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Show I CONSTITUTIONAL AMENDMENT NO. 1 Proposing to Amend 8ectlon 1, Artlcls XIV, of the Constitution of Utah Rotating to State Indebtedness Indebted-ness I A concurrent resolution providing an amendment to Section 1, Article 1 XIV. of the Constitution of the State of Utah, relating to state debt limitation limita-tion Bo it enacted hy the Legislature of the State of Utah, two thirds of all ! tho members elected to each of tho i two houses concurring therein; Section 1. That if Is proposed to ( amend Section 1, Article 14, oi the Constitution of the State of rtah, so that the' same will read as follows: See. 1 To met casnal dcfleitB or failures in revenue, and for necessary expenditures for public purposes, including in-cluding the erection of puhlic buildings, build-ings, and for tho payment of all territorial ter-ritorial Indebtedness assumed by the tato, the sfiite may contract debts, not exceeding in the aggregate at any one tiojo, an amount equal to 2 per-centum per-centum of the value of the taxable property of the state, as shown by the last assessment for state purpoees, previous to the incurring of Bach Indebtedness In-debtedness But the state shall never contract any Indebtedness, except as In the next section provided, In exceaa of such amount, and all raonays 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 Btate at the next general election elec-tion la the manner provided by law. Sec 3. If adopted hy the electors of the state, this amendment shall tako effect January 1, 1023. |