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16. Report of the committee on cities, their organization, government, and powers.

Referred to the committee of the whole, September 5.

17. Report of the committee on education.

Referred to the coinmittee of the whole, September 5. 18. Report of the committee on state prisons, and the prevention and punishment of crime.

Referred to the committee of the whole, September 14.

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

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