The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-10-25

purpose for which they were Obtained. or
to repay the debt go contracted: and to no
In anticipation Of the receipt 81 iakes and
revenues. direct. or indirect. for the pur-
nristicns heretofore made: bonds. or other
ohl ixations for the moneys 80 borrowed
s .ns he be i..%:d a. wsy he r,c.idsd ~ IT,: .,J;
, ,'%% f RON" ~, 's., date :"" 9, T '..ss. WIN" ono
ton makes the following changes: At
present, the state may contract debts. out.
side OF thoss authorized by the people. up
a. to the time or source % repayment.
The section as amended strikes out this
hro'isinn ana pro,li.s that, a state aT r
ated by law within m, amount and Tor
the Object: OF ~. existing, approprla'lcn:
II must be paid within u year from, Its
creation from those taxes aud revenues.
limited power 10 c%omt,s", d.S,.. ii. state
may contract debts to repei invasion. sup
press instruction. or defend tho state in
tracing of such debts shall be applied to
the purpose for which II Was raised, or 10
repay such debts and TO no other purpose
whatever.
section 4, Excep; the debts specified In
sections two and three OF this ar;iele; no
or In behalf NJ this state. unless such debt
shall be authorized by law, for some single
therein, {. and such law shall Impose and
provide Tor tho collection OF a direct an
nual tax TO pay, and sufheient to pay the
also to nay and discharge the principal OF
such debt within nifty ycs,. from The .,rne
81 r.. ~. ' 81 .sss lin 'H n si,h., S S"u. ."t Of nj" tie
legislature. tho question shall he taken hv
yea. and nay. to he duly entered ~ ~
hIi pas. and ought the same to receive
the sanction 81 the people,. No such Law
shall take ehrc' un'U u shal, az = gen.
,rA lection have tseu submitted ~ inc
people. ana have received q majority Of
. a. he .ics yGt,' r "s.' .n sSG III 4. a .usn,,,,. I'd 70 70
ne voted IN within three month. nsser US
pn.>ass no, 81 any %xe",5s, r,rra'"" wmcm
MI an" I" Ts voted "a, ." sssic.s. Ton
the final passage NJ such bill in either
house OF the legislature. the question ,hs,i
entered on the Journals thereo'. and snsI
he: shall This hill pass. and ought the
sam. to receive tho sanction 81 tho Pc.
pie 81 The Legislature may. at any time
after III. aprrc,,' Of ,oSs hS Sy cone one
p!Tss"1e,.ei In % pur,usnc. thereof. repeal tn.
III forbid ~. contracting Of any further
the tax imposed By such sc.,. - propo,,ien
10 tho dSb; and liability which, may have
been contracted IN pur.usncs 81 sosn ss,~ Ne
and be annually collected. until the pro-
ceeds thereof shalt have, made the pro,
vision hercinbcfore specified 20 pay sns
.wch ies, ana Nsb'n'y1
Except the debts spec,;ed y, 'ects:ns Two
snd three Of this article. oil debts CON
smc,sd by the state after the second day
Of SovrvHber. one thousand nine hundred
and nr,rf +: SS;ss:" or t. s.r =. :%' made and
each portion Of any such debt nr""s ~.
to time 80 contracted i,resPrra,vr . q
In "sual annual in.taiment.. the ars' Of
which shniI he payable not more than one
, ,s;: u :%d m s@r ' ,Ssr q at S"; Years. after :.sh
,icSt or portion thereof shall have been
conirct-d; Sc such debt " ;1 r.-Ioi
i n"s !, ,hs" thst Of the probable ne q
the work or object for which ths Ieo, Is
20 Z ,"~.' Which REORGANIZATION shall be
: i.si.,.,u.: MAY from y" ~ time s., e s s'%s
~, .tsSe debt which hss been ~ may We
.sihsti.:d pursuant 4" the r =; sa:S %-s J.
,%t: action how =" -. S ~. thai . IL. rate Of ,n,er;
sst shsiI nat b- altered upS" Any ps', Ell.
..cs DEL: %s, Or ".H %scs ~" S.s "' %s.n - or shall he
crcst,d or Issued before such alteration
rhe money arising from any loan tos
| s,ockl creating such dcn, mr. ob,ec,
snsci os o. ffppp'he &C, au' horiains such
deb, or liability, or Cor the paynrn' n oe
such deb, or liss,s,y III No ono .ucH law
other parpos.b n,,,sa % b. voted on
vi;hin ,hre. months after us pas
oot,bsS' law, or any Sill shall he sib.nit.sd
to he voted for or as.lms, q, bonJs
l~a,n5e may provide .c 'G Tor the a psr ps no, os'
ccs.dInc my years in lieu OF bonds mere
tofore authorized but not is'e ea,l.n,ion o.
"SIrec, annual tax for the paymen, o,
the same as herelnoefcre REQUIRED "m"u
any snnIl" equal in amount the deb, for
which il was created, no further 'nrsid
f,.l "a 4 tho legislature Sntl1 -
due the tax 10 an amour, earss % W.
accruing interest on such drhn ri. "th.
49, ~ interea, to he paid upon any stare
debt which has been or may ne t1'n",is -
pursuant TO tn proy's sarn Gdsb,. provided,
bor..ver. that the rate Of interest ma,
no. he altered upon any part o, su, ,h.feot
",'riIrhn mas been. OF shan be created oi
issued before such alteration. IN case wy
,nnn sny such debt. or part thereof: II
shall impose aud provide for thr, coi.rctlo,
OF a direct annual taX 10 pay spand iintere.'
an such debt a. II fails due and .''o I,
pay and discharge the princ'pssI ",,us" T 81
ar T. ccn,rs",inr thereof. and shall appro
nria.e annually to the sinking fund none
p amour, spf,s'sI, 20 ps sSe p principal .
such deb, when It shall become que AM
! pryahl"0
Abs,ract.-The sm.ndment 10 This sec,
ELAN tnAkns tho bHE -
present. stat. bond Issues arc sc,nrei D.
s,nkIns funds. which have proved uncer
tain. complicated, expensive and d1nsernns
,uu",e. the .inpier and cheaper. serial bone
system for the ,,a,e' snn s.1 to ps
Tor .hcr; lived Improvement: IL provide,
that state debts hereafter contracted D.
the issue Of any bonds, under a vote o
IL. people, whether such vote was taker
hsre'oforr or he taken hereafter; shal
be paid OF in. equal annua tnstair'en,s
wl,n,s p pfobas,s life OF the work Q,
object o: such bond issue, hut not NOR
than MY years, Tn.h p.o PASSES a n OF work ,ika
nv general law. which Determination shall
Section s. IT.. sinking funds provide
for the mi OF interest and tho cx
tinguishmcnt OF n. princlpa. 81 ths ds9t
Of he state heretofore contracted sn"i, D.
continued 'nr ny.s snai t.I and neither p
them shall he appropriated or used in an,
manner other thar. for the specific pu,pos'
such sym-n and ex~tinEui-hment as here
matter provided. The comgtrollsr sh:l
if n,..tmsnt n each o. such funds at thei
fair market value not exceeding par. LIZ
shall then determine. and certify : IN,
funds and the amounts which. II thereafte
annually contributed TO zach such u
mutation. thereon and upon the c:ntr
butions thereto. computed ct the rate o
three I.r c"n,"% gcr ;%s .%oI SrsdS q; ~ Z
debt to retire .whlch such fund was created
and the legislature shall. thrreupon appro
g"nS ,nr . umf S yssr ~ least the "moan
l,,us certified.
IL The income Of any such fund In an!
added TO such fund would. with the fun'
and u. arc umuiat'cns ~ Aforesaid, reftr
q: d I. .n a. ,S" q 4. ,a ~. :'c ." th ,.' SsS
for which the fund was created.