Section 8. Commonwealth credit not to be pledged

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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:

State credit not to be loaned, &c.

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, association or corporation.

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