New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-08-21
LAWS OF NEW YORK

LAWS OF NEW IONN
irstaiments, set apart In each fiscal year.
/ moneys in the state treasury as sinking
fund to pay the interest as II falls duo and
| to pay and discharge tho principal OF any
! debt heretofore or hereafter created under
section four OF article seven OF tho consti
tuition until the same shall be wholly paid.
| and the principal and income OF such sink.
| Ing fund shall be applied to tho purpose
| for which said sinking fund Is created and
TO no other purpose whatever: and, in the
event such moneys so set apart in any
| fiscal year be sufficient to provide such
sinking fund, a direct annual tax for such
| year need not DO imposed and collected, as
required by the provisions of said section
| four of article seven, or of any law enacted
in pursuance thereof. The legislature shall
annually as the same shall fall due provide
| by direct tax. appropriation or both for
| the payment OF the interest upon and IN
staiments Of principal of all debts created
| on behalf of the state payable In annual
instalments. pursuant to section four OF
article seven, or or any law enacted In
annually prorido ou appropriation for the
payment OF the interest upon aud ins<Clments
OF principal Of all debts created on oN,dB Of
the state except those contracted undcr sec
ton tico Of This article. the shall
fan due. and for the contribution TO all Of
the sinking funds heretofore created b.. lac.
s.ndcr the provisions Of section duc Of THIS
article. II at any time the legislature shall
comptroller shall set apart from tho arst
revenues thereafter. received, applicable to
OSGCruf
cient to pay such interest. imstolnsents Of
principal, or contributions to such sinking
J,snd. as the case 'nov DC, aud shdlt SO dppi =!
the n,onsuS thuS set apart. The comptroller
,ndv De required to set aside and apply such
revenues as aforesaid, at the sat Of any
holder Of such bonds
5 IL Debts hereafter authorised for the
improvement Of hiohicoys shall be created
oniV in the manner provided IN section !oHr
Of This article. No pro1iSiom Of this article
shah be deemed to impair or affect the
validity Of any debt Of the state heretofore
contracted or any right or obligation hereto
fore created 6et,cee" the state aud any OF ats
civil divisions.
A debt or debts Of the state may. be
authorized by law for the improvement of
| highways. such highways shall be deter
mined under general laws, which shail
also provide for the equitable apportion-
ment thereof among the counties. Tho
aggregate OF the debts authorized by this
section shall not at any one time exceed
the sum of fifty millions Of dollars. me
payment OF the annual interest on sucn
debt and the creation Of a sinking fund OF
at least two par centum per annum to DIS
charge the principal at maturity snail De
provided by general laws whose force and
effect shall not be diminished during the
existence of any debt created thereunder
/ Tho legislature may by general laws re-
ouire the county town or both to pay TO
the sinking fund the proportionate part or
tho cost of any such highway wl'nln we
boundaries of such county or town ana the
proportionate part of the interest thereon
but no county shall al any time Tor any
highway be required to pay more than
thirtvdve hundredths of tho cost of such
b,rbwav and no town more than fifteen
hundredths. None of the PROVISIONS or me ne
fourth section of this article shall Apply TO
debts for the Improvement of highways
hereby aUt horizcd.
~ Resolvcd df the Assembly concur),
That the foregoing amendment be submit
tod TO the people for approval at the gem
eral election to be held In the year nine
teen hundred and twenty In accoraahce
with the provisions OF the election law.
STATE OF NEW YORK,
IN SENATE.
Apr. 1G. 1919.
The foregoing resolution was duly passed;
a majority of all the Senators elected
voting in favor thereof.
By order Of the Senate e., n,u,
STATE OF NEW YORK.
IN ASSEMBLY,
A pril 1S. 1919
The foregoing resolution was duly passed
majority OF all the members elected 10
| the Assembly voting in favor thereon.
BY order OF the Assembl
THADDEUs c. SWEET,
ofes sTA a. bs or SEW fo Of State
have compared the preceding copy OF
resolution on file in this office. and do
hereby certify that the same is a correct
transcript therefrom and of the whole
thereof. ~,
Given under my. hand and the seal
of office Of the Secretary OF
IT, 81 State at the city Of Albany, tpis
first day of July in the year one
thousand nine hundred and
twenty.
FRANCIS NJ. HUGO
Secretary Of State.
TWO
Explanations Matter in ttolios Is new
matter in brackets [ J Is old law to be
0''''|'NN STATE OF NEW YORK.
Office of the Secretary of state,
Albany, July /, 1920.
Pursuant to the provisions Of section one
OF article fourteen Of the CONSTITUTION OF
The state OF Tew York. and section Two
notice is hereby given that the following
proposed amendmene to section ope -.
article two OF the Constitution OF the
Statn OF Nov Work. is referred - the