The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1895-03-31
ton based on income, licenses, franchises
or mortgages.
PUBLIC DEBT
Article on That Subject Submitted
by the Committee.

]
by the Committee.
Following is the proposed article on
public debt:
Section 1.-The state may, to meet casual
deficits or failures in revenue, or for
expenses not provided for, contract debts,
but such debts, direct and contingent, in
the aggregate, shall not at any time ex-
csed one million dollars @l,0 OO0.OO, ana
the moneys from the loans creating such
debts shall be applied to the purposes
for which they were obtained or TO repay
the debts SO contracted, and to no other
purpose whatever.
Sec. I'm addition to the above limited
power to contract debts, the state may
contract debts TO repel invasion, suppress
| instruction, or TO defend the state IN
tracing of such debts shall be applied
to The purpose for which it was raised.
and to no other purpose whatever.
What May BE Contracted.
Sec. 3-Except the debts specified in sec
TONS one and two of this article, no
debts shall hereafter be contracted by,
Or on behalf of this state, unless such
debt shall be authorized by law for some
single work or object 10 be distinctly
specified therein, which law shall pro-
Tor the payment of the interest on such
debt as it falls due, and also to pay and
olScAarge the principal OF such debt with
III twenty years from the time of the
contracting thereof. No such law shall
take effect until it shall, at a general
election. have been submitted to the peo-
pie and have received a majority of
all tie votes cast for and against it
at such election, and all moneys raised
by authority Of such law shall be APP
Piled only TO the specific object therein
stated. or to the payment of the debt
thereby created, and such law shall be
published in at least one newspaper in
each county, if one be published therein,
throughout the state, for three months
next preceding the election at which
it is submitted to the people.
Not Exceeding Taxes.
Sec. mo dept III excess OF The taxes
for the current year shall, IL any man
ner, De created by any county or SUD-
division thereof or any ScnoUi district
therein, or any city, town or village, or
any SUBDIVISION thereof IN the state of
Utah unless the proposition to create
such debt shall have been submitted to
vote OF such qualified electors thereof
as shall have PAID a property tax therein
in the year next preceding such election
and majority OF those voting therein
debt.
Sec. 5-No county, city, town, school
district, or other municipal corporation
even when authorized TO create Indebted
ness as provided in section four OF this
article, shall for any purpose become
indebted TO an amount, including existing
Indebtedness, in the aggregate exceeding
i've % per centum of the value of the
taxable property therein to be ascer-
tained by the last assessment for state
and county purposes previous to the in
curing OF such Indebtedness; except that
IN incorporated cities the assessment shall
be taken from the last assessment for
city purposes; provided, that no part of
the Indebtedness allowed in this section
shall be incurred for other than strictly
county, city, town or school district pur-
poses;
Provided, further, that any city or town
when authorized as provided in section
four (D of this article may be allowed to
become indebted to larger amount, but
not exceeding five 90 percentum adj
ditional for supplying such city or town
with water, artificial light and sewers,
when the works for supplying such water
light and sewers shall be owned and con-
trolled by the municipality.
Only For Specific Purposes.
Sec. 6-An moneys borrowed by or on
behalf Of the state or any legal SUBJ
division thereof, shall be used only for
the purpose specified in the law authoriZ-
ing the loan.
Sec. 1.-THE state shall not assume the
debt, or any part thereof, of any county,
city, town or school district
Sec. Smoothing contained in this article
shall be so construed as to either impair
or add to the obligation of any debt here
town or school district, in accordance
with the laws of Utah territory, or pre-
vent the contracting of any debt. or the
issuing of bonds therefor, in accordance
with said laws, Upon any proposition for
that purpose which may have been. ac-
cording to said laws, submitted to a
vote of the qualified electors of any ccur-
", city, town or school district before
the day on which this constitution takes