The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-09-25

any time exceed one million Of dollars.
and she moneys arising from the loans
creating such debts shall he applied to the
purpose for which they were obtained, or
to. repay the debt 80 contracted, and to no
other purpose what,,cr contract debts
In anticipation Of the receipt OF taxes and
revenues. direct or indirect. for the pur-
poses and within the amounts OF appro-
priations Heretofore made; bonds. or other
obligations for the moneys SO borrowed
and shall with the inieres, thereon he paid
from such taxes and revenues within one
year from the date Of Issue.
AbstriCt-Thc amendment TO ms sec
ton makes The following changes; At
present. the state may contract debts. out
side OF those authorized by the peop!!c,. UP
to one million dollars, without Limitation
as to the time or source OF repayment,
The section ~ amended strikes out mus
FOR temporary purposes only may be, ere
ated by law within the amount and Tor
the objects Of an existing, approprlation
in anticipation of taxes and revenues but
ii must he paid within "A year from It's
creation from those taxes and revenues.
Section 3. In addition to. the above
may contract debts to reprl invasion. sup
press instruction. or defend the state In
tracing Of such debts shall he applied TO
The purpose for which Il was raised, or to
repay such debts and 20 no other purpose
section 4, Except tho debts specified In
sections tive" and tire" % this trti.lg' 70
drhtts1 shall no hereafter contracted by
or in behalf NJ this state. unless such .leht
shall "" authorized nv law. for some single
work or object, to b" diNtiuCtiy specimen
therein. /. aud such law shall impose ana
provide for III" collection Of a direct an
nual tax to PIX, and snffc''g' To Pay tn9
also 30 pay and llsCharg" he principal 81
such debt Within nftN N"ars rom thc nme
Of the contracting, ,thcrentl On ms ma,
passage ~ .rrh hill In either house ~ the
Legislature. the question shall he tnken by
yeas aud NAYS. to he duly entered on the
journals Thereof. and .hn'i ne. shall .h,s
the sanction 81 the propic'" 80 such Jaw
shall take eject until II shal. NJ = gen
people. ana h1y" received u majority OF
an tho totes cast for and against u AZ
such election nor shaii II he submitted 20
he voted on within three months aIter us
passage nor mt any general election when
amy other law. or any hill shall he sub
mitied 90 he voted for or against ~
house OF the legislature, tn" question shtll
be taken by ayes and noes. 70 hs du!E
entered on the Journals thereof, and shaIl
alwr q, rrc.ivr tho sanction Of the pe'-
nj, ""l The Legislature may. at any time
pc 10 go. y no debt shall have been con-
'ra,'rl foo pursuance thereof .reptal me
,,mg, n3d may At cHn 10 'n IL, E INV further
d,u' n~ liability under such law. l; nut
the ;,y imposed by such act, y proportion
To- IfHN Nth' tfl lltNHIlAN " ~ - 49, [
hc,u contracted In pursuance 81 such, Nv
shall remain In force and b" trrepetIihie'
and ~ annually collected unill tht prn-
goods thereof shall have, made INC pro
vision hereinhefur" specified 20, pay ahl
discharge the interest and principal VI
'",n .r,' the nnd i.b ,,', specified In sections two
and three Of this article NJ deDI- GU.
tracted by the state, after tue se'nnm w.,
Of November. one thousand nine huhu,eu
and fifteen. pursuant to IN AUTHORIZATION
therefor, heretofore or hereafter made nnn
each portion OF an, ,"fn aSe Of the
terms Of such authorization. shall he pain
in equal annual in.ta,ment>. thr nrs' y.
which shall he payable not, more = one
,ear. and the last " which shall he pay
able not more than ATTY years. aI,er ,ucm
debt or portion thrre", ,h"m nnner an.
,borireJ shall he contracted TOR u .periou
longer than thnt Of til" .pro"an,r ny ~
IN. work or object fOr which the hrnt -
=" Ia. .ontrn,ted. To lie determined by gen
eral laws. which determination s""" '"
conclusive. - finn.
alter IN. rate Of interest I" hr i,nid upon
an, state debt which ha- been nr W., ~
authorized pursuant % me p ~" ,.b,'
nro,jJrd, however. that the rate OF inter.
est shall not h. altered urIn any um'. y,
.ucb debt or upop any bond or "tner ~.
d,nre thereof which has been or ,han ne
created or issued before such alteration
The money arising from any VHS.uhut',v
stockl creating such d'hl 81 'nohtc,t
mail he applied to tho work or "pl''h,
specinei in the act anihoiizinE ,d,Ht
.nrh debt or llahI.I,y IT, and Tor no
,1b,r nurpose whatever. 40 sh'h NV
.hali bc submitted t. he N",Si ~,
,t,hi, thre, months after It's p''s'E'
N"",,. ,"v general election when any
otbsr lnw. or any .bl!! snail be Snnni,,;"
"a" nv oroyile Tor the issue of bonds
Of Inc s.itc 90 ran Tor q pSri"u n"t -
ceedlng hfty years IN leu OF U'un nI M,
tofnrc authorized hut not issued an sha
u,noss and provide Tor the collection ~,
a direct annual tax for the payinen, %,
re same as heretnhefore required w h'I
sn linking fund created under this So,
In ~ III equal In amount IN. zen, "a!
witch IT, vas created, n" further me-,
sinking rind. and the Legislature Shal' re-,
ducc the tax 10 an amount eiGHs ~ ,n.
Y'rruiug Interest on such dent, III l'Et'
i,tIra may from time 20 time alter the
ra,s Of Interest to be paid upon any Stnl,
debt. which has been or may pc 2u' Ivan
pursuant 80 the provisions OF nus N''i"u'
~ uoon any part Of SUCH debt, proNliei,
/ how ever, that the rate OF interest, M,
NOT he altered upon any part OF sugh hrn,'
which has been, or shall be .create' OF
issued before such alteration. IN 'hse iht
icgisl1,ura Increase the rate OF interest
upon any such debt, or part thereof, J.,
snail impose and provide Tor the, rntayIilp.
an such debt us 1t falls du" and also t,
pay and discharge tn" principal OF su,i
| debt within nifty years from ne ilnlt "I
~ contracting thereof. and shall appro'
nnria,e annually to the sinking fund money
in amount sufficient to puN su'h lnier's,
,nrd nav and discharge tho principal OF
such Ileb, when g. shall become uue ana
. ~ ythl".i nt
tb.,' NIKE. mo following changes ~
proeput. state bond issues are se'uf"N hN
sinking funds, which have pr@Nel un.'t'
I tain. complicated. expensive" ans d'nett"lS
tn. thuNc section 81 amended ShhSll,
tufc. the simpler and cheaper ~e1lt h"u'
-, i,r,,, hands Troru beng issued to pas
p Tor short lived improvements. II provide
that state debt. ner"3i'rr .n.'E',i'I ~
/ the ppoplo. whether such vote was itken
/ heretofore or he taken hereafter. maj
he paid on I'm equal tnuua. iH-t1lments
within q period ot years when 'A'tl rep
resent the probable III" OF th' NrTk OF
object Of such bond Issue ny re- NOR
he determined for different classes Of work,
~ general law, witch I"tcrmiuntlon shall
section g. The sinking funds provided
for the payment Of intere,i, ard me eXy.
ungndSnmrn' mere. o. fore contracted shall h,
continued; they shall r' separately KEEP
ana sit,jr Invested M ~ neiihrT n 3'
manner other than Tor 1.-THE specific purpos.
for which n -htll hay" bon provided
such payment and cytingui,hmcni as here,
each yrnr appraisr the securities held foi
Investment in each Of such funds ut theii
fair market value not exceeding. par. III
shall then determine and certify to tn.
Legislature the amount % zach of such
funds and the amounts which. 10 thereafter
annually contributed To each such fund
would, with the fund and with the arcu-
mutations thereon aud upon the "ontri,
buttons thereto. computed Mt the rate OF
three per ccntum per annum, produce nj
the date Of maturity the amount of TIL,
debt to retire which such fund was created
and the legislature shall thereupon Rppro-
pirate N the contribution to each such
fund for such year Mt least the amount
thus certified.
II the income Of any such fund In any
Xaar L. mnre than "A Anm which. III ANNUALLY