New-York tribune., 1920-10-30
FRANCIS NJ. HUGO,
Secretary Of Stote
AMENDMENT NIIMBER ONE

NJ.
Secretary of state.
AMENDMENT NUMBER ONE
Concurrent Resolution of the Senate and
Assembly Proposing to Amend Sections
Two, Four. Five, Eleven and Twelve OF
4rtlcie seven Of the Constitution in
State
Section /. Resolved uf tho Assembly,
eleven and twelve OF article seven OF tho
Constitution be amended to read as fol-
81. The state mayI, 10 meet casual
oehclts or failures In revenues or for
penses not provided for. contract debts
but such debts direct or contingent singly
or In the aggregate. shall not at any time
exceed one million OF dollars; and the
moneys arising. from the loans creating
sucn debts shall be applied to the purpose
I4f winch they were obtained. to repay
the doot SO contracted, and to no other
THiioT OF the receipt Of tdrcs aud revenues
dsrcct or indirect. for the purpoSes and urth.
~ .ne o'noHrts Of appropriations heretofore
,,',..' m'"ee' 0o"9S or other .obhootors for the
rion'DS 50 oorrotped shan be issued as .tay
o' lrocccd bD lo,c and shall tcith the inter
csf thereo' DC PAID from S5sch tores aud req
eN.eS icithfn one year from the duto, Of issue
A. Except the debts specified in sec
IONS two and three of this article. no
'fnt snall be hereafter contracted by or
~ behalf OF this state, unless such debt
snai be authorized by law. for some single
WorS or object TO be distinctly specified
Ted shall be contracted for period longer
man that Of the probable ife of the work
or object for which the debt is to be CON
tracted 20 be determined bv general law.
which determination shall be conclusive
nor TOT more than ffty years from tho
Ilne or the contracting OF such debt
u"1l hereafter contracted by the etate,
pursuant to An authorization hereafter
made and each portion of any such dsbt
from time TO time contracted. may If
provided by he law authorizing such debt
% pSin IN equal annual instalments, the
first OF which shall be payable not more
a nd hc loo os r t,o, .l,,|
ne PAYABLE not more than fifty years after
tnon saon aeot or portion thereof shall have
n""n contracted such law shall 4 1t au-
,n0Ilze the con rscting OF debt payable
o. o'nerwise than in equal annual instruments
'An pose ana provide for the collection OF a
tirect annual tax TO pay, and sufficient 20
"nN, and also TO pay and discharge tho
nrinc'psl Of such asot within hfty years
IN lsw authorizing the contracting Of
'rpt pursuant 10 this section shall take
sav1 EstI SnSn 1t ,s.i sSsr, at general election
nave received a majority OF All the votes
is' 'or ami against II a. such election.
,'n tne final passage Of such bin in either
n' AIKEN by ayes and noes, to be duly en-
''fe1 on the Journals thereof. and shall be:
snail this hiil pass and ought the same
40 ,e.0i'a he sanction of the people," No
such i1r shall take erec' until il shall. at a
oca'roI election. hare been submitted to the
1Toll", and haze received majority Of all
~ tof~a coSt Tor ana against Il at such
r'>'t'on nor shall II BE- submitted 20 be voted
r9r ct any general election tchcn am Other
1' or dFD blll shall be submitted TO Do
.oiea lor or o0oinst. Ths legislature may,
nv she PEOPLE If no dtht shall have been
''N a''el N pursuance thereof repeal the
-. es,. sr1 'nay At any TINE by law. forbid
.l.ity under such law. tbut tha tax. II any,
deht and liability which may hsve ben con-
rtcfNd IN pursuance OF anch law ehau re-
main n force and be irrepenlablc. and be
berssf sbBs.@ly ,a ,sGileqtsS bs untl tho proceeds
ersinoefore specified 20 pay and 6ischarge
ne ne interest and principal OF such debt and
Nab'lity.l
E1ce0s enc dsetS spsc4acd IN eessto..s t.oo
end thre- Of thts o-ttois. oil debts coStraeteS
~ ne Stofs otter JoHua-p frst. ~tneteen hu--
,o "a nns sse'ty; gsrsant 70 an euthOrtse
ana eoch portion OF ary such debt from ti,ne
TO tir''e SO contracted srrespeot+vs Of TIE terms
anruoi t'.sto'rents he arst Of S whGes I Sai .hsli
10 payGois NOT more thor one pcar. ana the
KY reora, oficr stscA debt or portion thereof
SNc" HoVe 6ces contracted, No such Dr. bf
ac,ro}fsr authorized shaH be contracted Jor.
period longer thon that Of the probable I.fs
~ "a" icork or o5fect tor soh4cb the dsbt /.
70 or cortracted. to be determined bv genera!
aus, tchich Determination shall be- corSiusi,,r
- "r sc0fs!ota~e may iron, time to time alter
rhe rate Of interest to bs paid tlpon am state
.s.s re...s Wntcn has been or may be authorized
hpoN any port Of such d-bt prc,fdcd to,o-
|ger, mat tte rate Of interest shall NOT BE-
""sred npon any part OF such debt or upon
qnD coma or Other evidence thereof tchlch has
s,1 ofsn or snail be created issued before such
The money arising from any loan Tor
eloc" creating such debt liability shall
De @ppiieI 10 fhe work object specified
IN the act authorizing such debt or Tia hi
~; or lot the payment of such febt or liza
nllty and for no other purpose whatevar
.N,o ,-1o such Iaw shall be submitted to be
N"lrd on within three months after IT'S
r1sshfr or al any general election when
~Ny "InrF law or any BIZ shall DO sub
''l' lea To be voted FOR or against. The leg
Snture may provide for he issue os bonds
M the state TO run for Il period not exceed
ing my years in lieu of bonds heretofore
authorized hut not issued and shall ilnpose
Hnd provide for the collection OF a direct
annual tax for The payment OF the same az
hereinbefore required when anv sinkins
fUud created under this section nhsii snms1I
in amount the de bt for which Il was GREAT
ed. no further direct tax shall be levied on
account of said sinking fund and the legis-
. st@'I Icpuoe the tax TO an amount
,4n"i TO the aooruins interest such bit
no legislature may from time to time
'lef ine raie OF Interest to be paid upon
any stale debt. which has been or may be
huthori1ed pursuant to the provisions OF
thus section. or upon any part Of such debt
nroNlfed. however. that the rate OF interest
snail not be altered upon any part OF such
arot or upon any bond other evidence
ed or Issued before such alteration In
case the Legislature increase the rate of in
''ltst upon any SuCh debt, pRrt thereof
shail. II sAch debt be payable otherwise
nan IN equal annual instalments Impoee
and provide for the collection Of a direct
annual tax 80 pay and sufficient to nav the
Increased or altered interest on such deht
as II falls due and also TO pay and dis
rmatSc Nhe principal OF such debt within
ni'y years iioln the time OF the contracting
thereof, aud shall appropriate annually TO
me SINKING fund moneys in amount .uf-
llrtl 10 nay such interest and pay and
Nf harge the principal Of such debt when
N s"sH nrcvme due and payablel
The sinking funds provided for tho
pay NltW or interest and tho extinEuish-
u''hi or the principal OF the debts Of the
state heretofore contracted shan be con-
fN.tea; they shall be separately kent md
,"lt't invested. and neither of them sha
,e $pplopIlaIed or used In any manner
",ntf than Tor the specific purpose for
which it shall have been provided saob
p't"rN, ana ertnl0'tShrlcrt as herrfroffr,
ll.''ofd The comptroNcr shall each ueoy
"rrfdtSe ffe securities held FOR Investment 4,
F''H ~ such funds at their fair ,earLrt ,cl,.,
nor efcrfdvig par Nc shall then determine
Hnd certVD 70 the leOsslotrre the amount OF
"t''"jteF GnN"dl'v contr bittcd TO each
"nNh Jtnd, tcoNld iCith the fund aud NTH thr
9'."m"HttoaS thereon aud anon the contri-
nnf1onN thereto. niputed at the rnts n,
flrte per- centlra per annu,n o-od,,r- NJ ~.
"utc V moit'ttt the amount OF the DEBT ia
t,,'s'| So, S;Sn Ind tods created and the
'oHlitoNl'on 10 each such ird for such ueor
90 tcuNf fhc amount thns certified
" ne income oi any such fund IN ony
p>ot IS more than trhich " onnuoll
G11cG to SUCH rand. could ,cith me fund nnd
~ "ccNntA .ationS as aforesaid. rcttre the
oco! ~ WGtulSfy, the erceSS .ncon,c r,ay be
optHfH 90 tne sNtercsf On the debt for tohtch
A(fer ony sinking fund shall equal an
amount he dcot TOR toltch It teas created no
fr,tfier contribution shall be made fher.to
teocpf 20 make good anu losses uscertained
~ me dnnudi dpprGlSGls ubopc mentioned
GNd me tnco7ne thereo( SHAH DC 0prlied TO