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Show CONSTITUTIONAL AMENDMENT NO. 1 Proposing to Amend Section 1, Article XIV, of the Constitution of Utah Relating to State Indebtedness Indebted-ness A concurrent- resolution providing amendment to Section 1, Article XJV, of the Constitution of the S?;ate ot Van. relating to state debt limitation. limita-tion. lie 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 Ij proposed to anioud Section 1, Arti-.le 14, of the CoriE-'.ltution of the State of Utah, go that the same will read as follows : Se . 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 coniract debts, not exceeding in the a;greate at any one time, an amount equal to 2 per-centnm per-centnm of the value of tho taxable property of the state, 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 herd.y 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, 19i5. |