OCR Text |
Show NO. 1 i ng to Amend Section 1, Artlole , of the Constitution of Utah elating to State Indebtedness Indebted-ness concurrent resolution providing amendment to Section 1, Article , of the Constitution of the State t'tah, relating to state debt limita- Be it enacted by the Legislature of he State of Utah, two-thirds of all .he members elected to each o the two houses concurring therein: Section 1. That it is proposed to amend Section 1, Article 14, of the f 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 the aggregate at any one time, an amount equal to 2 per-centum per-centum of the value of the taxable property of the Btate, as shown by the last assessment for state . purposes, previous to the incurring of such indebtedness. in-debtedness. But the state shall never contract any indebtedness, except as in the next: section provided, in excess of such amount, and all moneys arising aris-ing from loans herein authorized, shall be applied solely to the purposes for which they were obtained. Sec. 2. The secretary of state is hereby directed to submit this proposed pro-posed amendment to the electors of the state at the next general election elec-tion in the manner provided by law. Sec. 3. If adopted by the electors of the state, this amendment shall take effect January 1, 1928. |