Section 30. Inviolability of sinking funds

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Inviolability of sinking funds and retirement funds

(1) Sinking funds. The General Assembly shall not use or authorize to be used any part of the amount of any sinking fund for any purpose other than the retirement of the bonds for which the sinking fund has been created, except that these funds may be invested as authorized by law.
(2) Retirement funds. Neither the General Assembly nor any public officer, employee, or agency shall use or authorize to be used any part of the funds of the Teachers' and State Employees' Retirement System or the Local Governmental Employees' Retirement System for any purpose other than retirement system benefits and purposes, administrative expenses, and refunds; except that retirement system funds may be invested as authorized by law, subject to the investment limitation that the funds of the Teachers' and State Employees' Retirement System and the Local Governmental Employees' Retirement System shall not be applied, diverted, loaned to, or used by the State, any State agency, State officer, public officer, or public employee.

Summary: Revision of Finance Article

Election Date: November 3, 1970

Votes For Ratification: 323,131

Votes Against Ratification: 281,087

Percent for Ratification: 53%

Percent Against Ratification: 47%

Notes:

Amendment Source: 1969 Chap 1200

Effective Date Source: 1969 Chap. 1200

Inviolability of sinking funds and retirement funds

(1) Sinking funds. The General Assembly shall not use or authorize to be used any part of the amount of any sinking fund for any purpose other than the retirement of the bonds for which the sinking fund has been created.
(2) Retirement funds. Neither the General Assembly not any public officer, employee, or agency shall use or authorize to be used any part of the funds of the Teachers' and State Employees' Retirement System for any purpose other than retirement system benefits and purposes, administrative expenses, and refunds; except that retirement system funds may be invested as authorized by law, subject to the investment limitation that the funds of the Teachers' and State Employees' Retirement System shall not be applied, diverted, loaned to, or used by the State, any State agency, State officer, public officer, or public employee.

This item is based on 2 items:

1924 — Article II. Section 30

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1950 — Article II. Section 31

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Summary:

Election Date: November 3, 1970

Votes For Ratification: 393759

Votes Against Ratification: 251132

Percent for Ratification: 61%

Percent Against Ratification: 39%

Notes:

Amendment Source: 1969 Chap 1258

Effective Date Source: 1969 Chapter 1258

Inviolability of sinking funds

The General Assembly shall not use nor authorize to be used any part of the amount of any sinking fund for any purpose other than the retirement of the bonds for which said sinking fund has been created.

Summary: New Section; Ensures that money in a sinking fund can only be used to pay off the specific bonds it was created for, preventing the General Assembly from diverting those funds for other purposes.

Election Date: November 4, 1924

Votes For Ratification: 109,434

Votes Against Ratification: 50,571

Percent for Ratification: 68%

Percent Against Ratification: 32%

Notes:

Amendment Source: 1924 Chap 91

Effective Date Source: 1924 Chap. 91