Article VIII.
Taxation and Finance

Section 8. Commonwealth credit not to be pledged

Commonwealth credit not to be pledged

The credit of the Commonwealth shall not be pledged or loaned to any individual, company, corporation or association nor shall the Commonwealth become a joint owner or stockholder in any company, corporation or association.

Summary: Providing for a limit on borrowing based on tax revenues, budgeting, financial planning, auditing, specifying audit control of public money; establishing and regulating a balanced state budget

Election Date: April 23, 1968

Votes For Ratification: 1022706

Votes Against Ratification: 614110

Percent for Ratification: 62%

Percent Against Ratification: 38%

Notes:

Amendment Source: PA 1967 Question 2

Effective Date Source: