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Show CONSTITUTIONAL AMENDMENT NO. 1 Proposing to Amend Section 1, Article XIV, of the Constitution of Utah Relating to State Indebted-noaa Indebted-noaa ! concurrent resolution providing SO amendment to Section 1, Article XTV. of the Oonetitotlon of tho State ol Utah, reiatini to state debt limitation. limita-tion. Re It enacted by the Legislature of tho State of Utah, two-thirds of all the members elected to each of the two houses concurring theroln; Section 1. That It Is proposed to amend Section 1. Article 14, of tho Constitution of the State of Utah, so that the same will read as follows: Sec. L TO meet casual deficits or failures In revenue, and for necessary expenditure for public pnrpoeee, Including In-cluding the erection of public bnild-Ings. bnild-Ings. end for the payment of all territorial ter-ritorial Indebtedness afsumod by tho State the state may contract debts, not eTceedlnj in the aggregate at any oe tjme. an amount equal to 2 per-centum per-centum of the value of tho taxable r-roporty of the state, as shown by tho last oseoasment for state purposes, pre-rious to the Incurring cf such Indebtedness. In-debtedness. But tho state shall never' contract any Indebtedness, except as in the next section prorlded. In excess Of such amount, and all moneys arising aris-ing from loans herein authorized, shall te applied solely lo tho purposes for which they were obtained, Sfif. 2. The aecrotary of state Is hereby directed to submit this proposed pro-posed amendment to the electors of tho state at the next general election elec-tion In the manner provided by law. Sec R. If adoptod by the electors of the etate, this amendment shall take effect January i, 1025. |