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Show CONSTITUTIONAL AMENDMENT NO. 1 Proposing to Amend Section 1, Artlclo XIV, of the Constitution of Utah Relating to State Indebtedness Indebted-ness A 'concurrent resolution providing SJi amendment to Section 1, Article XIV, of the Constitution of the State of I'tab, relating to state du1t limitation limita-tion Be It enacted by the T.eplxlature of the State of Utah, tvo-thlrdo of all the members elected to each of the two houses concurrlnx therein: Section 1. That It Is proposed to amend Section 1, Article 14, of the Constitution of the Stat of Utah, bo that the same will read a tallows: Sec. 3. To meet casual deficits or failures In revenue, and for necessary expenditures for public purposes, in-chiding in-chiding the erection of public bulld-Injrs, bulld-Injrs, and for the payment of all territorial ter-ritorial Indebtedness assumed by the state, the state may contrar-t debts, not exceeding In the aggregate at any one time, an amount equal to 2 per-oentom per-oentom of the value of the texahle property of the state, aa ehown by the last assessment for sia'a purposes, previous to the incurring or such Indebtedness In-debtedness Bnt the state shall never contract any Indebtedness, ex'-ept ss In the next section provided, in excess of such amount, and all moneys arising aris-ing from loans herein authorized, shall he applied solely to the purposes for whleh they were obtained. Sec. 2. The secretary of state is hereby directed to submit this proposed pro-posed amendment to the electors ofi the state at the next general elec-j tlon In the manner provided by law. Sec B. If adopted by the ele-tors Of the state, th Ir amendment shall' lake effect January 1, 1923. |