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18 the Sinking Fund to pay the floating canal debt, is hereby sus. 19 pended after the first day of October, 1867.
1 $ 3. After the debts specified in section one aro fully paid 2 or provided for, according to the provisions of section two, the
3 remaining revenues of the canals, after paying the said expenses 4 of collection, superintendence and ordinary repairs, shall in each 5 fiscal year be paid into the treasury of the State to pay the 6 amount advanced since 1816, for canal purposes by taxation, 7 until the whole amount so advanced, with interest at five per
8 cent per annum, shall be fully paid, and until any amount hero
9 after advanced for canal debts or other canal purposes, with
10 interest thereon at five per cent per annum, shall be fully paid, 11 but the moneys so paid into the treasury, may from time to 12 time be appropriated by the Legislature for the improvement 13 of the canals, or for such other purposes as they may deem 14 proper. But the said moneys shall at no time be anticipated or 15 pledged.
$ 4. After complying with the provisions of the second and
2 third sections of this article, and after paying said expenses of
3 collection, superintendence and ordinary repairs, the surplus 4 revenues of the canals may, in each fiscal year, be disposed of
5 for the improvement of the canals, or for such other purposes as
6 the Legislature may direct, but shall at no time be anticipated
7 or pledged.
$ 5. The claims of the State against any incorporated com
2 pany to pay the interest and redeem the principal of the stock
3 of the State, loaned or advanced to such company, shall be
4 enforced, and not released or compromised, and the moneys
5 arising from such claims shall be set apart and applied to the 6 payment of said stock, so loaned, or to repay the money which
7 may be advanced to pay the same.
1 $ 6. The Legislature sball not sell, lease, or otherwise dispose 2 of any of the canals of this State, but they shall remain the
3 property of the State and under its management forever.
§ 7. No moneys shall ever be paid out of the treasury of
2 this State, or any of its funds under its management, except in
3 pursuance of an appropriation by law, nor unless such payment
4 be made within two years next after the passage of such appro
5 priation act; and every such law making any new appropria6 tion, or continuing or reviving an appropriation, shall distinctly
7 specify the sum appropriated and the objects to which it is to be
8 applied, and it shall not be sufficient for such law to refer to any
9 other law to fix the sum.
1 $8. Neither the credit, money nor property of the State 2 shall in any manner be given or loaned to or in aid of any indi
3 vidual, corporation or association except for charities and educa
4 tion. On the final passage in either house of the Legislature of
5 any act appropriating money for charities or education, the 6 question shall be taken by ayes and noes, which shall be duly 7 entered on the journals, and two-thirds of all the members
8 elected to either house shall in all cases be necessary to pass the
1 89. The State may, to meet casual deficits or failures in 2 revenues, or for unexpected expenses not provided for, tempo
3 rarily contract debts; but such debts, direct and contingent, 4 singly or in the aggregate, shall not at any time exceed one mil:
5 lion of dollars, and the moneys arising from the loans creating 6 such debts shall be applied to the purposes for which they were 7 obtained, or to repay the debt so contracted, and to no other 8 purpose whatever; and such temporary debts shall in all cases 9 be provided for at the earliest practicable period, and shall be
10 paid within two years after they are contracted.
§ 10. In addition to the above limited power to contract
2 debts, the State may contract debts to repel invasion of this 3 State or the United States, to suppress insurrection in this State
4 or the United States, or to defend the State or the United States
5 in war; but the money arising from the contracting of such debts
6 shall be applied to the purpose for which it was raised or to 7 repay such debts, and to no other purpose whatever. 1 $ 11. Except the debts specified in the twelfth and thirteenth 2 sections of this article, no debt shall be hereafter contracted by
3 or on behalf of this state, unless such debt shall be authorized
4 by a law for some single work or object to be distinctly specified
5 therein ; and such law shall impose and provide for a collection
6 of a direct annual tax to pay, and sufficient to pay the interest
7 on such debt as it falls due; and also to pay and dischargo the
8 principal of such debt within eighteen years from the time of the 9 contracting thereof. No such law shall take effect until it shall
10 at a general election have been submitted to the people, and have 11 received a majority of all the votes cast for and against it at such 12 election. On the final passage of such bill in either house of 13 the Legislature, the question shall be taken by ayes and noes, to 14 be duly entered on the journals thereof, and shall be: “Shall 15 this bill pass and ought the same to receive the sanction of the 16 people ?" The Legislature may at any time after the approval
17 of such law by the people, if no debt shall have been contracted 18 in pursuance thereof, repeal the same, and may at any time by 19 law forbid the contracting of any further debts under such law; 20 but the tax imposed by such act, in proportion to the debt and 21 liability which may have been contracted in pursuance of such 22 law, shall remain in force and be irrepealable and be annually 23 collected until the proceeds thereof shall have made the pro24 vision hereinbefore specified to pay and discharge the interest 25 and principal of such debt and liability. The money arising 26 from any loan, or stock creating such debt or liability, shall be 27 applied to the work or object specified in the act authorizing 28 such debt or liability, or for the repayment of such debt or lia29 bility, and for no other purpose whatever. No such law shall
80 be submitted to be voted on within three months after its pas
31 sage, or at any general election when any other law, or any bill
32 or any amendment to the Constitution shall be submitted to be
33 voted for or against.
1 $ 12. Every law which imposes, continues or revives a tax, 2 shall distinctly state the tax and the object to which it is to be 3 applied ; and it shall not be sufficient to refer to any other law
4 to fix such tax or object.
1 $ 13. No deficiency loan shall be made by or on behalf of 2 the State, for a longer period than is necessary to enable the 8 sinking fund provided for its payment, to accumulate an amount 4 sufficient to discharge it; and in no case shall such loan be made
5 for more than six years.
1 $ 14. No money shall be drawn from the treasury of the 2 State except in pursuance of an appropriation by law, and on 3 the warrant of the Comptroller, and all bonds, stocks and other 4 securities issued by the State shall be signed by the Comptroller 5 on behalf of the State.
1 § 15. Taxation on real and personal property shall be equal 2 and uniform in this State. A sworn statement shall be delivered
3 to the taxing officers by all persons and corporations who own, 4 possess or hold such property, specifying the ownership, quan5 tity and estimated value thereof; in which inay also be specified 6 the particulars of the indebtedness of the persons and corpora. 7 tions owning such property. The Legislature shall pass laws