CONSTITUTIONAL CONVENTION OF MARYLAND

	PROPOSED CONSTITUTION OF 1968	CONSTITUTION OF 1867
	Section 6,05. Exemptions.	See Declaration of Rights, Art. 15 at Sec-
	Exemptions with respect to any tax im-	tion 6.03 for exemptions.
	posed by the State shall be made pursuant to
	uniform rules within classes of property, tax-
	payers, or events.
	State Debt and Gifts
	Section 6.06. State Indebtedness.	Art. III, sec. 34. No debt shall be here-
	The State shall have the power to incur in-	after contracted by the General Assembly
	debtedness for any public purpose in the	unless such debt shall be authorized by a
	manner and upon the terms and conditions	Law providing for the collection of an
	that the General Assembly may prescribe by	annual tax, or taxes, sufficient to pay the
	law. Unless the law authorizing the creation	interest on such debt as it falls due, and
	of an obligation includes an irrevocable	also to discharge the principal thereof
	pledge of the full faith and credit of the	within fifteen years from the time of con-
	State, the obligation shall not be considered	tracting the same; and the taxes laid for
	an indebtedness of the State and the terms	this purpose shall not be repealed or ap-
	of this section shall not apply. If the law in-	plied to any other object until the said
	cludes such a pledge the obligation shall be	debt and interest thereon shall be fully
	secured by the unlimited taxing power of the	discharged. The credit of the State shall
	State and shall be subject to the terms of	not in any manner be given, cr loaned to,
	this section. If at any time the General As-	or in aid of any individual, association or
	sembly shall have railed to appropriate and to	corporation; nor shall the General Assembly
	make available sufficient funds to provide for	have the power in any mode to involve
	the timely payment of the interest and prin-	the State in the construction of Works of
	cipal then due upon all state indebtedness, it	Internal Improvement, nor in granting any
	shall be the duty of the comptroller to pay,	aid thereto, which shall involve the faith
	or to make available for payment, to the	or credit of the State; nor make any appro-
	holders of such indebtedness from the first	priation therefor, except in aid of the con-
	revenues thereafter received applicable to the	struction of Works of Internal Improvement
	general funds of the State, a sum equal to	in the counties of St. Mary's, Charles and
	such interest and principal. All state indebt-	Calvert, which have had no direct advan-
	edness shall mature within fifteen years from	tage from such Works as have been here-
	the time when such indebtedness is incurred,	tofore aided by the State; and provided,
	exceplt that at the time of authorizing the in-	that such aid, advances or appropriations
	debtedness the General Assembly by law may	shall not exceed in the aggregate the sum of
	extend the period to not more than twenty-	five hundred thousand dollars. And they
	five years by the affirmative vote of three-	shall not use or appropriate the proceeds
	fifths of all the members of each house.	of the Internal Improvement Companies, or
		of the State tax, now levied, or which may
		hereafter be levied, to 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 antici-
		pation 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 pro-
		vided by Law, the State Treasurer is au-
		thorized to make and sell short-term notes

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