AMENDMENTS TO THE CONSTITUTION OF THE STATE OF NEW YORK Adopted at the general election held November 2, 1920 ARTICLE VII State mag contract anticipa revenues. § 2. The state may contract debts in anticipation of the receipt of taxes and revenues, direct or indirect, for the purposes and debts in within the amounts of appropriations theretofore made; bonds or tion of other obligations for the moneys so borrowed shall be issued as may be provided by law, and shall with the interest thereon be paid from such taxes and revenues within one year from the date of issue. of legisla to create 8 4. Except the debts specified in sections two and three of this Limitation article, no debt shall be hereafter contracted by or in behalf of tive power this state, unless such debt shall be authorized by law, for some debts. single work or object, to be distinctly specified therein. On the final passage of such bill in either house of the legislature, the question shall be taken by ayes and noes, to be duly entered on the journals thereof, and shall be: "Shall this bill pass and ought the same to receive the sanction of the people?" No such law shall take effect until it shall, at a general election, have been submitted to the people, and have received a majority of all the votes cast for and against it at such election nor shall it be submitted to be voted on within three months after its passage nor at any general election when any other law, or any bill shall be submitted to be voted for or against. The legislature may, at any time after the approval of such law by the people, if no debt shall have been contracted in pursuance thereof, repeal the same; and may at any time, by law, forbid the contracting of any further debt or liability under such law. be payable instal Except the debts specified in sections two and three of this Debts to article, all debts contracted by the state after January first, nine- in annual teen hundred and twenty, pursuant to an authorization therefor, ments; ma'Section materially amended. [2523] turity. Alteration of rate of interest. Application of money Amendments to the Constitution heretofore or hereafter made and each portion of any such debt from time to time so contracted irrespective of the terms of such authorization, shall be paid in equal annual instalments, the first of which shall be payable not more than one year, and the last of which shall be payable not more than fifty years, after such debt or portion thereof shall have been contracted. No such debt hereafter authorized shall be contracted for a period longer than that of the probable life of the work or object for which the debt is to be contracted, to be determined by general laws, which determination shall be conclusive. The legislature may from time to time alter the rate of interest to be paid upon any state debt which has been or may be authorized pursuant to the provisions of this section or upon any part of such debt, provided, however, that the rate of interest shall not be altered upon any part of such debt or upon any bond or other evidence thereof which has been or shall be created or issued before such alteration. The money arising from any loan creating such debt or liaraised, bility shall be applied to the work or object specified in the act authorizing such debt or liability, or for the payment of such debt or liability, and for no other purpose whatever. Sinking tinued, Invest Annual ap for. 2 5. The sinking funds provided for the payment of interest funds con- and the extinguishment of the principal of the debts of the state heretofore contracted shall be continued; they shall be separately propriation. kept and safely invested, and neither of them shall be appropriated or used in any manner other than for such payment and extinguishment as hereinafter provided. The comptroller shall propriation each year appraise the securities held for investment in each of such funds at their fair market value not exceeding par. He shall then determine and certify to the legislature the amount of each of such funds and the amounts which, if thereafter annually contributed to each such fund, would, with the fund and with the accumulation thereon and upon the contributions thereto, computed at the rate of three per centum per annum, produce at the date of maturity the amount of the debt to retire which such fund was created, and the legislature shall thereupon appropriate as the contribution to each such fund for such year at least the amount thus certified. 'Section materially amended. |