Article VIII, § 9 4 stock in any such corporation or association, for all its debts 5 and liabilities of every kind. Source Const. 1846, Art. VIII, § 7; amended, Const. 1894, Art. VIII, § 7. For court decisions construing this section, see IV:679-680. 1846. II:195–198. 1867. III:371–372. 1894. III:455–458. Debates of constitutional conventions 1846. 226-227 (July 7), 989-990, 997-998 (Sept. 28), 1073 (Oct. 8). 1867. II:1089-1090. 1894. IV:903-922 (V:2476-2487), IV:1108-1110 (VI:2598-2599). Texts of proposed amendments 1 In the constitutional convention of 1894: see Proposed Constitutional ers; prefer § 8. In case of the insolvency of any bank or banking asso- Bill hold2 ciation, the billholders thereof shall be entitled to preference ence in bank in 3 in payment, over all other creditors of such bank or asso- solvency ciation. 4 Source Const. 1846, Art. VIII, § 8. Lincoln's Constitutional History See IV:680. Debates of constitutional conventions 1867. II:1085. Texts of proposed amendments In the constitutional convention of 1894: see Proposed Constitutional Amendments, Overture No. 105. aid to cor or private ings as to edu 1 § 9. Neither the credit nor the money of the State shall be No state 2 given or loaned to or in aid of any association, corporation or porations 3 private undertaking. This section shall not, however, prevent undertak4 the Legislature from making such provision for the education Exception 5 and support of the blind, the deaf and dumb, and juvenile cation and 6 delinquents, as to it may seem proper. Nor shall it apply defectives 7 to any fund or property now held, or which may hereafter be linquents $8 held, by the State for educational purposes. Source Const. 1846, Art. VII, § 9; amended in 1874, Art. VIII, § 10; con- 2 This overture was adopted by the convention and accordingly became a part of the Constitution. support of and de Exception as to funds for educational purposes Counties, cities and towns not to give or loan money or credit; limitation of indebted ness Article VIII, § 10 Lincoln's Constitutional History For court decisions construing this section, see IV :681-683. For history of state aid to private enterprises in this state down to 1846, with special reference to the legislation and to governors' messages on this subject, see II:91-101. References to constitutional conventions and commissions. 1846. II:179-182. 1872. II:552–557. Debates of constitutional conventions 1867. III:1840-1848, 2250-2259; V:3327-3330, 3366-3369, 34613482, 3764–3765. Texts of proposed amendments 1 2 3 4 5 6 In the constitutional convention of 1894: see Proposed Constitutional In the legislature, 1895-1914: see Part II, post, p. 198. § 10. No county, city, town or village shall hereafter give any money or property, or loan its money or credit to or in aid of any individual, association or corporation, or become directly or indirectly the owner of stock in, or bonds of, any association or corporation; nor shall any such county, city, town or village be allowed to incur any indebtedness except 7 for county, city, town or village purposes. This section shall 8 not prevent such county, city, town or village from making 9 such provision for the aid or support of its poor as may be 10 authorized by law. No county or city shall be allowed to 11 become indebted for any purpose or in any manner to an 12 amount which, including existing indebtedness, shall exceed 13 ten per centum of the assessed valuation of the real estate 14 of such county or city subject to taxation, as it appeared 15 by the assessment rolls of said county or city on the last 16 assessment for state or county taxes prior to the incurring 17 of such indebtedness; and all indebtedness in excess of such 18 limitation, except such as now may exist, shall be absolutely 19 void, except as herein otherwise provided. No county or 20 city whose present indebtedness exceeds ten per centum of 21 the assessed valuation of its real estate subject to taxation, 22 shall be allowed to become indebted in any further amount 23 until such indebtedness shall be reduced within such limit. 24 This section shall not be construed to prevent the issuing 25 of certificates of indebtedness or revenue bonds issued in 26 anticipation of the collection of taxes for amounts actually Article VIII, § 10 27 contained, or to be contained in the taxes for the year when 28 such certificates or revenue bonds are issued and payable 29 out of such taxes; nor to prevent the city of New York 30 from issuing bonds to be redeemed out of the tax levy for 31 the year next succeeding the year of their issue, provided 32 that the amount of such bonds which may be issued in any 33 one year in excess of the limitations herein contained shall 34 not exceed one-tenth of one per centum of the assessed 35 valuation of the real estate of said city subject to taxation. 36 Nor shall this section be construed to prevent the issue of 37 bonds to provide for the supply of water; but the term of 38 the bonds issued to provide the supply of water, in excess 39 of the limitation of indebtedness fixed herein, shall not ex40 ceed twenty years, and a sinking fund shall be created on 41 the issuing of the said bonds for their redemption, by raising 42 annually a sum which will produce an amount equal to the 43 sum of the principal and interest of said bonds at their 44 maturity. All certificates of indebtedness or revenue bonds 45 issued in anticipation of the collection of taxes, which are 46 not retired within five years after their date of issue, and 47 bonds issued to provide for the supply of water, and any 48 debt hereafter incurred by any portion or part of a city if 49 there shall be any such debt, shall be included in ascertain50 ing the power of the city to become otherwise indebted; 51 except that debts incurred by the city of New York after 52 the first day of January, nineteen hundred and four, and 53 debts incurred by any city of the second class after the first 54 day of January, nineteen hundred and eight, and debts 55 incurred by any city of the third class after the first day 56 of January, nineteen hundred and ten, to provide for the 57 supply of water, shall not be so included; and except further 58 that any debt hereafter incurred by the city of New York 59 for a public improvement owned or to be owned by the city, 60 which yields to the city current net revenue, after making 61 any necessary allowance for repairs and maintenance for 62 which the city is liable, in excess of the interest on said 63 debt and of the annual instalments necessary for its amorti64 zation may be excluded in ascertaining the power of said Article VIII, § 10 65 city to become otherwise indebted, provided that a sinking 66 fund for its amortization shall have been established and 67 maintained and that the indebtedness shall not be so ex68 cluded during any period of time when the revenue afore69 said shall not be sufficient to equal the said interest and 70 amortization instalments, and except further that any in71 debtedness heretofore incurred by the city of New York for 72 any rapid transit or dock investment may be so excluded 73 proportionately to the extent to which the current net 74 revenue received by said city therefrom shall meet the 75 interest and amortization instalments thereof, provided that 76 any increase in the debt incurring power of the city of New 77 York which shall result from the exclusion of debts hereto78 fore incurred shall be available only for the acquisition or 79 construction of properties to be used for rapid transit or 80 dock purposes. The legislature shall prescribe the method 81 by which and the terms and conditions under which the 82 amount of any debt to be so excluded shall be determined, 83 and no such debt shall be excluded except in accordance 84 with the determination so prescribed. The legislature may 85 in its discretion confer appropriate jurisdiction on the ap86 pellate division of the supreme court in the first judicial 87 department for the purpose of determining the amount of 88 any debt to be so excluded. No indebtedness of a city valid 89 at the time of its inception shall thereafter become invalid by reason of the operation of any of the provisions of this section. Whenever the boundaries of any city are the same 92 as those of a county, or when any city shall include within 93 its boundaries more than one county, the power of any 94 county wholly included within such city to become indebted 95 shall cease, but the debt of the county, heretofore existing, 96 shall not, for the purposes of this section, be reckoned as 97 a part of the city debt. The amount hereafter to be raised by tax for county or city purposes, in any county containing 99 a city of over one hundred thousand inhabitants, or any 100 such city of this state, in addition to providing for the 101 principal and interest of existing debt, shall not in the 102 aggregate exceed in any one year two per centum of the 103 assessed valuation of the real and personal estate of such 90 91 98 Article VIII, § 11 104 county or city, to be ascertained as prescribed in this section 105 in respect to county or city debt. Source 4 Amendments of 1874,3 Art. VIII, § 11; amended in 1884;3 amended, Lincoln's Constitutional History For court decisions construing this section generally, and also with References to constitutional conventions and commissions. 1867. II:358. 1872. II:557–561. 1894. III:454-455, 458-459; Debates of constitutional conventions 1867. II:1137-1170; III:1723-1726; V:3606-3607, 3663-3665. 1894. IV:980-1005. Texts of proposed amendments 1 6 In the constitutional convention of 1894: see Proposed Constitutional Amendments, Overtures Nos. 148-438 (Int. 148), 168, 237 (Int. 235), 298 (Int. 294), 464 (Int. 394).5 In the legislature, 1895-1914: see Part II, post, pp. 200-232. cf charities § 11. The Legislature shall provide for a state board of State board 2 charities, which shall visit and inspect all institutions, 3 whether state, county, municipal, incorporated or not incor4 porated, which are of a charitable, eleemosynary, correctional 5 or reformatory character, excepting only such institutions as are hereby made subject to the visitation and inspection 7 of either of the commissions, hereinafter mentioned, but in8 cluding all reformatories except those in which adult males 9 convicted of felony shall be confined; a state commission in state com10 lunacy, which shall visit and inspect all institutions, either lunacy 11 public or private, used for the care and treatment of the 12 insane (not including institutions for epileptics or idiots); 13 mission in a state commission of prisons which shall visit and inspect State com 3 For texts of the amendments of 1874 and 1884, see Lincoln's Constitutional History, I:308, 323-324, respectively. 4 For the legislative history of the amendments of 1899, 1905, 1907, and 1909 and the action of the people thereon, see Part II, post, pp. 200-207. 5 This overture was adopted by the convention and accordingly became a part of the Constitution. mission of prisons |