuation of property upon which said
tax was paid.
SEC IA. Nothing contained in this arti-
Gle shall either impair or add to the obliga-
ton OF any debt heretofore contracted by
the Territory of Washington, or by any
county, city, town or school district with
in the State, In accordance with law.
SEC. 10. The State Treasurer shall keep
separate account of each fund in his
hands, and shall, at the end OF every quar-
ter OF the fiscal year, report to the Cover
nor in writing. under oath, the amount of
all moneys In his hands to the credit of
every such fund, and the place where the
same are deposited, and the number and
amount Of every warrant received, and the
number and amount OF excry warrant paid
theretrom, during the quarter. The. Gov
ernor shall cause every such report to be
Immediately published IN at least one news
paper printed at the seat of government.
The Legislature shall. at It's first session,
aud may AT any subsequent one, provide
by law regulations for the safe-kreping OF
the public fnnds, aud for bonds. TO be Civ
EN- by the Treasurer, with sureties.
SEC. l6. The making of profit. directly
or indirectly, ont Of state, county, city,
town or school district money, or using
the same for any purpose not authorized
by LAW, by any public officer or any other
person. shall De deemed a felony, and
shall be punished rs provided by law.
SEC. IL. Private property shall not be
taken or sold for the payment Of the cor
pOrate debt Of municipal corporations.
SEC. Is. There shall be n state board OF
equalization, consisting Of the secretary of
state, state treasurer and superintendent Of
public instruction. whose tluIy it shall be