Article 9 Taxation and Finance

Sec I

All taxes shall be uniform, upon the the same class of subjects, within the limits of the authority levying the tax, and shall be levied by and collected under general law; but the General Assembly may by general laws xempt from taxation public property used for public purposes, such as places of burial of the dead where they are not used and held for private or corporate profit, and institutions of purely public charity. All laws exempting property from taxations other than the property above mentioned shall be void.

Sec II

The power to tax corporations and corporate property shall not be surrendered or suspended by any contract or grants to which the State shall be a party.

Sec 3

No debt shall be created by or on behalf of the State, xcept to supply casual deficiencies of revenue, repel invasions, suppress insurections, and the debt created to supply deficiencies in revenue shall never xceed $_____ in the aggregate at any one time.

Sec 4

All laws authorizing the borrowing of money by and on behalf of the of the State, shall specify the purpose for which the money is to be used, and the money so borrowed shall be used for the specified purpose and no other.

Sec 5

The credit of the State shall not be pledged or loaned to any individual, company, corporation, or association, nor shall the State become a joint owner or stockholder in any company, association or corporation.

Sec 6

The Legislature shall not authorize any county, city, borough, township or incorporated district to become a stockholder in any company, association or corporation, or to obtain or appropriate money for, or to loan its credit to, any corporation, association, institution, or individual.

Sec 7

The debt of any county, city, borough, township or other incorporated municipality xcept as herein provided shall never xceed ____ percentum of assessed taxable valuation of property therein, nor shall any such municipality or district incur any new debt, or increase its indebtedness to any amount xceeding _____ percentum upon such assessed valuations of property, without the assent of the electors thereof at a public election in such manner as shall be provided by law; but any city, the debt of which at the adoption of this Constitution shall exceed the maximum sum herein stated may be authorized by law to increase their assessment to a sum necessary to pay such surplus of indebtedness within such time as may be fixed by law.

Sec 8

The State shall not assume the debt or any part thereof of any city, county, borough or county, unless such debt shall have been contracted to enable the State to repel invasion, suppress domestic insurrection, defend itself in times of war, or to assist the State in the discharge of any portion of its present indebtedness.

Sec 9

When the State shall contract any debt by its Legislature they shall at the same time provide for a sinking fund to secure the payment thereof and shall designate by law a certain portion of the revenues of the State sufficient in amount to pay the interest of the debt percent of the principal sum until the whole shall be paid and to provide for the payment of the present debt or any debt which may accrue the General Assembly shall provide a general and permanent sinking fund by imposing a State tax of such fund as shall fixed by law, which sum shall annually be placed in the sinking fund so long as any indebtedness shall remain unpaid, and all monies of the ordinary revenues of the State not required to meet the xpenses of the Government including the appropriations for educational and charitable purposes, shall be covered into the sinking fund for the general purposes of the State, quarterly statements shall be published showing the amount of the public money on hand, where it is deposited, and how secured.

• Taxation and Revenue [File No. 7, Convention] (introduced on 1889-09-18 09:00:00 - CREATE_FROM - e664418) [This document]

• Taxation and Revenue [File No. 7, Convention] (introduced on 1889-09-18 09:00:00 - CREATE_FROM - e664418) [This document] [view current proposal at this moment]