ic ai sed sti ks, and of in banking shall always be equal to that imposed on the property of unicipal corporations, except cities, shall be property of corporations, now existing or aws shall be passed taxing, by a uniform rule, all --The property of corporations, now existing or hereafter created, shall forever be subject to taxation the same as the property of individuals. Ohio, 443. -The General Assembly shall provide by law for taking the notes and bills discounted or purchased, moneys loaned, and all other property, effects or dues of every description (without deduction), of all banks now existing or hereafter created, and of all bankers, so that all property employed in banking shall always bear a burden of taxation equal to that imposed on the property of individuals. Ohio, 442. STATE DEBTS. --The General Assembly shall not borrow or raise money on the credit of the State (except for purposes of military defense against actual or threatened invasion, rebellion, or insurrection), without the concurrence of two-thirds of the members of each House. Ala., 78. -Be it ordained by the People of the State of Arkansas, That the Provisional Governor who may be elected sed by this Convention, be authorized to negotiate a loan not exceeding $150,000 for the State of Arkansas, for the purposes of government, till such time as oro un be distinctl vide ways payment of falls due, and such debt or time of the c able until the paid and discl effect until, at submitted to the of all the votes tion; and all me shall be applied stated, or to the pa and such law shall paper in each ju therein throughou preceding the elect Cal, 102; people. -The General Ass -There shall be annual the same manner as o assessed and collected, a dollar's worth of taxable other taxes, to be appli fund so created shall be k ally, on the first day of Ja paid over, pro rata, upon à other than the canal and s for that purpose, be preser same, to be entered as c extent, in extinguishment indebtedness. Ill., 167. -All the revenues derived the public works belongin the net annual income the may, at any time, remain from taxation for general payment of the ordinary ex and of the interest on bon bank bonds, shall be an direction of the General of the principal of the publ -No law shall authorize on behalf of the State, exc To meet casual deficits in interest on the State debt; ized by some law for some single object or work, to be distinctly specified therein, which law shall provide ways and means, exclusive of loans, for the payment of the interest of such debt or liability as it falls due, and also pay and discharge the principal of such debt or liability within twenty years from the time of the contracting thereof, and shall be irrepealable until the principal and interest thereon shall be paid and discharged; but no such law shall take effect until, at a general election, it shall have been submitted to the people, and have received a majority of all the votes cast for and against it at such election; and all money raised by authority of such law shall be applied only to the specific object therein stated, or to the payment of the debt thereby created; and such law shall be published in at least one newspaper in each judicial district, if one be published therein throughout the State, for three months next preceding the election at which it is submitted to the people. Cal., 102; Ill, 154. -The General Assembly shall provide for the publication of said law for three months at least before the vote of the people shall be taken upon the same, and provision shall be made, at the time, for the payment of the interest annually, as it shall accrue, by a tax levied for the purpose, or from other sources of revenue; which law, providing for the payment of such interest by such tax, shall be irrepealable until such debt be paid: And provided, further, That the law levying the tax shall be submitted to the people with the law authorizing the debt to be contracted. Ill., 154. -There shall be annually assessed and collected, in the same manner as other State revenue may be assessed and collected, a tax of two mills upon each dollar's worth of taxable property, in addition to all other taxes, to be applied as follows, to wit: The fund so created shall be kept separate, and shall, annually, on the first day of January, be apportioned and paid over, pro rata, upon all such State indebtedness, other than the canal and school indebtedness, as may, for that purpose, be presented by the holders of the same, to be entered as credits upon, and, to that extent, in extinguishment of the principal of said indebtedness. Ill., 167. -All the revenues derived from the sale of any of the public works belonging to the State, and from the net annual income thereof, and any surplus that may, at any time, remain in the treasury derived from taxation for general State purposes, after the payment of the ordinary expenses of the government, and of the interest on bonds of the State, other than bank bonds, shall be annually applied, under the direction of the General Assembly, to the payment of the principal of the public debt. Ind., 178. -No law shall authorize any debt to be contracted on behalf of the State, except in the following cases: To meet casual deficits in the revenue; to pay the interest on the State debt; to repel invasion, suppress of such debts shall be a which it was obtained, or tracted, and to no other 190. -In addition to the abov debts, the State may cont suppress insurrection, or d the money arising from t be applied to the purpose to repay such debts, and ever. Iowa, 190; (nearly 312; Min., 327; Neb., 376 -Except the debts here article, no debt shall be he behalf of this State, unles rized by some law for som be distinctly specified th impose and provide for annual tax, sufficient to p as it falls due, and also principal of such debt, wi time of the contracting the take effect until at a gen been submitted to the p majority of all the votes o election; and all the mo such law, shall be applied therein stated, or to the p thereby; and such law sh one newspaper in each therein, throughout the S ceding the election at wh people. Iowa, 190. The Legislature may at of such law by the people contracted in pursuance th may at any time forbid th -For the purpose of defray they shall not use or appropriate the proceeds of the internal improvement companies, or of the State tax now levied, or which may hereafter be levied, to pay off the public debt, to any other purpose, until the interest and debt are fully paid, or the sinking fund shall be equal to the amount of the outstanding debt; but the General Assembly may, without laying a tax, borrow an amount, never to exceed fifty thousand dollars, to meet temporary deficiencies in the treasury, and may contract debts to any amount that may be necessary for the defense of the State. Md., 263. unfunded debt shall not be funded or redeemed at a value exceeding that established by law in one thousand eight hundred and forty-eight. Mich., 311. -The State may contract debts to meet deficits in revenue. Such debts shall not in the aggregate at any one time exeeed fifty thousand dollars. The moneys so raised shall be applied to the purposes for which they were obtained, or to the payment of the debts so contracted. Mich., 311. --No scrip, certificate, or other evidence of State indebtedness shall be issued except for the redemption of stock previously issued, or for such debts as are expressly authorized in this Constitution. Mich., 312. -For the purpose of defraying extraordinary expenditures, the State may contract public debts, but such debts shall never, in the aggregate, exceed two hundred and fifty thousand dollars; every such debt shall be authorized by law, for some single object to be distinctly specified therein; and no such law shall take effect until it shall have been passed by the vote of two-thirds of the members of each branch of the Legislature, to be recorded by yeas and nays on the journals of each House, respectively; and every such law shall levy a tax annually sufficient to pay the annual interest of such debt, and also a tax sufficient to pay the principal of such debt within ten years from the final passage of such law, and shall specially appropriate the proceeds of such taxes to the payment of such principal and interest; and such appropriation and taxes shall not be repealed, postponed or diminished until the principal and interest of such debt shall have been wholly paid. [Neb., 376; Wis., 568, except limit is $100,000.] The State shall never contract any debts for works of internal improvement; or be a party in carrying on such works, except in cases where grants of land or other propS erty shall have been made to the State, especially dedicated by the grant to specific purposes, and in Denate or House of Rep this section shall be so cor -For the purpose of enal Senate or House of Representatives, and be agreed to by a majority of the members of each House, and entered on their journals with the yeas and nays taken thereon, and be referred to the next succeeding Legislature, and published for three months previous to the next regular election, in three newspapers of the State; and unless a majority of each branch of the Legislature, so elected, after such publication, shall agree to, and pass such law; and in such case the yeas and nays shall be taken, and entered on the journals of each House; Provided, That nothing in this section shall be so construed as to prevent the Legislature from negotiating a further loan of one and a half million of dollars, and vesting the same in stock reserved to the State by the charter of the Planters' Bank of the State of Mississippi. Miss., 343. -The State shall never contract any debt for works of internal improvement, or be a party in carrying on such works; but whenever grants of lands or other property shall have been made to the State, especially dedicated by the grant to particular works of internal improvement, the State may carry on such particular works, and shall devote thereto the avails of such grants, and may pledge or appropriate the revenues derived from such works in aid of their completion. Neb., 376; Wis., 568. --The Legislature shall not authorize the borrowing of money or the issuance of State bonds for any sum exceeding in the aggregate fifty thousand dollars, without submitting a proposition therefor to a vote of the people for their approval or rejection, except in case of war, to repel invasion, or suppress insurrection. Neb., 373. -For the purpose of enabling the State to transact its business upon a cash basis from its organization, the State may contract public debts; but such debts shall never, in the aggregate, exclusive of interest, exceed the sum of three hundred thousand dollars, except for the purpose of defraying extraordinary expenses as hereinafter mentioned. Every such debt shall be authorized by law for some purpose or purposes, to be distinctly specified therein; and every such law shall provide for levying an annual tax sufficient to pay the interest semi-annually, and the principal within twenty years from the passage of such law, and shall specially appropriate the proceeds of said taxes to the payment of said principal and interest; and such appropriation shall not be repealed, nor the taxes postponed or diminished until the principal and interest of said debts shall have been wholly paid. Every contract of indebtedness entered into or assumed by or on behalf of the State, when all its debts and liabilities amount to said sum before mentioned, shall be void and of no effect, except in cases of money borrowed to repel invasion or suppress insurrection, defend the State in time of war, or, if hostilities be threatened, to provide for public defense. Nev., 389. -For the first three years after the adoption of this -The State may contra deficits or failures in rever not otherwise provided for of such debts, direct and tracted by virtue of one o Assembly, or at different exceed seven hundred and the money arising from t shall be applied to the p obtained, or to repay the no other purpose whateve -In addition to the abov may contract debts to rep rection, defend the State present outstanding indeb the money arising from th shall be applied to the raised, or to repay such de pose whatever; and all de present outstanding indeb be so contracted as to be p hereinafter provided for, a Ohio, 439. -Except the debts above shall hereafter be create State. Ohio, 439. -The faith of the State b ment of its public debt, in there shall be created a si sufficient to pay the aceru and annually to reduce t sum not less than one increased yearly, and each pounding, at the rate of The said sinking fund shal income of the public work State, of any other funds may be, provided by law, to be raised by taxation, a purposes aforesaid. Ohio The Legislative Assemb create any debt or liablitie the aggregate, with previo the sum of fifty thousand war, or to repel invasion and every contract of ind assumed by or on behalf tion of any company or corporation. Va., 538. -The General Assembly may at any time direct the sale of the stocks held by the Commonwealth in internal improvements and other companies located within the limits of this Commonwealth, but the proceeds of such sale, if made before the payment of the public debt, shall be appropriated to the payment thereof. Va., 538. -The Legislature may at any time direct a sale of the stocks owned by the State in banks and other corporations, but the proceeds of such sale shall be applied to the liquidation of the public debt. W. Va., 556. --No debt shall be contracted by this State, except to meet casual deficits in the revenue, to redeem a previous liability of the State, to suppress insurrection, repel invasion, or defend the State in time of war. W. Va., 556. -The State shall never contract any public debt, except in the cases and manner herein provided. Wis., 568. --No liability, either State, parochial or municipal, shall exist for any debts contracted for, or in the interest of the rebellion against the United States government. La., 235. -The Legislature shall not provide for the payment of any bonds now held by rebels in arms against the State or United States government. Va., 538. -It shall not provide for the payment of any debt or obligation created in the name of the State of Virginia by the usurped and pretended State authorities at Richmond. And it shall not allow any county. city or corporation, to levy or collect any tax for the payment of any debt created for the purpose of aiding any rebellion against the State or the United States. Va., 538. TAXATION BY COUNTIES, CITIES, VILLAGES AND TOWNS-RESTRICTIONS UPON THEIR CREDIT. -It shall be the duty of the Legislature, and they are hereby empowered to provide for the organization of cities and incorporated villages, and to restrict their power of taxation, assessment, borrowing money, contracting debts, and loaning their credit, so as to prevent abuses in assessments and taxation, and in contracting debts by such municipal corporations. Wis., 570. -The General Assembly shall provide for the organization of cities, incorporated villages, by general laws; and restrict their power of taxation, assessment, borrowing money, contracting debts, and loaning their credit, so as to prevent the abuse of such power. Ohio, 443. -Acts of the Legislative Assembly, incorporating towns and cities, shall restrict their powers of taxation, borrowing money, contracting debts, and loaning their credit. Or., 457. 18 nabiity whid 19 remain in fo 20 proceeds the 21 and discharg 22 money arising -The General Assembl ize the several counties this State, to impose ta tion purposes respective be prescribed by law; according to its value, in regard to State ta similar), Fl., 137. The commissioners townships, and similar of local taxation, for p scribed by law. -The corporate auth Olac school-districts, cities vested with power to porate purposes; such to persons and prop of the body imposing Assembly shall require the limits of municip individuals shall be ta contracted under auth -The Legislature shall ciites and incorporated restrict their money, contracting de power of t as to prevent the abus --The Legislature sha and organization of restrict their powers contracting debts and -It shall be the duty for the organization of and to restrict their p borrowing money, c their credit, so as to and in contracting del tions. -No county shall sub Cal., 100. porated company, unle time of such subscript its credit to any incor money for the purpose company. Ind., 179. |