New-York tribune., 1920-08-07
FRANCIS NJ. HUGO,
NeCrctdrri Of Nfnkr

Tot the purpose or voting thereon at the
next general election to be held on the
second day of November, nineteen hundred
and twenty
FRANCIS NJ. HUGO.
Secretary Of state
AMENDMENT NUMRER ONE
Concurrent Resolution Of the Senate and
Tsss TTsssmSiy ply Proposing to Amend Sections
Article Seven Of tho Constitution, In
Relation to Debts Contracted by the
Section / Resolved uf the Assembly
concur), That sections tive four Ave
eleven and twelve OF article seven OF the
Sonstitution be amended 10 read as fol
T. Tho state mayG. to meet casual
oencits or failures IN revenues. for ex-
but such debts. direct or contingent singh
or IN the aggregate, shall not at any time
exceed, exceed one million Of dollars: and the
such debts shall be applied to the purpose
.or which they were obtained, or to repay
purpose whatever contrucf debts IN ontic,
rofion Of the receipt Of fares and rcrcnttss.
difccf or Indirect. for the purposes and ,cith-
"dde' bonds or other oblgutfons for tn.
moneys so borrowed shan be issued as man
. os r1ortded ov 'd,c, and shoN 1ejth the intsr-
sSt thefcon be pad iron. such tares and reg
cnues 'rdhin one ycor fror, the dGtr OF Issue
. Except the debts specified in sec
tions two and three of this article. no
deotlsl shall be hereafter contracted by or
IN benalf OF this state. unless such debt
shali be authorized by law. for some single
WORK or OBJECT. to be distinctly specified
tnereln No such debt hereafter author
i.ed shall be contracted for a period longer
than that OF the probable life of the work
or OBJECT for which the debt is to be CON
tracted to be determined by general laws.
wnlch determination shall be conclusive
nor no, for more than fifty years from the
time or the contracting OF such debt A
deot hereafter contracted by the state
pursuant to an authorization hereafter
made made and each portion of any such debt
from ttne TO time so contracted. may. if
rroVided by the law authorizing such debt
De paid IN equal annual instalments the
nrst OF W which shall be PAYABLE not more
than one year. and the last of which shall
be payable not more than nifty years after
s sucn oent or portion thereof shall have
been contracted Such law shall if it au-
thorize the contra citing of a debt payable
otherwise than in equal annual instruments
impose and provide for the collection Of a
direct annual tax to pay. and sufficient to
pay. the interest on such debt as IT falls
due, and also to pay and discharge the
principal OF such debt within nifty years
from the time of the contracting thereof
No law authorizing the contra citing of a
debt pursuant to this section shall take
fneo. hays h hns,, 1T shall, at general election;
nave received a majority of all the votes
cast Tor and against It at such election J
IN the hnal passage of such bill in either
mouse OF the legislature. the question shall
pe taken by ayes and noes, to be duly en-
tered on the journals thereof, and shall be :
.'Hoii tIis plil pass ana ought the same
20 receive the sanction of the people," No
such lac shall take effect until It shall of n
general election. hare been submitted to the
people, and haze rcceirc6 a tnujoritY OF al
'he rotcs cast for and against il of s,cb
election nor shall ii be submitted to BE- roted
on r1th'n three months after its passage
nor ot any general election lchen onv other
td'r or any bill shall be submitted to b.
rofea 1or or against. The legislature may.
a, at any time after the approval of such law
by the people if no debt shall have been
contracted in pursuance thereof repeal the
same; ana may at any time. by law. forbid
ne contracting of any further debt or liza
bility under such law. [hut the tax If anv
imposed by such act. In proportion to the
debt and liability which may have been con
main In force. and be irrepealable and be
annua.iy annual. collected, until the proceeds
hcreinbefore specified to pay and DISCHARGE
~" interest and principal of such debt and
liablity.l
frcept the dcbts specified in sections t,no
ard three Of tLis article. oil debts cootToctcG
~ ~ ne state after January FIRST, niucteen hun-
"rc" 1'n Gna tr'Hty. p'itsna"t to an au1ori-o-
eva cdch portion Of anp such dcbt from tfmt
10 f'Hs so contracted irrespective of the term.
o. @ncH a"tth5orisatfon shan be paid in eQua
DC PAYABLE not more than one Ucor ANA tb,
last Of 'chich shall be payable not more than
ffty years. after such debt or portion thereof
shall haze been contracted. No Smch 9sG,
hereafter authorised shall be co,,tracted for
period longer than that of the probable ife
70 De contrdctcd to be determined bU general
!ars, Which determination shall be couclusirc
~ me te0lsfot,re mdv from time to time alter
thc rare OF interest to be loid upon dnU state
debt which has been or 1noy be authorized
pursuant to the provisions of this section or
upon any part Of such debt pyorided. hon.
crer, that the rate of interest SHAH mot be
ctered upon dnV part OF such dobt On, anon
any oond or other crideAco thereof ,nhich hes
alteration - '''' "''''
The money arising from any loan for
stock ST. creating such debt or liability shall
oe apphed to the work or object specified
IN the act authorizing such debt or liabil-
ity; tfy;, or for the payment of such debt or liza
No such law shall be submitted to he
voted on within three months after It's
passage or at any general election when
any other law, or any bin shall be sub
nltted to be voted for against The leg
stature may provide for the issue of bonds
ing h1ty yearS-n lieu of bonds heretofore
authorized but not issued and shall impose
and provide for the collection of a direct
annual tax for the payment of the same as
hereinbefore required. When any sinking
fund created under this section shall equal
IN amount the debt for which it was Great
cd. no further direct tax shall he levied on
account of said sinking fund and the legis-
lature shall reduce the tax to an amount
equal to the accruing interest on such debt
me legislature may from time to time
alter the rate of interest to be paid upor
any state debt. which has been or may be
authorized pursuant to the provisions OF
this section. upon any part of such debt
provided, however. that the rate of intercs,
snail not be altered upon any part of such
debt or upon any bond or other evidence
thereof. which has been or shall be Great
ed issued before such alterations Ir
case the legislature Increase the rate Of in
terest upon any such debt. or part thereof
ii shall. If such debt be payable otherwise
than in equal annual instalments, impose
and provide for the collection of a direct
annual tax to pay and sufficient to pay the
Increased or altered interest on such debt
as II falls due and also to pay and dis
charge the principal of such debt vitlin n
fifty years from the time of the contracting
thereof. and shall appropriate annually 10
the sinking fund moneys in amount suf-
fcicnt to pay such interest and pay and
discharge the principal of such debt when
II shall become due and payable.l
8. The sinking funds provided for the
payment OF interest and the extinguish-
nent of the principal of the debts Of tn,
state heretofore contracted shall be con.
tinued; thep shall be separately kept ant
safely invested and neither of them shall
he appropriated used in any manne,
other than for 1.-THE specific purpose fo
which 1t shall have been ~providedl SucJ
payment ana e1tinOWShment herein0fte,
prortded. The comptroller shall each ajcn,
opprdise the securities held for Investment i,
each OF such funds NJ their TAR market rol,,.
not e1ceedin0 par. He SHAH then detcr,Nnt
d~d certify to the legislature the amount o
each o! such funds and the amounts tchich
" thereafter dnpnoliy contributed to eocj
such yuma, couid totth the fttid and icth tht
nccumuldtions thereon and tpon the contyi
buttons thereto. computed at the rate NJ
threc per centh'n per dnnum, produce at tn,
ddte OF maturity the amount OF the debt Il
rettre tchtch such f,snd Irds created and III,
legislature shall thereupOn dpproprinte rs IN,
contrtoufton 10 each such fund for such yea,
at least the amount thus certified
~ thc income or any such ftnd- in ana
yer Is more thar sun ,chich, II onanaih
added 10 such fund ,couid. lrjth the fund ont
NS QcCuntulQtionS as uforeSotd retire m