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Show CONSTITUTIONAL AMENDMENT NO. 1 Propoelnj to Amend Section I, Article XIV, of the Constitution of Utah Relating to 8tate Indebtedness Indebted-ness A .'oneurrenl resolution providing an amendment to Section L, Article XIV, of the ConHtltutlon of tbo Statw of Utah, relating to stale debt limitation limita-tion Bo It enacted by the Let,'irtlature of the State of Utah, two-thirds of all tho members elected to earti of the two houses concurring therein: 8ection I. That It is pro-posed to amend Section 1. Article 14. of the Conatltntlon of the State of Utah, bo that tho earne will read B follows: Sec. L To meet casual deficits or (allures In revenue and for necessary expenditures for public purposes, In eluding the erection of public buildings, build-ings, and for the payment of all territorial ter-ritorial Indebtedness assumed by the state, tie state may contract debts, not exceeding in tho aggregate at any one tlroo, an amount en,nal to 'J per-oentura per-oentura of tho value of the taxable property of the state, as Bbown by the last aasecsment for state purposes, previous to th Incnrring of such Indebtedness. In-debtedness. But the Stat3 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 i be applied solely to the parpoaeo for' which they were obtained. ' Sec 2. The secretary of state lsj hereby directed to submit this pro-; poaed aoendment to the electors of i the state nt the next general elec-j tlon In the manner provided by law Sec. S. If adopted by the electors of the state, this amendment shall take effect January 1, 1023. |