Imagens das páginas
PDF
ePub

10 debt,” for the payment of which the canal revenues are hereby 11 pledged; and the several sinking funds applicable to the pay12 ment of the said debts, together with the contributions to be

13 made thereto and the income thercof, shall be known as the

14 “Canal Debt Sinking Fund.”

1 § 2. After paying the expenses of collection, superintendence 2 and ordinary repair, there shall be set apart and paid into the 3 Canal Debt Sinking Fund, in each fiscal year commencing on 4 the first day of October, 1867, out of the revenues of the canals,

5 the sum of $2,418,000 to pay the interest as it falls due and

6 redeem the principal of the several debts specified in section one 7 of this article, until the said several debts shall be fully paid or 8 provided for; and the principal and income of said sinking fund

9 shall be strictly applied to that purpose and to no other purpose

10 or object whatever. If, in any fiscal year there shall not be con11 tributed from said revenues at least the sum of $2,418,000, the

12 deficiency shall be supplied by taxation the next year.

The

13 remaining revenues of the canals in each fiscal year may be 14 applied by the Legislature to the improvement or completion of 15 the canals, but shall at no time be anticipated or pledged; if not

16 so applied they shall be and remain a part of the Canal Debt

17 Sinking Fund. The tax authorized to be levied to provide for

18 the Sinking Fund to pay the floating canal debt, is hereby sus19 pended after the first day of October, 1867.

1

$ 3. After the debts specified in section one are fully paid or 2 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 1846, 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

9 hereafter advanced for canal debts or other canal purposes, with

10 interest thereon at five per cent per annum, shall be fully paid, 11 and the moneys so paid into the treasury, may from time to time 12 be appropriated by the Legislature for the improvement of the 13 canals, or for such other purposes as they may deem proper. 14 But the said moneys shall at no time be anticipated or pledged.

1

$ 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 shall, 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 at no time be anticipated or

7 pledged.

1 $ 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 fairly

4 enforced, and not released or compromised, and the moneys 5 ariring 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 shall not sell, lease, or otherwise dispose

2 of any of the canals of the State, but they shall remain the

3 property of the State and under its management forever.

1

8 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 appro5 priation act; and every such law making new appropriation, or 6 continuing or reviving an appropriation, shall distinctly specify 7 the sum appropriated and the objects to which it is to be applied, 8 and it shall not be sufficient for such law to refer to any other

9 law to fix the sum.

1

$ 8. The credit of the State shall not in any manner

This fection was of fered by Mr. Alvord as a substitute for section 11 of the report of the committee, and pending

2 be given or loaned to or in aid of any individual asso

laid over by consent for future action.

3 ciation or corporation. On the final passage in either its consider 4 house of the Legislature of every act which imposes,

5 continues, or revives a tax, or creates a debt or charge 6 against the State, or makes, continues or revives any 7 appropriation of public or trust money or property, or 8 releases, discharges or commutes any claim or demand

9 of the State, the question shall be taken by ayes and noes,

10 which shall be duly entered on the journals, and four-fifths of

11 all the members elected to either house sball in all such cases

12 be necessary to pass the same.

1 $ 9. The State may, to meet causual deficits or failures in 2 revenues, or for unexpected expenses not provided for, tempo3 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 contractéd, 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.

1

§ 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

4 State or the United States, or to defend the State or the United

5 States in war; but the money arising from the contracting of 6 such debts shall be applied to the purpose for which it was

[ocr errors]

7 raised or to 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 debts 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 laws 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 discharge 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 pro

24 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

« AnteriorContinuar »