New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-09-25
STATE CONSTITUTION.


dollars, without limitc tion a. 60 the time or
source Of repayment. The section % amended
sIiAes out TINS provision aud provides that a
created 10y Law within the AMOUNT and for the
objects OF an existing appropriation. IN antci-
patton Of taxes and revenues but II must be
paid within year from it, creation from those
section 3. In addition to the above limited
power 20 contract debts. the state may con
tract debts 90 repe invasion. suppress insur.
reCtiou. or defend the state 10 war. but the
money arising from the contracting OF such
debts shau Dc applied to the purpose for which
50 was raised or 20 repay such debts and 20
10 other purpose whatever.
sections two and three ~ this article. no
dcutlsl shall he hereafter contracted 10y or IN
b"ha Il ~ this state. unless such dcht shall be-
oh'-Ct. to be distinctly spec,aeS T tboSel NJ
and such law shall impose and provide FOR
thc collection Of a direct annual tax 60 pay.
and sunicient 10 pay. the interest on such
charge the u,lnCpal 81 said delt within city
years from the tine ~ tho contracting there
OIL on me pndi passage ~ such bi.i IN
either house 81 me legislature. tho quesf,on
s10H b idhf1 bt rfGS and nays. ~ D. dnIy
crIrrcd oH me journals thereof. Cud Shou BE-.
NfQt I1S DiN p0ss ana ob0h me same 20
f'rctrf fbt sanction Of the pcoqicg" No such
law shall take effect uBtl II shall. at a gcn-
,7al election. have been submitted 60 The pco-
pie. and have received = majority 81 an the
votes cast for and against IL at such election
no. sh1t a. De- submitted 70 be voted on iCithtn
fhrfe months oftcr its passage nor at am oer-
shci Do submitted 10 b. rofcd for or aoairsi
Jon the nual passage OF such hnl IN either
loI>c ~ the legislature the question shall la
taken 10y ayes and noes 20 be duly entered on
the journals thereof and sSn be- ''Shall
THIS h.u pass and ought the same 10 receive
may. so any time after the approval Of such
Law by the people. n no debt shall have been
same ana may az any tmet,l hy law J for
bid the contracting ~ any further debt or
pScd y 'e9c s s sc s 995 tn the 5 tax aeR
and liability which may have been contracted
iu pursuance Of such law shall remain I'm
force and be- irrepcalable. and Doe annually col
Ieetcd' un'il me lI",crus tncreof shan have
made the provision hereinhefore specified 10
pay and discharge tho interest and principal Of
such debt and labilty.l
Lrccpf fhs d,bts specified IN sections tioo
~ the state after the second cJy OF N0rcri-
pursuant o. ga authorization fhCrcfor hereto
fore or hereafter made and each portion II Gnp
such dot from time 20 time so contracted IRE
anal De pad tn qua 0nnaqi tnsf0lmcnts. the
frsf ~ rhich shan De payable not more fh0n
one y,or. arA he last q uh1ch shall be pay
G5ie not more than WtV years. after such dot
No such debt hereafter authorised shah be con
froCf'd for q period longer than that u tho
he d,bt Is 70 be contracted. 10 be deter
~ med by ocr0di ldCS, tcEich determination
sAGf Dc conclusive.
The legislature may from time 70 time. alter
the rate Of interest 30 D. pad upon any state
DEBT which hos been or MAJ Dc authorized pur-
s1qrt 10 the provisions Of THIS section on t,pon
CNH part o. such DEBT, prorided, hOWcrcr, mat
the fGtc q interest shall no; De altered upon
any part Of SEch DEBT or upon any bond or
otfD eridcnce thoreof ictlch hes ben Or shdll
Dc created or issued b0Ore such GlferGft0H.
The money arising from any loan or stock
creating such debt or liability shall he applied
10 the work or object specified In the act au-
81 a.~fr 80 70 H..
inent of such debt or Liability j snd for no
other purpose whatever. - such law shall
months after its passage or at any general
election which any other law, or any bill shall
be submitted 90 be voted for or against The
legislature may provide for the Issue OF
bonds Of the state 10 run for a period not
tSFo-e s'7thorizod but not issued and shall i'm
pose ana provide for the collection Of q d.
rect annual TAX for the payment Of the same
as hereinbefore required. When any sinking
fund created unIeF thls section small equal
In amount the debt for which 10 was created
no further direct tax shall be levied on ac-
count OF said sinking fund. ana the legisla-
ture shall reduce the tax 10 an amount equal
legislature may from time TO time alter the
rate OF interest 70 be paid upon any state
pursuant 10 the provisions OF this section. or
upon any part Of such debt. provided, how
ever, that the rate OF interest shall not be
altered upon any part Of such debt or upon
any bond or other evidence thereof, which has
been. or shall be created or issued before such
alteration. In case the legislature increase
part thereof. II shall impose and provide for
The collection Of a direct annual tax 10 pay
and sufficient 10 pay the increased or altered
Interest on such debt as II falls due and also
10 pay and discharge the principal OF such
debt within tfty Years from the time OF the
thereof and shall appropriate an
nually 10 The sinking fund moneys In amount
sufficient 10 pay such interest and pay an1
discharge the pricipal oi snch debt when Il
shall become due and payable
ABsIRACT-The amendment 20 this section
makes the following changes: At present,
funds. which have proved uncertain. com
plicated, expensive and dangerous. The above
section as amended substitutes the simpler
and cheaper serial bond system FOR the state
and also prevents long term bonds from be-
ing issued 20 pay for short lived improve
ments. y provides that state dcnts hereafter
contracted. by the issue OF any bonds under
"a vote Of the people, whether such Vole VA
taken heretofore or be taken hereafter shaH
be paid of In equal annual instruments, WITHIN
a period Of years which shall represent me
probable life Of the work or object OF SUCH
bond issue but not more than fifty years
such probable life shall be determined for
different classes Of works by general law
which determination shall be conclusive, g.
Section 8. The sinking funds PROVIDED Ipr
the payment Of interest and the eXtlnsulsh-
ment OF the principal OF the DEBTS oi lhe
state heretofore contracted 6hdH Os con, r.
ued; thcy shall be separately KEPT anu saleIF
invested ID and neither OF them shaiI oe ~
or used in any manner other IMAM
FOR 1.-The specific purpose for which II shall
have been provided such poyment gnd T sf.
tinotashineHf as hereinafter prorlded me
com btroller shall each gear dpprdiSo IHe Sc
Curttes held for irrcStWcnt an eGch OF SboH
ceedin0 par. He shall then determine Sid
certifV 10 the legislature me amount o. tdcE
Of such funds and the amounts tchich, a.
thereafter dnnuaily contr.b Wsd to eaeh SIG"
fund tcould ,citE the fisid and Nth me
thereon and upon the contr'.
buttons thereto, computed at me fdte ~
thrse per centr'n Pt ommat Pff0& me DEBT 10
retire tchfch such fund tcds created, ara he
legislature shan thersHpon dppropT'dte as t"e
20 each sHch j"ha HI SUI"
gear at least the amount thus cert'ped
II the income Of any such JGnd IN any
year Is more fhon sur i0 .1tI t,'nH Az
rs GocamulGtfonS as Gforesdia, rctHe tne aeO'
al maturity, the eIceSS income may De GP-
Piled 10 the Interest on the debt tor Whioh me
X}tsy am sinking fund shall equal IN
amount the debt for Uhtch " WoS C,euteu
no further contribution ShGl! be made theret0
eTcept 10 noIe good any losses dscerfaiHed
at The annual opprGisdis dOovo meh i5 a.
and the income thereof shd' De aPb'eg l."
Inc pq1fmeaf Of the interest on Sbch dtCt
a., ,rceqs IN such income not required lor
me paDmcnf Of interest may be Gpp"ed 10
me general fund Of the sldte. .-o, ,,,,,o
The legislature may also " Gs"t1' '"N'
prouidc mecu8 ard authority WhcreyV on.
5 tandtng bonds OF fhe state, fof ''hloi sun
ia funds are prOridsd. nl0V DC eCchd"ytg
~ ~ for cancellation, f0r serial bonds OF
a.. for;gn o,.fhor.scd under section tOur Of
fLLs article upon such terms ana cOhGitiOHe
,e 10 interest and CfhsTtCtse as % may m as
,ifscT,f.gU authorize or determine. eIcept thut
~ dsbf as thus refunded SHAH Andty mature
"a he state than TIC Original dtOtj I"t u'
fecmina. ION Of nc legislature as 10 sscH c o
pcrattUe cost shall be c0hcltstOf' 20 i.,."gJ'
F0afy-. buttons % the RESPECTIVE sinN,Hy J".u'
sGGf BE- made on account Of boads 50 e.
Cbo,,ocd and the proportion Of ahy ouch SIM
80 t,,Td trhich ne amount Of enc oohaN so
~ tII,,o@d sbqU bear 10 the amount OF Do'o'
oufstqnding Of the same, issue m0y DC aPpto-
,~.0fed as required. for ne pUDW'ht % "''
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