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Show J CONSTITUTIONAL. AMENDMENT NO. 1 ! ProportliiB to Amend Section 1, Article XIV, of tho Constitution of Utah Itolnltni; to State Jndbted- nets A concurrent resolution providing an amendment to Section J. Article XIV, of the Constitution of the Stnto of Utah, relating to stnte debt limitation. limita-tion. Bo It enacted by tho Legislature of tho Stato of Utah, two-thirds of nit tho members elected to each of tho vo houtoB concurring therein: Section 1. That It Is proposed to amend Section 1, Article H, of tho Constitution of tho Stato of Utah, so that tho same will read ns follows: Sec 1. To meet casual deficits or failures In revenue, and for necessary expenditures for public purposes, Including In-cluding tho erection of public buildings, build-ings, and for tho payment of all tor-1 rltorlal indebtedness assummed by the 'stato, the stutc may contract debts, I not exceeding In tho aggregate nt any ono time, an amount equal to 2 per-centum per-centum of tho valuo of the tajcablo property of the state, as shown by tho last assessment for stato purposes, previous to tho Incurring of-such Indebtedness. In-debtedness. But tho tato shull never contract any Indebtedness, except an In tho next section provided, In excess of such amount, and all moneys arising aris-ing from loans herein authorized, shall bo applied solely to tho purposes for which they were obtained. Sec. 2. Tho scctctary of state lfl hereby directed to submit tills proposed pro-posed amendment to tho Electors of tho state ut tho next general election In tho manner provided by law. Sec. 3, If adopted by, the elector) of tho state, this umchdment Bhall tako effect January 1, 1023. |