Excluded;
Excluded;
Const 1874, art 14, §§ 4, 5, & 6;
§ 4: Every law hereafter enacted by the Legislature, creating a debt or authorizing a loan, shall provide a sinking fund for the payment of the same.
§ 5: The unfunded debt shall not be funded or redeemed at a value exceeding that established by law in the year one thousand eight hundred and forty-eight.
§ 6: The State may contract debts to meet deficits in revenue. Such debts shall not in the aggregate at any time exceed fifty thousand dollars. The moneys so raised shall be applied to the purposes for which they were obtained, or to the payment of the debts so contracted.
Const 1868, art 11, §§ 3 & 4;
§ 3: The Legislature shall provide by law a sinking fund, to be applied solely to the payment and extinguishment of the principal of the State debt, other than the amounts due to educational funds, which sinking fund shall be continued until the extinguishment of such State debt; and every law hereafter enacted by the Legislature, creating a debt or authorizing a loan, shall provide a sinking fund for the payment of the same.
§ 4: The unfunded debt shall not be funded or redeemed at a value exceeding that established by law in the year one thousand eight hundred and forty-eight.
Const 1850, art 14, § 2;
The Legislature shall provide by law, a sinking fund of at least twenty thousand dollars a year, to commence in eighteen hundred and fifty-two, with compound interest at the rate of six per cent per annum, and an annual increase of at least five per cent., to be applied solely to the payment and extinguishment of the principal of the State debt, other than the amounts due to educational funds, and shall be continued until the extinguishment thereof. The unfunded debt shall not be funded or redeemed at a value exceeding that established by law in one thousand eight hundred and forty-eight.
