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[View page image to see text stricken out of bill]
TO PROVIDE THAT THE ANNUAL TAX REQUIRED TO BE
LEVIED TO PAY THE PRINCIPAL AND INTEREST ON
STATE DEBT AUTHORIZED BY THE GENERAL ASSEMBLY
IS NOT LEVIED IF SUFFICIENT FUNDS FOR THE DEBT
ARE APPROPRIATED IN THE ANNUAL STATE BUDGET,
TO CORRECT AN ERROR THEREIN, AND TO PROVIDE
FOR THE SUBmission of this amendment to the qualified voters
of the State of Maryland for their adoption or rejection.
SECTION 1. Be it enacted by the General Assembly of Maryland,
(Three-fifths of all members elected to each of the two Houses con-
curring), That the following be and the same is proposed as an
amendment to Section 34 of Article III of the Constitution of Mary-
land, title "Legislative Department," the same, if adopted by the
legally qualified voters of the State, as herein provided, to become
a part of the Constitution of Maryland.
34.
No debt shall be hereafter contracted by the General Assembly
unless such debt shall be authorized by a law providing for the collec-
tion of an annual tax or taxes sufficient to pay the interest on such
debt as it falls due, and also to discharge the principal thereof
within fifteen years from the time of contracting the same; and
the taxes laid for this purpose shall not be repealed or applied to
any other object until the said debt and interest thereon shall be
fully discharged. THE ANNUAL TAX OR TAXES REQUIRED
TO BE COLLECTED SHALL NOT BE COLLECTED IN THE
EVENT THAT SUFFICIENT FUNDS TO PAY THE PRIN-
CIPAL AND INTEREST ON THE DEBT ARE APPROPRIATED
FOR THIS PURPOSE IN THE ANNUAL STATE BUDGET.
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