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No. 129.

IN CONVENTION

September 24, 1867.

REPORT

OF THE COMMITTEE ON FINANCE AS AMENDED BY THE COMMITTEE OF THE WHOLE, SO FAR AS COMPLETED AT THE TIME OF ADJOURNMENT, SEPTEMBER 24, 1867.

LUTHER CALDWELL, Sec'y.

1 SECTION 1. The old canal debt of 1846, amounting on the

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7 and the floating debt loan contracted under the provisions of 8 chapter 271 of the law of 1859, amounting on the first day of 9 May, 1867, to $1,700,000, shall hereafter be known as the "canal

(Con. No. 129.]

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10 debt," for the payment of which the canal revenues are hereby 11 pledged; and the several sinking funds applicable to the pay

12 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 con

11 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.

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$ 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.

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§ 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.

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$ 5. The claims of the State against any incorporated com2 pany to pay the interest and redeem the principal of the stock

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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.

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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 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.

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

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

This fection was of fered by Mr. Alvord as a substitute for section 11 of the report of the committee, and pending its consider ation was laid over by consent for future action.

3 ciation or corporation. On the final passage in either

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.

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§ 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 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.

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§ 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

7 raised or to repay such debts, and to no other purpose whatever.

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$ 11. Except the debts specified in the twelfth and thirteenth

2 sections of this article, no debts shall be hereafter contracted by

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