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Article III - Legislative Department
Section 34
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, (Three-fifths of all the members elected to each
of the two Houses concurring), That it be proposed that
section(s) of the Constitution of Maryland read(s) as
follows:
Article III - Legislative Department
34.
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laid for this purpose shall not be repealed or applied to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 Assembly have the
power to involve the State in the construction of works of
internal improvement which shall involve the faith or credit
of the State, except in aid of the construction of works of
internal improvement 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, 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
anticipation of the collection of taxes OR OTHER REVENUES,
INCLUDING PROCEEDS FROM THE SALE OF BONDS, 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 IN THE NAME
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