Pay as You Go!: Or, The Unconstitutionality of the Nine Million Debt Bill Demonstrated |
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Pay as You Go: Or the Unconstitutionality of the Nine Million Debt Bill ... No preview available - 2017 |
Common terms and phrases
7th article accrue adopted amount annual anticipation appropriated authority bills of credit Black River Canals boat borrow money Canal Board canal debt Canal Fund Canal Revenue Certificates certificates authorized committee completion Comptroller Constitution constitutionally construction contract debts convention covenant creates a debt debtor declares deposit discretion doubt eight hundred Erie Canal enlargement expenditure faith fiscal future revenues Genesee Valley HORACE BROWN hundred thousand dollars impose income intended JOHN NOYES language legislative Legislature shall direct liability lien loan Lockport locks manner millions of dollars money borrowed mortgage necessary expenses object obligation ordinary paddle gates paid party pay the interest payment period pledge principal prohibition question received redeemable redemption remainder restrictions Revenue Certificates issued sell Senate session sinking fund specified Spencer sufficient supposed surplus revenues third section tion tolls tonnage tons transaction Treasury trust twenty-one uncon Valley and Black violation
Popular passages
Page 45 - 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...
Page 44 - ... to pay the interest and redeem the principal of that part of the State debt called the General Fund Debt...
Page 29 - No moneys shall ever be paid out of the treasury of this state, or any of its funds, or any of the funds under its management, except in pursuance of an appropriation by law...
Page 45 - The Legislature shall never sell or dispose of the salt springs belonging to this State. The lands contiguous thereto and which may be necessary and convenient for the use of the salt springs, may be sold by authority of law and under the direction of the commissioners of the land office, for the purpose of investing the moneys arising therefrom in other lands alike convenient; but by such sale and purchase the aggregate quantity of these lands shall not be diminished.
Page 45 - ... provide for the collection of a direct annual tax to pay,, and sufficient to pay, the interest on such debt as it falls due, and also to pay and discharge the principal of such debt within fifty years from the time of the contracting thereof.
Page 45 - No moneys shall ever be paid out of the Treasury of this State, or any of its funds, or any of the funds under its management, except in pursuance of an appropriation by law ; nor unless such payment be made within two years next after the passage of such appropriation act; and every such law, making a new appropriation, or continuing or reviving an appropriation, shall distinctly specify the sum appropriated, and the object to which it is to be applied ; and it shall not be sufficient for such law...
Page 31 - State, on or before the thirtieth day of September, in each year, for the use and benefit of the general fund, such sum, not exceeding two hundred thousand dollars, as may be required to defray the necessary expenses of the State; and the remainder of the revenues of the said canals shall...
Page 45 - ... payment of any part of the moneys to the said sinking fund shall at any time be deferred, by reason of the priority recognized in the first section of this article, the sum so deferred, with quarterly interest thereon, at the then current rate, shall be paid to the...
Page 4 - Canal enlargement, and the Genesee Valley and Black River canals, until the said canals shall be completed. If at any time after the period of eight years from the adoption of this Constitution, the revenues of the state, unappropriated by this article, shall not be sufficient to defray the necessary...
Page 23 - State, unless such debt shall be authorized by a law, for some single work or object, to be distinctly specified therein ; and such law shall impose and provide for the collection of a direct annual tax to pay, and sufficient to pay the interest on such debt as it falls due, and also to pay and discharge the principal of such debt within eighteen years from the time of the contracting thereof.