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Volume 664, Page 196   View pdf image (33K)
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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this purpose shall not be repealed or ap-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

196


 

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