The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-10-18

any time exceed one million Of dollars:
and the moneys arising from the loans
creating such debts shall be applied TO the
IL. repay the debt so contracted: and to no
other purpose whatever contrnrt deoas
. !. :";.s.p. s;:s., q .. ,ht ;,s ss : e; e '; X. r s%e
poses and within the smounts Of appro-
pristlens theretoicrc msdei blonde or oths.
and shall. with the Interest thereon Se paid
, ,,sss t ;Sss H. t:.: S.t end 4, f ;..ss. "''''' one
Absirac,.-The amendment to this sec.
ton makes the following changes; ~
side OF those authorized By the people, up
to one million dollars. without Limitation
as to the time or source OF repaymshnt. .
Tor temporary purposes only may be ere.
the objects. of an existing. approprlat
IN anticipation OF taxes and revenues. oe.
!, mus, be ..r paiS within a Yea" rer frS%
limited power 10 contract. debts. the state
press insurrecion. or defend the state In
war; hut the money arising from tne con
,fSa r. Of such ,nr w deS,' i ,hS was 0 fai seS't or to
repay such debts and to no other purpose
whstevo-..
section T. Except the debts specified In
sections two and three OF this article; no
debtlsj shall he hereafter contracted by
or IN behalf. Of this state. unless such de9s
work or object, to. he distinctly specihed
therein. and such law shall impose ana
provide for The cc ns 5nci %, I" "'t Day. III.
interest OH such deb, as II falls due, and
also TO pay and discharge the principal OF
ps...x. Of such hin IN eithe!, hou:s Of the
,..i.':,%,e; the sse :. %.; Ina. .n. - ars os IL.
journal. Thereof. and shah he, shall this
m mas. and "Hsht s.s :."s .: u rfcf ave
shall take eneci until It shall, At a gen.
erai election. have been submitted 10 thc
people. and have r,cs'vsd a ms,or'ty az
such election nor shalt u he submitted 20
he voted on within thvre month. after ne
niitted 10 he voted for ~ .~Ga'r.t. Ion
III" ma pa'.as. Ga sot ~. QUE question shall
be taken by ayes and noes. to be duly
entered on the Journals thereof, and 'hsil
sam. to receive the sanction Of the PEE.
pie The Legislature may, at any tine
s,,sT tn. apptGC .S, . Ga S' nave ,"S Been ny con.
iracted in pursuance thereof. repeal the
same: ara may =, any ',%e!;I s sySr, lSM
DEBT, or liability under such law, S Sr
the tax imposed by such act, IN ropor,on
to the dob, and Liability M mrs Of Such law,
mall remain in force and be irrepeaiabie'
and be annually collected. until me pro.
vision h~ereinbefore specified 10 pay and,
discharge the Interest and principal! OF
such aSs' a. ana a. ,,.s. .D.c,n.a In section. ,w,
and three Of this Article. 81 debts cS",
trarted by the state after the second %
az November. one tho.sana nn"E nrs."tio
therefor. heretofore or hereafter made and
each portion Of any such deos W." IN
terms Of such authorization. shall se paiS
In rucai annual in.talments. the urs' %,
while" shalt H., he r.s: 81 n nisn NIB" sHsi, Sc pay
S SsS, 10" "s %""rt'on thereof shall hsss beer
;;SS "ri,sG ssi,.,i h. so".;.e'sd ios v:.'c 3
ionecr than that of. the proben,e hu 4 \,
Tue ~.sn or SsIrs 10 he sSF d..s"m,ned BY gen:
srsi laws. which determina'ion s"s" "
.,,.@ ,be rate 81 interest 10 be paid upcs
sns stste debt which hs. been or mss =,
.SihoIis:d r=.r.. ".n .r to , sss Sfo suss debt
."s however. that the rate Of inter !,
s.t .insi not he altered upS" any pSr. W +
S s.rS. d thereof co WIN" ~Sscs i,.. been % .S.I, h
cscct.j or Issued before such ait~r.s.""' n
The money arising from any iabi,it,
sl,alI be applied to the work or oo1eJ
specified in the ae,o ausn' nsym.nt o
debt or iiAS d ,. ST %' III and Tor n,
oth"r purpose whatever. ) suen "a,
shall be submitted 70 be 0sS'
WITHIN snte genera election when an!
other law. or any bill shall be sno" s.i.
70 be nSteu p-nviae for the issue of bond
~ I'm sta,c'to run. for a period no, e.
csedinr nity years in Lieu %, SoS and shal
,vnn"os. ana provide for the collection Q
a direct annual tag ior ,ns ps5 Whs
s sny linking fund created under ,his sec &c
lion shall equal In amount thc ueptr.0c
which, Il was created; no Scc"nn, Of sal
sinkins fund. and The Legislature shao' IN
duce The tax 10 an noun, ep"Trh. Ics,s
,c"ru."g from Tine 80 time alter IN
rats OF Interest 10 be paid upon any IL.
debt. which hsss Se %o, "r may Of this sec,ior
or upon any part Of sueh deot, pro' We
however, that The rate OF 'h,er en'b de-,
,un, no altered upon any part OF 9".n ~
or upon any bond or other .Hinrn'e 49,
With has been, or shall be Grea,e, !,
legislature Increase the rsie ot h'sre,
mon amy such debt. or part thrreot
shail impose and provide tnr .nf ,opnr,ir,
10 nav the increased or altered, lntere,,
ON such deb, a. 1t fails due eni 40 .
nav aud discharge tho principal OF sue
~, n,,i,htu nffy Yeas from The ,imt {
the oontraciing thereof. ard sha, npp1s
pirate annually, 10 the s'nk,ts rnt,a nSsnre,,
IN a'n"u"t and dt,tharg. she principal {
such itb, when ~ shall become due Az
'Abs,rar,-rh. an.ndmsn; 20 this Sc.
Tim makes the following changes, 4
pres.n.. state bona issues are ,erdIeu o
sinking funds: rhiln nGye ,pp rGYt dsnrtron
Tho above section as. amendeL ups,
tues the simpler and cheaper sef,a, non
iony term bonds from being issued TO ps
for short, lived improvement, ~ p,ot'u.
that state debt, hsrea,'er roh's' yo,. Z :
tho people. whether such vote was take
heretofore or be taken hereafter; sna
be maid on in equal annual .instsln'ent
Within a period Of years which shall rel
resent the probable life OF the WORK G
object OF such bond ,'sy., nv no. :" mo,
he determined for different classes OF worI
hy general law, which determination sha
he conclusive.
section :. The sinking funds provide
for tho payment OF Interest. and the, e.
tinguishment. Of the principal ot INC dsh'
continued; they shall be separately keI
and safely. Invested e. and neither
them hall he a%ppr9p!irtsd or Is Sc c IN a.
. .Sr T pa, ,n.n !, an. md" e.,inxu,.1mrn.' a. h:,,
, Ina: Yea. r'" "pprsi.. the .c"%sttir. held y
invcNtmcnt IN each ~ such funds at the
trir MAKE. ." s:t%r mot an: :sSe. c..,s,y p- e. 4
funds and the mounts which. " therc.f'
S s"nis. viii Il" fund and WITH The seq
mutations thereon and upon the contr
butions thereto. computed Mt the rate
+ f.. s. s.' az %'" %ssars ~ H.; a""" .%oS ""s' ~ Il
debt 10 retire " hich such fund wsa create.
!, c"iste as the c~ontrihWiion TO each sue
thus certified.
u the Income NJ any such fund In .!
y ..ar a. more than n ANN which. W annual