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Show CONSTITUTIONAL AMENDMENT NO. 1 Proposing to Amend Soctlon f, Artlcl XIV, of tho Constitution of UUh Relating to Stato Indebtedness Indebted-ness A concurrent resolution providing an amendment to Section 1, Article XIV, of the Constitution of the State of Utah, relating to stste dabt limitation limita-tion Be It cmaeted by tho Uejjlslature ot the Srate of Utah, two-thirds of all tho members oloctod to each of the two houses concurring therein; Soctlon L That It Is proposed to amend Section I, Article 14. of the Constitution of the State of Utah, so that the same will read aa follows . Sec I To meet casual deficits or failures In revenue, and for necesaary expenditures for public purposes. Including In-cluding the erection of public buildings, build-ings, and for tho payment ot all territorial ter-ritorial Indebtedness assumed by tho date, the state may contract debts, not exceeding In tho aggregate at anyj one time, an amount ojual to 2 por-contum por-contum of the Talue of the taxable property of the state, as shown by the last assessment for Mate purposes, previous to the Incurring of su.-h In-debtedneos In-debtedneos Bnt 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 j he 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, ths state at tho next general election elec-tion In the manner provided by law Sec. a If adopted by the electors of the state, this amendment shall take effect January 1, 102. |