The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-09-27

any time exceed one million OF dollars:
and the moneys arising from the loans
creating such debts shall be applied TO the
purpose FOR which they were obtained. or
TO repay the debt 20 contracted, and TO no
in anticipation Of the receipt Of taxes and
poses and within the amounts Of sppro-
Drintions heretofore made; bonds. OF other
obIi5ations for the moneys 20 6crrowed
and shall. with the Interest thereon be maid
from such taxes and revenues within one
year from the date Of Issue.
Abstrsct.--Th amendment TO this sec
ton makes the following changes; AZ
present. the state may contract debts, out
side OF those authorized by the people. up
TO one million dollars, without limitation
as ito the time or source OF repayment.
The section as amended strikes out TINS
provision and provides that a state debt
for temporary purposes only may be. Gre
ated by law within the amount and for
in anticipation Of taxes and revenues; but
1t must be paid within a year from Its
creation from those taxes and revenues.
limited power 10 contract debts. the state
may contract debts to repel INVASION. sup
press instruction. or defend the state In
war. but the money arising from the con-
| tracing Of such debts shall be applied to
the purpose for which 1t was raised or TO
repay such debts and to ne other purpose
whstevsr.
Section T. Excep, the debts s~pecined in
sections two and three OF this article, no
drbtts shall be hereafter contracted by
or Ia behalf OF this state, unless such debt
shall be authorized by law, for some single
work or object. to be distinctly specified
provide for the collection OF a direct an
nual tax to pay. and sufficient, 90 pay, the
also TO pay and discharge the principal OF
such debt within flfty years from the time
passage OF such bin in either house Of the
Legislature. the question shall he taken by
yeas and nays. TO he duly entered on The
hill pass and ought the same to receive
the sanction ~ the people?" No such law
shall TAKE en,S, nnt III. II shall at a gen.
people, and have ~ceiv III a majority OF
all the votes east for nd assins, " AZ
he voted on within three months, after Its
passage nor at any general election wnen
mn, Other law; or any om. snail 1e ION ION
IN" finai pAsase OF such bill in either
house of tho Legislature. the question shall
entered on the Journals thereof. and shall
be; shall this hill pass and ought the
after the approval of such law by the
people, II no debt shall have been con.
same; ana may At any ,imeI.l BY law
IL forbid the contracting OF any further
bt or liability under such law. 4; but
10 the debt and liability which may have
been contracted in pursuance OF such law
shall remain IN force and be irrepssiaSis.
cecds thereof shall have made the pro,
vision hereinbefore specified TO pay and
discharge the Interest anu principal Oh
such debt and liability
Except the debts specified H. sections two
and three Of this nrticle. all debts ron
os Snr.wber' one thousand nine hundred
and fifteen. pursuant TO an authoriiation
tnetetoa. ncn Isht from timr
70 time 80 contracted irrespectiye Of the
Terms o, such hu'no..l..... az. 0rxt ~
In equal annual ins.s''m nns than one
year. and the last Of which shall be pay.
able not more than nity yraLs' sne. Wv.
cont No such debt hereafter an,
thorlred shall be contracted .o, pstt'ovv
longer than that ot snr rh,c% he debt l.
to be contracted, TO oe astcim.me" ,i n.
erai laws. which determinn''"" s""" w
The Legislature may from time 70 .ime
alter the rate OF Interest TO be pa,a upSn
any .,s,r 'r rmr. "nnt to the provisions Of
this section or upon any part OF such ueot'
provided. however; that the rn,c .s' ~
such debt or upon any bond or other e,l-
dcnce thereof which has been or snan DC
r.. roorsv Arising from any loan Tor
s,orh "reating such deb; or liability
shalI h. applied to the work or object
.aA.fAa In the Agt HntnOflLlNE Ftth
-, - ,t,b,i,y. or for the aymen OF
.nrh doh; or liability III and for no
Ne nurpose whatever. 'tNo such law
sh.s ., rse months after its passage
49," suy general election when any
monr ia~ or any bill shall be submitted
oa"ehn 'So.d Tor or against. The legis-
$3.50 ,av nroyile for the issue OF bonds
!.'.t" 80, To- run Tor a period not ex-
$500 "a, hnrized hut not issued and shall
ii1mpose AMI provide for the collection OF
lApV Nv 49,. aHp,an n
a ufent M hsreinb.for. required. when
anv sinking fund created under this sec
,lph ,hn" az" created, no further direct
tax shall be levied on account OF said
sinking fund. and The lssisla'u5s hal ,ss
aaucrriny in,erest on such debt. The legls-
iature may from time TO time alter the
daht which has been or may be authorized
uursuant 10 the provisions OF this section,
Or upon any part OF such debt. provided;
n not be altered upon any part OF such debt
or upon any bond or other evidence thereof
which has been; or shall be created ,Soss
legislature increase the rate OF interest,"
upon any such debt, or part thereoi: ~
OF a direct annual tax TO pay and Sufficient
to pay. the Increased or altered interest
on sG, na a s,.t n sT the ppineipai Of such
debt within hfty years from The time OF
the contracting thereof. and shall appro-
In amount sufhcient to pay such interest
and nav and discharge the principal of
such debt when IL shall become due and
payahIe1
Ab.tract-The amendment TO this sec
,ion makes tn. following changes; At
pres.nt. state bond issues are secured by
sinking funds. which have proved uncer-
tain, Complicated, expensive and dangerous.
The aboye section as amended substi-
tntes the simpler and cheaper serial bond
system for the state. and also prevents
lonx term bonds from helug Issued to pay
FOR short lived improvements. II provides