|
|
|
|
|
|
|
|
|
|
|
|
|
Section 34 of Article III - Legislative Department, of
the Constitution of Maryland, the same, if adopted by the
legally qualified voters of the State, as herein
provided, to become a part of the Constitution of
Maryland:
Article III - Legislative Department
3U.
No debt shall be hereafter contracted by the General
Assembly unless such debt shall be authorized by a law
providing for the collection 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the taxes laid for this purpose shall not be repealed or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
principal and interest on the debt are appropriated for
this purpose in the annual State budget. The credit of
the State shall not in any manner be given, or loaned to,
or in aid of any individual association or corporation;
nor shall the General Asseably have the pover [in any
mode] to involve the State in the construction of works
of internal inprovement[, in granting any aid thereto]
which shall involve the faith or credit of the State[;
nor make any appropriation therefor], except in aid of
the construction of works of internal inprovenent in the
counties of St. Mary's, Charles and Calvert, which have
had no direct advantage from such works as have been
heretofore aided by the State; and provided that such
aid, advances or appropriations shall not exceed in the
aggregate the sum of five hundred thousand dollars. And
they shall not use or appropriate the proceeds of the
internal improvement companies, or of the State tax, now
levied, or which may hereafter be levied, tc pay off the
public debt or to any other purpose until the interest
and debt are fully paid or the sinking fund shall be
equal to the amount of the outstanding debt; but the
General Assembly may authorize the Board of Public Works
to direct the State Treasurer to borrow in the name of
the State, in anticipation of the collection of taxes,
such sum or sums as may be necessary to meet temporary
deficiencies in the treasury, to preserve the best
interest of the State in the conduct of the various State
institutions, departments, bureaus, and agencies during
each fiscal year. Subject to the approval of the Board
of Public Works and as provided by law, the State
Treasurer is authorized to make and sell short-term notes
for temporary emergencies, but such notes must only be
made to provide for appropriations already made by the
General Assembly. The General Assembly may contract
iebts to any amount that may be necessary for the defense
of the State, and provided further that nothing in this
|
|
|
|
|
|
|
|
|
|
|
|
|
|
 |
