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Show I CONSTITUTIONAL AMENDMENT I NO. 1 Proposing to Amond 8ectlon 1, Article r, XIV, of the Constitution of Utah Relating to State Indebted-I Indebted-I nets ' A concurrent resolution providing an amendment to Section 1, Article XIV, of thu Constitution of the Statu of Utah, relating to state debt limitation. limita-tion. Re it enacted by the Legislature, of the State of Utah, two-thirds of all the, members elected to each of the two houses concurring therein: Section 1. That it is proposed to amend Section 1, Article 14, of the Constitution of the State of Utah, so that the same will read as follows: Sec. 1. To meet casual deficits or failures in revenue, and for necessary expenditures for public purposes, including in-cluding the erection of public buildings, build-ings, and for the payment of all territorial ter-ritorial Indebtedness assumed by the state, the state may contract debts, not exceeding in tho aKKresate at auy one time, an amount equal to 2 pur-centum pur-centum of the value of the taxable property of the state, as shown "by tho last assessment for stato purposes, previous to the Incurring of such indebtedness. in-debtedness. But the atatu shall never . contract ajiy lnjjebtejneis, except as in tKe next section provhlod, In excess of ouch amount, and all moneys arising aris-ing from loanB herein authorized, shall be applied sololy to the purposes fur which they were obtained. Sec. 2. Tho secretary of state is horeby dlrocted to submit this proposed pro-posed amendment to the electors of the state at the next general election elec-tion in tho manner provided by law. Sec. 8. If adopted by the electors of the state, this amendment shall take effect January 1, 1023. |