Article X.
Taxation & Finance

Section 4. Limitation on contracting of state debt

Limitation on contracting of state debt

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; but the payment of any liability other than that for the ordinary expenses of the state, shall be equally distributed over a period of at least twenty years.

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