Show I CONSTITUTIONAL AMENDMENT NO 1 Proposing to 10 o Amend Section 1 Article XIV of tho the Constitution of Utah Relating t to State Indebtedness Indebted Indebted- ness nessA nessA A concurrent concurrent resolution providing an amendment to Section 1 1 1 Article XIV ot of the Constitution of ot the tho State of oC tab relating to state debt eM limita limita- tion Bo it enacted by the Legislature turo of 0 the State rot Utah two thirds of al au the members elected to each cach of the tho two houses concurring therein Section 1 1 That It is la proposed to amend Section 1 Article 14 14 of the Constitution of or the State of ot Utah so that tho same will read as follows See Sec 1 Td meet casual deficits or failures la m revenue and for necessary expenditures for public purposes including in jn the erection of public buildings build bund ings tugs and for the payment q of all territorial territorial territorial ter ter- ter- ter Indebtedness assumed by the tho II tate tho the state may contract debts debtS' not exceeding In tho the aggregate at an anone any anyone one time an amount equal to 2 per per- of the value of the taxable property of oC the state as shown by the thelast thelast thelast last assessment for S purposes previous to the Incurring of or such in in- But the state shall never contract any indebtedness except as asIn asin asin in the tho next section pro provided In excess of such amount and all moneys arising aria aris ing lag from l loans herein herem authorized shall be applied solely ol ly to tho the purposes for tor which they were obtained Sec 2 The Tho secretary of state ate is hereby directed to submit this proposed proPosed pro pro- posed amendment to the tho electors of th the state at the tho next general el election deetion dee elec tion In the manner provided by law Sec See 3 If It adopted by the electors I of the state this amendment shall shan I take effect January 1 1 1923 |