New-York tribune., 1920-09-18

meo,ee n9anods rs hereby given that the following
four. hve. eleven and twelve '' Of article H
esven of the Constitution OF the STATE OF
Nsw York will be submitted to the people
AoF 'ne purpose OF voting thereon at the
next general election to be held on the
second day OF November. nineteen hundred
FRANCIS NJ. HUGO.
Secretary of State.
AMENDMENT NUMBER ONE
coneurrent Resolution Of the Senate and
Asa AAssemSiy bly, Proposing H to Amend sections
Article Seven Of the Constitution, in
Relation to Debts Contracted by the
Section J.; Resolved uf the Assembly
concur). That sections two four, ave
eleven and twelve OF ayticle seven of the
constitution be amended to read as fol-
g.. The state may[. to meet casual
oencts or failures in revenues. or for ex-
penses not provided for. contract debts;
out such debts. direct or contingent singly
or IN the aggregate. shall not at any time
exceed. exceed one .,s,n MILLION OF dollars and the
such debts shall be applied to the purpose
Sor which they were obtained. or to repay
purpose whateverl contract debts IN antici-
POTION POTION OF the receipt Of tarcs and revenues,
a. d.reet ts or indirect for The purposes and soith
sha BE- ssssea aa' es ay sne
oe procfded oD ldtc, and shall acith the inter
est thereon be paid from such tares and req
e"ses tctthfn one pear from the date Of issue
tions two and three Of this article, no
debt 81 shall be hereafter contracted by or
IN IN nehair OF this state. unless such debt
work or object, to be distinctly specified
therein No such debt hereafter author
,Iea ,h snail be contracted for period longer
or object for which the debt is to be con-
.raeted to be determined by general laws
winch determination shall be conclusive.
Sime OF the contracting of such debt. A
debt hereafter contracted by the state
pursuant to an authorization hereafter
made. and each portion of any such debt
9rom time to time so contracted, may. IL
provided by the law authorizing such debt
first OF which shall be payable not more
Than one year. and the last of which shall
sYoI, oe bIaynble not more than fifty years, after
been contracted. Such law shall II II au
thorize the contracting Of a debt payable
sr,nd erwise man In equal annual instalrnents
direct annual tax to pay. and sufficient to
pay the interest on such debt as ii falls
nTncina1 n1e; ana a. also m% to pay and discharge the
from the time OF the contracting thereof
NO law authorizing the contracting of a
@ @ueot pursuant to this section shall take
have been submitted to the people, and
nave received a majority Of all the votes
cast for and against it at such election.
On the final passage of such Bill in either
house of the legislature. the question shall
ne taken by ayes and noes, to be duly en-
sereo ERE on tho journals thereof, and shall be: /:
Shall this bin pass and ought the same
10 receive the. sanction of the people?' No
sssh lh, lao shnn take effect until It shall at
general election. hare been submitted to the
People, and haze received majority Of all
s,s.,,n sne rotes cast for ana a1ainst it at such
on uithim three months after its passo0e
nor at any general election tohen any other
..n,sa .a,o or "a, any bin shall be submitted to DO
niftcf THo
at any time after the approval Of such law
by the people. II no debt shall have been
sams ted In thereof repeal the
me ,a,, contracting of any further debt or lia-
tn,,,Sy pity under such law Tbut the tax If any.
debt and liability which may hay have % been N cone one
.racLed IN pursuance Of such law. shall re-
main IN In force and be irrepeaiabic, ana be
thereof shall have made the he provision s
nereinbefore specified to pay and discharge
liability.] - NN0-A o00' @"u
Ercept the debts specified in sections tsoo
6md b., ,hrse o. fhis arttcle. a debts contracted
dred aud f,ccmty. pursuant to an authorisG
saod nsd @ @,hsreior: heretofore or. hereafter made
to tine ne@ so ponfon o. o such so from
OF such authorisotion shall be paid IN eouai
ssnnna! s ,nstal'nents the first OF ,chich shall
.ast Of sehc shall be payable not % more gea than s
xii says q Sser sson ds9t Or eron
hereafter authorised shaiI be contracted "sos sor
q, period longer than that Of the probable life
10 be 5ee u9rS or object for ,chich the debt is
1oms. trhtch determination shall be Conclusive
,s ne te0tsfaf1re may from time to time alter
debt tchich has been or paa nu upon be any stass
pnrs"ant to TIE provisions Of this section or
esr sp1" ghg ahat pGrt Of such debt protded ho,e-
altered upon any part Of such debt or ~. ,.non M
any bond or other Evidence thereo, tchich has
alteration " '''"e" oe'o'e sue"
Ihe money arising from any loan for
SsoGHI he ,Eaeating such debt or liability shall
IN IN the act authorizing such debt or liabil-
Ky: or for the payment OF such debt or liza
PITY, Pn ana for no other purpose whatever
voted on within three months after its
SnSsage snS a,heo or 1 at any general election when
!nitted to be voted for or against. The leg
isiature may provide for the issue OF bonds
sn OF the n,, state to run for period not exceed
authorized but not issued and shall impose
anu provide for the collection OF a direct
annual tax for the payment Of the same as
aund created under this section shall equal
IN amount the debt for which 1t was Great
account of said sinking fund and the Ieeis
Iature shall reduce the tax to an amount
me legislature may from time TO time
alter the rate OF interest to bo paid upon
any state debt. which has been or NAV be
a,uthorized pursuant to the provisions Of
shis section. or upon any part OF such debt.
PROVIDED. noweVeG..that the rate OF Interest
snail not be altered upon any part OF auch
oeos or upon any bond or other evidence
tnereof which has been shall be Great
ed or issued before such alteration In
case the legislature increase the rate of IN
terest upon any such debt. or part thereof
snail. II such debt be payable otherwise
tnah IN equal annual instalments, impose
ana provide for the collection of direct
annual tax to pay and sufficient to pay the
increased or altered interest on such debt
as IL rails due and also to pay and dts-
enarRe the. principal OF such debt within
ntty years from the time of the contracting
shereot. and shall appropriate annually to
ncient to pay such interest and pay and
suisSharge the principal OF such debt when
" shal become due and payableJ
.. me sinking funds provided for the
ment Of the principal OF the debts Of the
state heretofore contracted shall he CON
tsnaed; they shalt be separately kent and
safeIy invested: and neither OF them shall
other than for 1.-The specific purDoas Sor
which 1t shall have been providad, '' ,,os aos
poVtent cnd e1finOnishmenf az hereino fter
prortded The comptroller SHAH each ,teor
sach Of such funds at their fair market ra,ue
mof erceedfn0 par. He shol then determine
ond certHp TO the legislature the amount ~
sach OF such funds and the amounts ,uhtch
s"sredjter dnnudisy contributed to each
sech Jand, tooald Nth the fund and Nth The
organizations thereon aud upon the contrt0
DnttohS hereto. computed at the rate ~
thres per ceHtun, per .annans, produce az fha
@ aase W maturity the amount Of the debt TO
yettre ohtch such fund uas created. and fhe
te0ss'a!ure SHAH thereupon approprtnte no sns
cea,fsouf0H TO each such fund for such usar
"' seass he amount thus certified.