The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-10-11


any time exceed one million Of dol ,n.r
c%rsa,jny such debts shaiI he applied TO the
purpose for which they were Obtained. or
other burmese whatever.j contract debts
In authorization Of the receipt Of taxes and
revenues. direct Or Indirect: for the , nrr.
pbb,iI.aStnIs for shc moneys 40 borrowed
from snch tsass and revenues within one
year from the date o. tissue. $50. ....
pre.end. Tho ,tate nav contract debts, out
side OF those authorized by. the people. up
n, S To- ,hn Tina or source of repayment
Tho %scct,on as an.nIed strikes out this
provision ana provides ina, nniy q ms sai be cree cree.
aied by law within the amount and for
the objects Of an existing. spproprio lion.
~ mnst be naia within a year from its
creation from those taxes and revenues.
tinted c,don mower tn N contra"t debts. the state
NAV contract debts to repcI Invasion. sup.
press instruction. or defend the state In
t%racting Of such debts shall be applied TO
.hc utmost Tor which IL wa. raised. or to
repay such debts and to no other purpose
"na.tte rx,or. Oh. a.h,, s,eciaed IN
section y EsSep, sne Se nv, @prtic,e. no
deptl,l shall be hereedter Eon'. .uch debt
OF be nu ,",,nnns nv law Tor some single
work or object. to be distinctly specified
.nsrrlh. ~ III ~ n direct an.
proy'ae O. "a n ,nI svfaciont to pay, the
interes; ON such debt as it fall. due. and
liz ,o nav o" md discharge the principal OF
als9 70 pay ~ m, a,,w xssr. from Tho time
~ ,he oe"c ni,ns tbeyeSf.j On the fnsi
yps;:sss 3. ,s:. S!,, T. e, .S:'; S \. ;:. 81 ' :,
sras .n,i nav, 10 he duly entered on the
jo"rpais thereof, and shall he: "shail this
.hs .a "sr "mr 81 ~ reopIe:" no such law
shall a k effect until It shall, at a gen.
srni election have been submi me ,or 10 'S Of
people; ana have rT c ,Sa %arains, i, at
such election nor shall Il he submitted 20
ns s".s" non on "t "my @snerSi election when
pms oss.. sw. or any hill shnll he sub
mjttej 10 I've voted for or n~Eainat. ion
the final passage, Of such bill In eii hn,I
hou,e %, 'h he 'e AYES and noes. to he duly
Suffered on the journals Thereof snd sh ths
esms ~ receive the sanction OF the peo-
pie The legislature may. at any time
n, II, no. debt shall have been con
.n,ed 4, nursuance thereof, repeal the
same; and MAY at any ,imeI:l BY law
ai.Ih. or liability under such law. {; hut
the tax imposed by such act. in proportion
To- the debt ana liability which. ma, have
hen ,on.rao'etn IN ,arre and be irrepealable,
and be annually collected, until The pro
sseas thereof Ds ss1s' , nayf a"a to pa, pay and
discharge the interest and principal oil
such debt and liablNity.l
EAcspt the denis WEE nj, debts CON
nnu ~ |. ~. sta,c after the srcond day
Of No. enber. one tho..snd ninS nSnd ,Is%
anu ntseTm. s,ss - hereafter made and
.mas.tr "c.tIor ri ANY such debt from time
TO time 40 ron.rsS.s" Tim anal he paid
ternss = w. instsiunrnts the frat of
Wh,ci, shall he. payable not more than one
year. anu tnr ~ afSr Years. after such
able not m"sI thereof shaiI have been
cont rncted: 40 sucn ne"s Sor n neriod
t~hortred .haiI w w NV. nrobnb,e life oi
thew IL. WORK Or object for which ths debt Is
tn be contrncten, .sr,inatIon shall bs
emi laws ""'e"
The legislature may from s.mS M ,""u
alter the rate 81 ln,s' - I..er or may h
authorized pursuant 10 ,nnrr, ~ snch debt
this section or upon NJ! ss IT. m inter.
provided no mS" ss altered upon any part q
such debt or upon any BOND OF shs,i Is,
dcnce thereof when nns ",, Alteration.
The money arising from any loan 10,
's,ockl creating such debt or haV,ssy
shall lie applied to the wHnS inr sucf
} Ent 0lNtl II Nht an
debt or liability, or Tor we "a Tor n,
such deb, or LIABILITY Il sucS Law
other purpose whatever. W. yo,.d OF
within three months a.!va Wien an,
or at any genera eSnsii he submitie
other Law, or any y, sainst. The iegis
to he voted Tor o' ae,rha ,s.ue OF bond
lature may provide 10Y u narIod not ex
81 the s!t,c l." run I,Ismn o. bonds here
, ,sss.Ss au,3or!,ed pu', NOT issued and ,o ,ha q
impose and pr9'id, fW"r- IN. payment o
a direct annual al ,nrc reSuired VINE,
the same as herc'hoei.tr 'vpder this sec
any sinking fund createn III. dah, 10
iion shall eguai ~ .h' no further iirec
wh'cnb ail be levied on account Of sai,
sinking fund. anu tne n,annt equal 10 tn
ducc the tas ,o avn snrh Icht, The legis
inture may from time 10 ,nme s NV stat,
rate OF tnteTes, ne nav be authorize
debt, when n ~ p"rnvisions Of mi. section
or upon any pare rate. Of interest shal
W. emr,i unon ans par, ~ such del,
OF, upon any bond or o'nsf f'i be- Created .
Mssniishh betore such alteration. In case III
i nsTsT Increase ,he rate q !n,sre,,
upon any SUN nl proyiis Tor the collection
sgfa,' d t,rp annua tax to pay and snnieien
20 pay, the inerease,h o,i Or due n and aiso /
on sn,n1 %ischargs the principal OF sue
rpaaSg, within MY years from The time 9
The oontraesins ihS bs .inS Rma snnd m apS
PIRATE anhua,,; GG,N, % nav such intere,
In amount su'hit'eh III. principal Q
and pay amt i. shsi, become due an
such dep' "he" " "
pGyapIe.l =, -m.,,ue,, IN ,bi. SCI
Abstract-The ainenun,en' TO 81 sc,
ton makes me ,oitow.as sc"nr,d h
present. state bond issues y ssd nncc,
sinking funds, which havs pr'Teu rom
tain. complicated, eSpehs'Vt ~ svhs,i
The above sectloh a. hon
tutes the simple ana a aedpe also preven,
system Tor the s.ate' 80, ssnea To NJ,
lons term poh' i,ppp"vc,nnnis II provide