New-York tribune., 1920-09-04
LAWS OF NEW YORK

but such debts. direct or contingent singly
or In the asgreEate' shall not at any time
such debts shall be applied to the purpose
s pnpose snd IS !" saasr
direct or indirect, for the purposes and ,otth-
In TIE omosnss ,sos Of approp'tattons heretofore
,.oncps 80 borrowed shall be issued as IS rsay
be prorded by law, and shall 4oith the inter
est thereon be paid from such tares and rev-
8 4. Except the debts specified in sec
tions two and three of this article, no
debt[sl shall be hereafter Centralized by or
IN behalf OF this state. unless such debt
snail be authorized by law. for some single
work or object. to be distinctly specified
therein No such debt hereafter author
lied 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-
which determination shall be conclusive.
nor for moro than nifty years from the
tine ddse OF the contracting Of such debt. A
pursuant to an authorization hereafter
made and each portion Of any such debt
from time to time SO contracted. may, II
provided by tho law authorizing such debt,
oe PAID IN equal annual instalments the
nrst OF which shall be payable not more
than one year. and the last OF which shall
such debt or portion thereof shall have
neen contracted Such law shall IL 1t au-
e1orize o1p the contracting of debt payable
otnerwise than In equal annual Instruments
impose and provide for the collection of a
uarect annual tax to pay: and sufficient to
due. and also to pay and discharge the
principal OF such debt within fifty years
from the time Of the contracting thereof
oeot pursuant to this section shall take
eenect until 1t shall. at a general election
nave nave ".n,,s been submitted to tho people. and
cast Tor and against 1t at such election
Cn the 1lnal passage Of such bill in either
house OF the legislature the question shall
De taken by ayes and noes, to be duly en-
Tered t.eI on thc journals thereof. and shall be
shall this bill pass and ought the same
such law shall take effect until it shall, at a
general erection. hdUe been submitted to the
People. and have receired majority Of all
election nor shall It be submitted to be rotcd
on 't4thin three months after fts passage
nor ,n at any general election ,chcn any other
ta,o or any bill shall be submitted to be
cotcd fof or against Tho legislature may
at az. any time after the approval Of such law
contracted In pursuance thereof, repeal the
same; tha and may at any time, by law. forbid
;,1+' lI1 contracting OF any further debt or lia-
imposed by such act. in proportion to the
debt al and liability which may have been con-
main IN force and be irrepealabie. ana he
ffbhmuaily fbcr.afy s,.2 c9leeted until the proceeds
hereinbefore specified to pay and discharp.
iil ine interest and principal Of such debt and
Except the debts specified In section, tuo
snd an three Of this article. ali debts controeted
Jg J tHe Stdte o5fer January first, n,efec,, hun
tion tnn um1 ttrentu, pursuant to an duthorisa-
a. ahn a. each portion Of any such debt from time
70 70 'ams so contracted irrespective Of the terms
annnal an ,nstolments, the first OF tuhich shaii
1@s} Is poyaole W rot 'n0re than ono year and the
Mt, it, o. ,crs ,rnch shall Dc poyaole not more than
Shau 81 hare been contracted No such deIt
nered!tsr authorised shall be contracted for
Of the 'cork object for ,chich the dsbt -; -
~ oc contrdcted, to be determined bu General
'aTS ~. 'nm.Gh aetermnation shall be conclusive
., nc te0fst6tnrc may from, time to time alter
deot chic has been or mav "o b. a%thoSieed n Stad
pnrsuomt to the provisions OF this section or
aiss upon cry ay pdrt Of such debt. provided. hor
e'er, ere, that the rate of interest shall not b.,
e'ea auv sarG Gpon cry part Of such debt or upon
., oren or shall be created or issued before such
stock creating such debt or liza ability sha III
t pe arpiied to the work or object specifcd
IN - 'ne ne act authorizing such debt or iiabil
p,.ilty. and for no other purpose whatever
~ 40 such law shall be submitted to be
na oa.sn ssa 90 on m within three months after its
passAke or at any general election when
,,t, any other law. or any bill shall Re sub
slt m'.ted to be voted for or against The leg
ing hfty years in lieu OF bonds heretofore
authorized but not issued and shall impose
ana provide for the collection of n direct
annual tax for the payment OF tho same "a
s. ners'nprf"rr required. When any sinking
fund created under this section shall euu4I
in amount the debt for which il was creat
ed. no further direct tax shall be levied IN
aeHEuht a,,.a or said sinking fund and the legs-
equal to the accruing interest on such debt
Inc me legislature may from time to time
alter an o., the rate rate Of interest to be paid upon
an! state debt which has been or may be
authorized pursuant to the provisions Of
' .nls !! section or upon any part of such debt.
provided. however. that the rate Of interest
snail not be altered upon any part OF such
deDt or upOn any bond or other evidence
tncreof, which has been or shall be Great
eo or Issued before such alteration In
case the legislature increase the rate OF in
terest upon any such debt, or part thereof.
man @ IN equal annual insta lments. impose
ana provide for the collection OF a direct
annual tax to pay and sufficient to pay the
Increased or altered interest on such debt
as 1T falls due and also to pay and dis
charge the principal of such debt within
MY years from the time OF the contracting
thereof. and shall appropriate annually to
the sinking fund moneys in amount suf-
f,I hrient to pay such interest and pay and
discharge the principal OF such debt when
1t shall become due and payable.
s. The sinking funds provided for the
t paymtcnt OF interest an.l the extinguish-
t'nucd; they shall be separately kept and
safely invested. and neither Of them shall
be appropriated or used in any manner
other than for the specific purpose for
which 1t shall have been providedl such
paymsnt and ertinouishmcnt as hereinafter
pfor1ded The compfroUcr shah each year
apprdtse the securities held for inrcStncmt in
cdrh OF such funds at their fair market ,.ol,.e
not c1cceding par. He shall then determine
aud ccrtUu 10 the legislature the amount Of
each OF such funds and the amounts ,rhich.
n thsrcafter aannualiy contributed to each
Snch fnnd, Would acth the fund and Nth the
accunnlattonS thereon aud upom the contri
oul1ons thereto. computed at the rate OF
tn,ce , per ccntum per dnnnn,. produce at the
nate OF maturity the amount Of the debt to
legislature shall thcr~upon appropriatc rs the
contrlontion to each such fund for such ucor
at least the amount thus certified
~ the income Of any such fund In ony
year rs more than a sun, ,rhich il annuallu
added to such fund, ,rould. ,rith the fund and
nS accumulations as aforesaid retire fhe
debt at maturity, the ercess Income mn, he
applied to the interest on the debt for ,Dhich
the fund Mns created.
After any sinking fund shall equal IN
further contribution shall be made thereto
cIcept to make good any losses asccrtaincd
at the annual apprnisaIs aboue mentioned
ana the income thereof shall be applied to
me payment Of the interest on such debt
my ercfss in such Income not reouired for
the payment of interest NAV be annHcd r.
the general fund OF the state
1hc legislature may also bD general lo,ps
prou'de means and authority tUhercbu out
$tdndin0 bonds of the state for tchich sink
ING funds arc prouidcd, meg be exchanged at
par for cancellation. for serial bonds Of the
form authorised under section four Of fhiS
article. upon such terms aud condition. no
10 interest and OthcrtUiSe as 1t n,au in its dis