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Show CONSTITUTIONAL AMENDMENT NO. 1 Proposing to Amend 8ectlon 1, Article XIV, of the Constitution of Utah Relating to State Indebtedness Indebted-ness i A concurrent resolution pro-riding an amendment to Section 1, Article XTV, of the Constitution of the State I of Utah, relating to state dobt limitation. limita-tion. Be it enscted by the Legislature of I the State of Utah, two-thirds of all the members elected to each of the two housoa concurring therein: 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 aa follows : I Sec. 1. To meet casual deficlta or failures In revenue, and for necessary expenditures for public purposes, Including In-cluding the erection of public bulld-IngB, bulld-IngB, and for the payment of all tor-i tor-i rltoriaJ indebtedness assumed by the state, the state may contract debts, i not exceeding in the aggregate at any one time, an amount equal to 2 per-centum per-centum of the alue of the taxablo property of the state, aa 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 aa j In the next section provided. In excess I of snch amount, and all moneys arts- I ing from loans herein authorised, shall j be applied solely to the purposes for i which they were obtained. Sec 2. The secretary of state Is hereby dlrocted to submit this pro posed amendment to the electors of the state at the next general election elec-tion la the manner provided by law. Sec f " If adopted by the electors of the state, this amendment shall take effect January 1, 1923. |