Show PUBLIC DEBT Article on That Subject Submitted by tile Committee Following is the proposed article on public debt Section 1 The state may to meet casual deficits or failures in revenue or for expenses not provided for contract debts but such debts direct and contingent in the aggregate shall not at any time exceed ex-ceed one million dollars 100000000 and the moneys from the loans creating such debts shall be applied to the purposes for which they were obtained or to repay the debts so contracted and to no other purpose whatever Sec 21n addition to the above limited power to contract debts the state may contract debts to repel invasion suppress insurrection or to defend the state in war but the money arising from the contracting con-tracting of such debts hall be applied to the purpose for which it was raised and to no other purpose whatever What May lie Contracted Sec 3Except the debts specified in sections sec-tions one and two of this article no debts shall hereafter be contracted by or on behalf of this state unless such debt shall be authorized by law for some single work or object to be distinctly i I specified therein which law shall provide pro-vide ways andjneans exclusive of loans for tho payment of the interest on such debt as it falls due and also to pay and discharge the principal of such debt within with-in twenty years from the time of the contracting thereof Xo such law shall take effect until it shall at a general election have been submitted to the people peo-ple and have received a majority of all the votes cast for and against it at such election and all moneys raised by authority of such law shall be applied ap-plied only to the specific object therein staled or to the payment of tho debt thereby created and such law shall be published in at least one newspaper in each county if one be published therein throughout the state for three months next preceding the election at which it is submitted to the people Xot Exceeding Taxes Sec 4 JNO dent in exLtts ot the taxes for the current year mall m any manner man-ner DO created oy any county or suo uiWbion thereof or tuiy sellout district therein or any city town or village or any subdivision thereof in the state of Utah unless the proposition to create I such debt shalt have peen faubnuttea to a vote of such qualified electors thereof as shall have paid a property tax therein I in the year next preceding such election and a majority of those voting therein shah vote in favor of incurring such debt J Sec 5Xo county city town school district or other municipal corporation even when authorized to create indebtedness indebted-ness as provided in section four of this article shall for any purpose become indebted to an amount including existing indebtedness in the aggregate exceeding live 5 per centum of the value of the taxable property therein to be ascertained ascer-tained by the last assessment for state and county purposes previous to the incurring in-curring of such indebtedness except that in Incorporated cities the assessment shall bo taken from the last assessment for city purposes provided that no part of the indebtedness allowed in this section shall be incurred for other than strictly county city town or school district purposes pur-poses Provided further that any city or town when authorized as provided in sectIon four 4 of this article may be allowed to become Indebted to a larger amount but not exceeding five 5 percentum ad ditional for supplying such city or town with water artificial light and sewers when the works for supplying such water light and sewers shall be owned and con trolled by the municipality Only For Specific Purposes Sec GAll moneys borrowed by or on behalf of the stute or any legal sub division thereof shall be used only for the purpose specified in the law authoriz ing tho loan Sec 7The state hall not assume the debt or any part thereof of any county city town or school district Sec Nothing contained in this article shall be so construed as to either impair or add to the obligation of any debt heretofore here-tofore contracted by any county city town or school district In accordance with the laws of Utah territory or prevent I pre-vent the contracting of any debt or the issuing of bonds therefor in accordance I with said laws upon any proposition for that purpose which may hav been according ac-cording to said laws submitted to a vote of the qualified electors of any coup ty city town or school district before the day on which this constitution takes effect |