Article IV.
Legislative Department

Section 29.

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No debt shall be contracted by this State except to meet casual deficits in the revenue to redeem a previous liability of the State, to suppress insurrection, repel invasion, or defend the State in time of war.

No debt shall be contracted by this State except to meet casual deficits in the revenue, to redeem a previous liability of the State or to suppress insurrection, repel invasion or defend the State in time of war. If the State becomes a stockholder in any association or corporation for purposes of internal improvements, such stock shall be paid for at the time of subscription, or a tax shall be levied for the ensuing year sufficient to pay the subscription in full.

The general assembly shall not contract loans or cause to be issued certificates of debt or bonds of the state, irredeemable for a period greater than thirty-four years.