Section 1. Canal sinking fund
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Canal sinking fund
Canal sinking fund
After paying the expenses of collection, superintendence, and ordinary repairs, there shall be appropriated and set apart, in each fiscal year, out of the revenues of the state canals, in each year, commencing on the first day of June, one thousand eight hundred and forty six, the sum of one million and three hundred thousand dollars, until the first day of June, one thousand eight hundred and fifty-five, and from that time, the sum of one million and seven hundred thousand dollars, in each fiscal year, as a sinking fund, to pay the interest and redeem the principal of that part of the state debt called the canal debt, as it existed at the time first aforesaid, and including three hundred thousand dollars, then to be borrowed, until the same shall be wholly paid; and the principal and income of the said sinking fund shall be sacredly applied to that purpose.