New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-10-05
STATE CONSTITUTION.

,irise, out hi, provi,ion and provide. ts.t
80 NW i.r wntSrs{ purpose, only asy b
$3.50. " "a" wlthin The amount ssd Tor tbs
sefcu o. an sristiEs appropriation. liz ssuci
Rtsn u href snd revenues hut Il nust 3.
liIo wihs y.sr Ire. ~, crestiss frou tio-.
tAAe. end revenuee
Section s. IL ,dsiuou te IN. .bo,. linn d
Pc-,f % eontrct debts N, stat. sasy cor
80 ases 70 r'p'. it',sios, 'lppres, in,gr
,eoSSa' .. etfcns he 't.,e II var bot th'
moap stis.nt from t5e contracting 81 ,u,t
oepi, 'hsi. - applied &c III, purpos. for -bici
i "s' rsisso. or te repay such debit, and &
rc other Purpose -hstrvtf
Section 4 Except toe debt, .psc,a.d n
uori ivy sne TIRE. Of this Article nS
sest,, 's.li b, hereafter contracted b; o. 4,
.staor'iee ey Nv for SON, s.ng, work Of
sslecL to ,, distinctly ape. led therein
and such AZ sAal! impose snc provide 81
ne cc.lec ucs Of a direct snnus, TAI TO pay
and 'clcisu; to pay he interest en- sucl
atet A. :; fsls due. snc also 20 pay md d.
cnsrgt Tie or.ncipsl Of u.d d,bi within snl
o. o. ihe troi pssiss. 81 ~ s,.i y
cih- ho's, o. re lcp,'ature fAs sp,snor
S'e" e ioFea ~ ~, a-d -es, 10 ;, dub
srtsfea O. "a, journals tAcrsof. and shall ~
sAeH tA.s sni pass s.a ought fA> sar- %
recote ne ,eScffo1 or fse ySoTicf" 40 such
~ ,hsi. IA. eject unti 81 sbsu. Of gen
tisl eietuon, ht'e osen submitted 70 the PEG
PIE. AID have received SHORTY OF su The
Nots' csst for rsd against II al such election
n,er hs" BE- ne~.ited 10 b. rsfSa OF teitAt7
fAfee r'o1fn sffer Gi psssosc nsr df o7y esn
80. e.tcf'o- NAe7 s7p ofh'' is~. o. ong biu
sAda Dc ~ b.slffod 70 b. rof,d Tor o. Against
ION the susl psssss- Of such bill IN either
tsscn By .yes aud noes 70 lie duly entered %
the journals thereof and sssn he "Shau
this Oil pssA and ought the sane 20 rscelv -
the ssnc;ion Of the pcops''l The Legislature
may. at any tirls after ths sppiovs. q such
la- ~ the people. II NJ debt shall have been
contracted 10 pursuance thsreor. repeal the
san. snd MAY al any timet,l ~ lavt.) for
bid ne contracting OF any further debt OF
Asoihy ondet .uch law pat the tai I'M.
tse hSbiiy which may have been contracted
10 pursuance o. such law. shall reaEia q
force sno be iFTepeslsbls, and be annually col
lected. until the proceeds thereof shsll hsvs
made the provision heTeinbeiore spe,ihed 10
pay and dis, hsrge ID, interest and principal OF
such debt and lshility.l
sHd fho o. fht drtose, oil debis contracted
st he sfaf- ofi>r he second d0p Of Nercrr-
be-, eve fAotsaH5 nire hundred AID 6';,cn.
r1fssdnf 10 a. ssfho'tsoi'or Therefor. hereto
fore Or hrreoffer mode AID esch portion Of d1v
tvch E>bi from TINE 10 firre 20 contracted trr,
sgVf'ts Of 'hs terms q tseh authorization.
f@sf Of Shes ths.! % payable net more hdS
..s ,ea,. ard &c 's,i o. Gheh .AaH Dc psY,
Ne stch tesf hcrc1ffer GHfhor1trd skoA be cen
ffocfcd fof a Pertod ieHgN than thef o. the
frsssss re o. -. 'eers ., sAi'et e. Thea
ri-es b. Senco! lsNs. vnich differentiation
shSH Dc cesclsrrs
TIE iefis iGfvre roy FROM ffr7t 10 fS~ps e!f-r
ns rot. Of lnfoeU 10 Be poi1 spor a., state
debt sheh has seer o. nay BE- eufhortset pvr-
ssonf 10 me srst-sSons 81 ira section o. spe~
:.,y ys,' q ,ses e. yi',1se1 ASTsrsI "a,
sry por, % sYeh sest o. upon on. bood Or
sfher cridsnre thereo( vhich has bses o. shall
b. erected o. i,saes before sYeh citsrotto~.
Ike money Arising from any loan ,or stock |
creating such debt or liability shall Sc spplled
10 the work or object specified in the act su-
thorizlns such debt or liability. or FOR the pay
other purpose whatever. No such law shall
he submitted 70 b. voted on within three
month. after its passage or at any general
bs submitted 10 be Notel Tor CT against Ihe
legislature may provide for the issue %
bonds OF he state 20 run for a period not
90. asth 'c' Sat not Issued ana shall i'm
pos. ana provide for IN. collection O. al
=, h.r.lSs.,o-. rso,iired' Wien any sins.ns
fund created under this section shall equal
In amount The dsbt for which Il was created.
no further direot Tax shsl! be levied on sc
ture shall reduce the tax 10 an amount equal
to tho sccruinE interest on such debt. Ths
rate OF interest 10 be paid upon any ststs
debt, which has been Or may be authorized
pursuant TO the provision o. this ,ec:ion. or
ever that tbs rate OF ipterest shall rot Re
altered upon any PAT Of such debt or upon
ben or ,hslI he created or is,ued before such
alteration. in case the legislature increase
tho rs;s OF interest upon any such debt. or
n. eolIectiss Of a direct annual lax 10 pay
hne on sacS dsst a. +; falls du. and .lso
pa. pd sS 1. ~ y. X. PIN. Of Of
contracting thereof. and shall appropriate an
nuslly 70 the sinking fund moneys in amount
sufficient 70 pay such Interest and pay Anc
discharge the pricipsl OF such eeet when u
shSli become Cge and ptythle
AssrnAcr-Ths amendment 10 this section
,s.. s6 IN; . .,S,. g.. 'A :.eCf.d s. SaI
funds which have proved uncertain. com
plics,ed. expensive. and dangerous. The above
section as amended substitutes III: ,inpier
and also prevent. lenG term bend: from be
ms issust to pay tor short lyed lmprc!.-
II. . sa ~ :. any 1'I scnds
6 ,ot. Of the people, whether such vote wa
taken hsretefers Or be taken hereafter ,hall
be paid on IN equal Aqnusl insis4Insn.s 49, n
q period Of yesrs which shah represent lhe
probable lie OF the work or object o. fuch
bond issue, but not more Than hli{ yests
which determination shsll be conclusive
Section S. Tn. sinking funds pIoyideo tSr
rnent Of tho principal Of the debts OF me
state heretofore CONTRACTED shdll be oorjin-
sea; me. shall be separately kept ana isley
proprist.A o. Used in any rasnn.r ether nan
for l,h- specific purpose for which II snA.l
n n,e nm as S-rs;nSffer provided TIE
comptroller shaN each pear opprasse ne se-
cu-ii,es held for invesfpert IN each Of sveh
funds at fheir fosr market ve,ue not "a,
ce.d4no par. n shaII then de'err'fne and
oerstfy 20 the legislature the o1ro.nf OF eSon
o. sGch |rnds oHd the amounts Uhtch, K
the-salter annually contributes 70 eeon ~
accu,,pIetIons thereon and UPON the ooHtr1,
buttons thereto. computed az re fete
three PEI CERTAIN psT onns,', pT0e ss s@s. z.
refire tchich such furd toos creoted, and re
legislature shaH thersvpon oppropT'ate as ths
oontr,sAn ,.. 70 esSn o,,s ss' ts,, esIt4ed
II fbe income Of ANY sNch tsrd 81 any
p,oY - more than sun Vhtoh, n dnsro'1!
edded 20 sveh fHnd 'oot.e. ",t" .ns !s ~ IL
SIS occp-n1latiOns as Aforesaid. renTe We asD'
al maturity, the crcsss f~cofne '1sv oe dP-
phed 10 the interest On the Seet for t0"ich me
Itter onv sinking fund shall e7saI 'n
o-no4nf the debt for Uhich ~ tods crediea
no furfhsr contribution shall be mode thefets
ar *. onnnaI apyruisals above mentioned,
ava IA, INCOME Hereof shall be Gppl,ed 10
the payment o. TIE interest o" sa.n ae %.
Any >Tcess IN s1sch ineofne not 'egHred lor
IN, po.menf o. lsievesf ntcs Dc spphta 70
the general lun1 Of the sfate. So,
The Ise.siature may asso oy eenrS' 'o '',
stond,nO bords o. me siafs. 10, 'Ohtot So;
,,o funds are crowded. may Dc e1Shar1es
OF por for corceWotor, lW se'1p' Ss''"o
~, Je.r, author,rsd under s,ci'or fos, u
ms article, upon sveh terms ora oenaiHons
a. 10 interest and sther'cise as 80 rnat IN u |,
A,c,sttor a.fhor,Ss Or determine. ercepi tho9
"a, debt as thus rers~ded shoII fralIy r1at"rs
~ later snd at no greater compdronte eyt'
70 tn state thon tie original aeof, 'ns ae
Of the Ie0tSiofurc oS 10 sSen com .
earat,ve coat shsH b eo,eis'ire. 70 ITlhs'
sorfr, h~f,ons 10 the respecfiVe st"NirS IHHes
shaIi be p,ods Q, account % bonds 80 e.
changed a,d the proportion Of ont stcN s'nt-
t.o Turd ,phtch tbs enonnf o. the sonas 20
ny <-'-d .tou bea- 10 the Gnoar: Of BOND,
..,.1rsin. 81 RE same tssue rsct Do eppfe-
stated. Gs required. Tor the pd.fne''' o. '"'
suksftfuted SERIAL BONDS; 49,. ,.,o,
AHsraACT The smencInent 70 tn'' 49,,
,r.p,s fhe following changes Az peeeht,
70 the stste sinking iuhos V.S
a. .r,ov,t ard are uncertain. Inc ABOVE So ,
- -. arended provides for automatic ana