THE PRESENT CONSTITUTION. 187 



debts to repel invasion, suppress insurrection, defend the State in war, or 

 to redeem the present outstanding indebtedness of the State; but the 

 money arising from the contracting of such debt sliall be appHed to the 

 purpose for which it was raised, or to repay such debts, and to no other 

 purpose whatever. 



Sect. III. Except the debts above speciticd, in sections one and two of 

 this article, no debt whatever shall be created bv or on behalf of the State. 



Sect. IV. To provide for the payment of tlie present debt, and any 

 additional debt contracted as aforesaid, the legislature shall, at its first 

 session after the adoption of this amendment, create a sinking fund, which 

 shall be sufficient to pay the accruing interest on such debt, and annually 

 to reduce the principal thereof by a sum not less than two hundred and 

 fifty thousand dollars; which sinking fund shall consist of the net annual 

 income of the public works, from time to time owned by the State, or 

 the proceeds of the sale of the same, or any part thereof, and of the in- 

 come or proceeds of sale of stocks owned by the State, together with 

 other funds or resources that may be designated by law. The said sink- 

 ing fund may be increased, from time to time, by assigning to it any 

 part of the taxes, or other revenues of the State, not required for the 

 ordinary and current expenses of government, and unless in case of war, 

 invasion or insurrection, no part of the said sinking fund shall be used 

 or applied otherwise than in extinguishment of the public debt, until the 

 amount of such debt is reduced below the sum of five millions of dollars. 



Sect. V. The credit of the commonwealth shall not in any manner or 

 event be pledged or loaned to any individual, company, corporation or 

 association ; nor shall the commonwealth hereafter become a joint owner 

 or stockholder in any company, association or corporation. 



Sect. VI. The commonwealth shall not assume the debt, or any part 

 thereof, of any county, city, borough or township; or of any corporation 

 or association; unless such debt shall have been contracted to enable the 

 State to repel invasion, suppress domestic insurrection, defend itself in 

 time of war, or to assist the State in the discharge of any portion of its 

 present indebtedness. 



Sect. VII. The legislature shall not authorize any county, city, bor- 

 ough, township or incorporated district, by virtue of a vote of its citizens, 

 or otherwise, to become a stockholder in any company, as.sociation or 

 corporation; or to obtain money for, or loan its credit to any corpo- 

 ration, association, institution or party. 



Sect. VIII. No bill shall be passed by the legislature, containing more 

 than one subject, which shall be clearly expressed in the title, except 

 appropriation bills. 



Sect. IX. No bill shall be passed by the legislature grantmg any 

 powers or privileges, in any case, where the authority to grant such 



