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Show CONSTITUTIONAL AMENDMENT NO. 1 ProoMlM U Amend Section 1, Article )tlV, of the Constitution of Utoh Rotating to State Indebtedness Indebted-ness a concurrent resolution providing an amendment to Section 1, Article Xrv of the Constitution of the fltato 2 Utah, relating to stato debt llmlta- UBe it enacted by the Legislature ot the State of Utah, two-thirds of all the members elected to each of the two houses concurring therein; Section 1. That It Is proposed to Amend Section 1. Article 14. of tho Constitution of the State of Utah, so that tho same will read as follows: Sec L To meet casual deficits or failures In revenue, and for necessary expenditures for pnbllc purposes, in-eluding in-eluding the erection of public bulld-Inca bulld-Inca and tor the payment of all territorial ter-ritorial indebtedness assumed by the state, the state may contract debts, not exceeding In the aggregate at any one time, an amount equal to 2 per-centnm per-centnm of the alue of the taxable proportr too Btate' a9 "hown by to Ut assessment for state purposes, previous to the Incurring of such In- j debtedness. But the state shall never contract any indobtodn ess, except as J In the next section provided, in excess of snch amount, and all moneys arising aris-ing from loans herein authorized, shall . be applied solely to the purpose fori which they were obtained. 8e- 2- The secretary of state IS hereby directed to submit this proposed pro-posed amendment to the electors of the state at the next general election elec-tion Li the manner provided by law. Sec, g.' If adopted by the electors of the state, this amendment shall Uk effect January I, 192?.. |