New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-08-21
AMENDMENT NUMBER ONE
FRANCIS NJ. HUGO,
Secretary Of State.

AMENDMENT NUMBER ONE
Concurrent Resolution OF the Senate and
assembly Proposing to Amend Sections
Two, Four, Five, Eleven and Twelve of
Article Seven Of the Constitution. in
Relation to Debts Contracted by the
Section l.. Resolved az tho Assembly
concur, That sections two. four. FIVE
constitution be amended to read as fol-
81 The state mayt. to meet casual
oencits or failures in revenues or for ex-
penses not provided for, contract debts;
eut such debts, direct or contingent singiy
exceed one million OF dollars; and the
moneys arising from the loans creating
sucn debts shall be applied to the purpose
1or Which they were obtained. or to repay
she debt so contracted. and to no OTHER
purpose whatever.l contract debts IN onttci-
asrtGf or indirect. for the purposes and 'toith-
W me amounts OF appropriations heretofore
sndae; 0onds or other Obligations for the
r'oneDs so borrowed shall be issued as MAJ,
oe provided BY lac. aud SHAH tcith the inter
eSt thereon DC paid from such tGreS and teu-
e"seS '',,n'n one gear from The date of issue
. =. Except the debts specified in sec
tions two and three of this article. no
debt 81 shall be hereafter contracted BY or
snail be authorized by law. for some single
work or object. to be distinctly specified
.herein No such debt hereafter author
zee. .n snail be contracted for period longer
tnah that or the probable life of the work
or ooJeSt Tor which the deb5 is to be con-
I%v'eo 20 De determined by general laws
when determination shall be conclusive.
hor Tor more than fifty years from the
tiine or the contracting OF such debt A
ceot hereafter contracted by the state
pursuant TO an authorization hereafter
mace ana each portion Of any such debt
from time TO time so contracted NAV If
provided by the law authorizing such debt
ee paid IN equal annual instruments the
Irst OF which shall be payable not moro
IMAM one year and the last of which shall
De payable not moro than fifty years after
such debt or portion thereof shall have
oeen contracted. Such law shall If IL au-
'nori2e the contracting of a debt pavabl
o'herWase IMAM In equal annual instalnents
impose ana provide for the collection Of a
erect annual tax TO pay. and sufficient to
pay. the interest on such debt as il falls
due, and also to pay and DISCHARGE tho
lrincipal OF such debt within fifty years
from the time of the contracting thereof
no law authorizing the contracting of a
cepl pursuant 70 this section shall take
tbescs unll II shall at general election
nave been submitted to the people. and
nave received a majority of all the votes
cast for and against II at such election
on the final passage of such bill in either
mouse or the legislature. the question shall
De taken by ayes and noes to be duly en-
Tered on the journals thereof. and shall be:
Snan TINS bin pass and ought tho same
such iGlC shall take effect until Il shah at n
general election. hare been Submitted to the
people. aud hare received q me jo,.}tv OF OH
ne toteS CAST for ond dGainst il at s,,cb
election no% ShoiI Il be submitted 10 be ,,oted
on r1fhin three months after its passage
nor ar GnD general election tcheu am other
fdtc or any bill shall be Submitted 70 be
to'ed lor or AGAINST. The legislature NAV.
al any time after the approval OF such law
oy the people. II no debt shall have been
contracted in pursuance thereof repeal The
. anne; ma may at any time. by law. forbid
me contracting of any further debt or la
oility under such law. fbut the tax If any
imposed by such act in proportion to The
49, 49, ana i'anllty which may have been con-
''ac'el IN pursuance of such law shall re-
main in force and be frrepealable ana he
sainnualV coilected, until the proceeds
ttn aert,, +. Shall have made the provision
mere Nn.i".e specified to pay and discharee
, ne interest and principal OF such debt and
h1ee7t The debts specified II, sections t,oo
o. the Stotc after January first. ninetee,, h',n-
uf'" On" titcrtu, pursuant TO on ruthori.o-
a., """ =. cacn - ton Of any such debt from time
70 tame 50 tr1ctcd irrespective Of tbo ter,n
o. SheH dHihofs sGtion SHAH be paid in eouGt
Y"l"Ht l1St3in4cats, the first Of iYhich slnll
nc Poldolr not more thar one near n,,d inc
TiSt Of ~hich shall be payable not more man
XIX years. dffcr such debt or portion tn. rgof
S"Hf rare Oeea contracted No such dsbt
hereafter authorized shall Je con,rnCt9d }or
a PERIOD longer than that Of the ,jrcbdblc lie
TO BE- co}reot or o 10 lot lceh te dc6t is
~ - ',' On @ete''H' nation shah be conclusile
o., ne teH'SiI'ufe may IRON time TO time olte3.
1eI az 81 '4tere4t TO be PAID upcn auD state
"No' 'tHlcA AGS been ar nloJ BE- olitIo,-j-ad
fH'sAoNf to the provisions Of mis- sectio., ~.
@ rD G g, pGft o. Such d. OF. prorided. hoto-
cfered upon Gry porf OF such acb. o, s,no',
GhV oonG or other Evidence thereof 1ryich Jos
osel or ahGH u created or issued before such
me money arising from any loan Tor
he 'Grss,ing such debt liability shall
ne IppHen TO the work or object specified
a. tns act authorizing such debt or liabil-
~, or Tor the payment OF such debt or la :
~ ~ anu lor no other purpose Whatever
80 80 such law shall be submitted to be
sp.ei on within three months after IT'S
lassa se or at any general election when
"a, a., ~ u'ltT !aW or any bin shall he sub
ntted TO be voted for or against The leg
istai ure may provide for the issue of hnnGs
OK inc state to run for period not exceed
ing my years in lieu of bonds heretofore
auLiori@ed but not issued ana shall impose
ana provide for the collection of a diroct
annual tax for the payment of the same a &
f HerSlhoelore required. When any sinking
Iund created under this section shall equal
IN amount the debt for which IL WAS GREAT
ed. no further direct tax shall be levied on
account OF SAID sinking fund and the legis-
lature snail reduce the tax to an amount
e. ual 10 the accruing interest on such debt.
me legislature may from time to time
a a me rate OF interest to be paid upon
any state debt. which has been or NAV be
euthorized pursuant to the provisions Of
thls section, or upon any part of such debt.
provided, however, that the rate of ,ntoreat
shall not be altered upon any part Of such
debt or upon any bond or other evidence
thereof' which has been pr shall be Great
n
case the legislature increase the rate of IN
terest upon any such debt or part thereof
II shall n such debt be payable otherwise
IMAM IN equal annual instalments impose
ana provide for the collection of q direct
annual tax to pay and sufficient to nav the
increased or altered interest on such debt
as II tails due and also to pay and dis
cnarse the principal of such debt within
hity years from the time of the contracting
thereof and shall appropriate annually 70
e ene SINKING fund moneys in amount SUI
ncient to pay such interest and nav and
uischarge the principal of such debt when
IL shall become due and payable
8 o, me sinking funds provided for the
ment of the principal Of the debts of fhe
state heretofore contracted shnH he co.,
s sa4"5a , Mey shall be separately kept and
s sa'e a invested and neither Of them shall
other than for 1.-THE specific nurnosa for
which 1t shall have been provided such
pro,idnd ana e@flnonishment as hereinafter
WOuiuea me comptroller shall each ira,
opprdtSe the securities held for inrcst,nsnt -,
edch Or such funds at their fair ,,arEet 1,of,,r
' m,s enssea"g par. He shall then determine
ana certify 10 The legislature the o,nount ~,
sach o. snch funds aud the amounts rohich
thsrcditer oHnualiv contributed to eoeh
ench Innd, 'could tcith the fund and ,cith the
ohttonS thereto. computed at the rate NJ
tnIee per centrum per dnnun1, produce ar thc
aa.c OF mqtXraty the amount Of the debt 10
retire uhtch-Such fund ,cas created. nnd n.
legislature shall thercupon approprinte os ~
contrtoutton to each such fund for snch ueoy
az seass ne dmount thus certified
,,.a, - inc ,, imeoms o. any such fund IN any
added TO such fund, toould. 10Th the fund ondd
US dccunsuldftons as aforesaid, retire the
ceot az mdturttD the eTcess income ,nov be
the trnd created. " N''o''
After any. sinking fund shall equal a.,
further contribution shan ID nsode there no
srcepf TO make good any losses uScertofueJ