Albuquerque morning journal., 1910-11-30
1uE goeRouE MORNING JOURNAL NOVEMBER 30 9O

ltracting thereof. No such law shall
Itake effect until il shall have been
Submitted to the qualified electors OF
THE state and have received major
fity OF all the votes cast thereon at
4 general election. such law SHAH De
published In fun in al least one new Z
ipapcr IN each county OF the state II
lone be published therein, once each
week for four successive weeks next
! preceding such election. No debt
I shall be so created if the total indebt-
edness Of the state exclusive of the
I debts OF the territory ana the seNsIdl
counties thereof, assumed py the
state, would thereby be made 10 eN-
ceed one per cen tum of the assessed
valuation of all the property subject
to taxation in the state as shown by
the preceding general assessment,
Sec. O. Any money borrowed bS
| the state, or any county, district, OF
municipality thereof. shaH De appileu
20 the purpose for which II was oo-
tanned, or to repay sueh loan ana 10
no other purpose Whatever
Sec. 10. No county shall borrow
money except for the purpose OF erect
ing necessary public buildings or con-
structing or repairing pubhc roaus
and bridges, and IN such cases ohls
after the proposition 70 create such
debt shall have been submitted TO the
nnalified electors of the county who
paid a property tax therein during the
preceding year and approved by
majority of those voting thereon. no
bonds issued for such purpose shall
run for more than fifty Years.
Sec IL. No school district shah
borrow money. except Ior me purp"ss
OF erecting and furnishing school
buildings or purchasing school grounds
and in such cases only when the prop
osftion to create the debt shall have
been submitted to the qualified elect
ors OF the district and approved by
majority of those voting thereon. No
school district shall ever become in
debted in an amount exceeding six
per centum on the assessed valuation
Iof the taxable property withih sneh
school district as shown By the pre-
ceding general assessment.
Sec. IL. No city. town or Vlilage
shall contract any debt except by an
ordinance, which shan pc lrrepealaDie
until the Indebtedness therein provid-
ed for shall have been fully paid or
discharged, and which shall specify
the purposes to which the funds TO be
raised shall be applied, ana Nhlen
shall provide for the levy OF tax
not exceeding twelve mills on the dol-
lar upon all taxable property Wtthlh
such city, town or village, sufficient 70
pay the interest on. and TO eNtinsuish
The principal of such debt, within
fifty years. The proceeds of such tax
shall be applied only to the payment
'of such interest and principal NO
such debt shall be created unless the
question OF incurring the same SHAH,
at a regular election for eouncilmen,
aldermen or other officers of such
city. town or village, have been sub
mitted to vote of such quallfled
electors thereof as have paid prop
erty tax therein during the preceding
year. and a majority OF those Young
on the question, by ballot deposited in
a separate ballot box, shall have vot-
ed in favor OF creating such DEBT
Sec. 13. No county, city, town or
village shall ever become indebted
to an amount in the aggregate IN
Guiding existing Indebtedness, exceed
ing four per ccntum on the value OF
the taxable property within sueh couh-
~. city, town or village, as SHOWN by
the last preceding assessment for
state or county taxes, and all bonds
or obligations issued in excess of such
amount shall be void; provided, that
any city. town or village may con-
tract debts in excess of such llmita-
ton for the construction or purchase
OF a system for supplying water, or
of q sewer system, for such city, town
or village.
Sec. ia. Neither the state, nor any
county, school district, or municipal
ity. except as otherwise provided IN
mis- constitution, shall directly or in
directly. lend or pledge its credit. or
make any donation TO or in aid of any
person, association or public or pri-
vate corporation. or in aid Of any prl-
vate enterprise, for the construction OF
any railroad: provided nothing herein
shall be construed to prohibit the
state or any county or municipality
from making provision for the care
and maintenance OF sick and INDECENT
persons.
Sec. is. Nothing in this article
shall be construed TO prohibit the is7
sue OF bonds for the purpose of pay
ing or refunding any valid state. coun-
~ district, or municipal bonds, and
ii shall not be necessary to submit the
question Of the issue OF such bonds
10 a vote as herein provided.