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