Commercial and Financial Chronicle Volume 74, PT. 2 download pdf

Commercial and Financial Chronicle Volume 74, PT. 2. Books Group

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Author: Books Group
Number of Pages: 1142 pages
Published Date: 13 May 2014
Publisher: Rarebooksclub.com
Publication Country: Miami Fl, United States
Language: English
ISBN: 9781232162919
File size: 45 Mb
Download Link: Commercial and Financial Chronicle Volume 74, PT. 2
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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1902 edition. Excerpt: ...aggregate at any one time, one million of dollars. Section 5. All laws authorizing the borrowing of money by, and on behalf 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 purpose specified and no other. Section 6. The credit of the Commonwealth shall not be pledged or loaned to any Individual, company, corporation or association, nor shall the Commonwealth become a joint-owner or stockholder in any oompany, association or corporation. Section 11. To provide for the payment of the present State debt, and any additional debt contracted as aforesaid, the General Assembly hall continue and maintain the sinking fund sufficient to pay the accruing interest on suoh debt, and annually to reduce the principal thereof by a sum not less than two hundred and fifty thousand dollars; the said sinking fund shall consist of the proceeds of the sales of the publio works, or any part thereof, and of the income or proceeds of the sale of any stocks owned by the Commonwealth, together with other funds and resources that may bo designated by law, and shall be Increased from time to time by assigning to it any part of the taxes or other revenue of the State not required for the ordinary and current expenses of government, and unless in oase of war, invasion or insurrection, no part of the said sinking fund shall be used or applied otherwise than In the extinguishment of the publio debt. Section 12. The moneys of the State, over and above the necessary reserve, shall be used In the payment of the debt of the State, either directly or through the sinking fund, and the moneys of the sinking fund shall never be invested In or loaned upon the security of anything except the bonds of the...

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