Article XIV, Section 1. [Fixing the limit of the state indebtedness -- Exceptions.]
To meet casual deficits or failures in revenue, and for necessary expenditures for public
purposes, including the erection of public buildings, and for the payment of all Territorial
indebtedness assumed by the State, the State may contract debts, not exceeding in the aggregate
at any one time, an amount equal to one and one-half per centum of the value of the taxable
property of the State, as shown by the last assessment for State purposes, previous to the
incurring of such indebtedness. But the State shall never contract any indebtedness, except as
provided in Article XIV, Section 2, in excess of such amount, and all monies arising from loans
herein authorized, shall be applied solely to the purposes for which they were obtained.
No History for Constitution
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Last revised: Thursday, May 28, 2009