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Show CONSTITUTIONAL AMENDMENT NO. 1 Proposing to Amend 8octlon 1, Artlclo XIV, of the Conttltutlon of Utah Relating to 8tate Indebtedness Indebted-ness A concurrent resolution providing an amendment to Section 1, Article Mv, of the Constitution of the State of Utah, relating to etate debt limitation limita-tion I'.e It enacted by the Legislature of the Stato of Utah, two-thirds of all the members elected to each of the two houses concurring theroln: 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. L To moet casual deficits or failures In revenue, and for necessary expenditures for public purposes, Including In-cluding the erection of public build-Iub, build-Iub, and for the payment of all ter-lltorlal ter-lltorlal IndeAitedneoa assnmod by the e:ate, the state may contract debts, not exceeding In tho aggregate at any one tune, an amount eriual to 2 por-cantnm por-cantnm of the Talue of the taxable property of the state, as shown by the iQfit assessment for state purposes, previous to the Incurring of suh Indebtedness. In-debtedness. But the state shall novcr contract any Indebtedness oxoupt 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 wore obtained. Sec. 2. The secretary of state la hereby directed to submit this proposed pro-posed amendment to tho eloctoro of the state at the next general election elec-tion ia the manner provided by law. Sec R.' If adopted by the electors of the state, this amendment shall take effect January 1, 1923. |