private, in or out of the state, except as to such ownership as may accrue to the state by escheat, or by forfeiture, by operation or provision of law; and except as to such ownership as may accrue to the state, or to any county, city, town, township, or school district, or to either or any of them, jointly with any person, company, or corporation, by forfeiture or sale of real estate for nonpayment of taxes, or by donation or devise for public use, or by purchase by or on behalf of any or either of them, jointly with any or either of them, under execution in cases of fines, penalties, or forfeiture of recognizance, breach of condition of official bond, or of bond to secure public moneys, or the performance of any contract in which they or any of them may be jointly or severally interested. Nothing in this section shall be construed to prohibit any city or town from becoming a subscriber or shareholder in any corporation or company, public or private, or a joint owner with any person, company, or corporation, public or private, in order to effect the development of energy resources after discovery, or production, transportation, or transmission of energy in whole or in part for the benefit of the inhabitants of such city or town.
Source: Entire article added, effective August 1, 1876, see L. 1877, p. 60. L. 74: Entire section amended, p. 455, effective upon proclamation of the Governor, December 20, 1974.
Section 2a.Student loan program. The general assembly may by law provide for a student loan program to assist students enrolled in educational institutions.
Source: L. 72: Entire section added, p. 643, effective upon proclamation of the Governor, January 11, 1973.
Section 3.Public debt of state - limitations. The state shall not contract any debt by loan in any form, except to provide for casual deficiencies of revenue, erect public buildings for the use of the state, suppress insurrection, defend the state, or, in time of war, assist in defending the United States; and the amount of debt contracted in any one year to provide for deficiencies of revenue shall not exceed one-fourth of a mill on each dollar of valuation of taxable property within the state, and the aggregate amount of such debt shall not at any time exceed three-fourths of a mill on each dollar of said valuation, until the valuation shall equal one hundred millions of dollars, and thereafter such debt shall not exceed one hundred thousand dollars; and the debt incurred in any one year for erection of public buildings shall not exceed one-half mill on each dollar of said valuation; and the aggregate amount of such debt shall never at any time exceed the sum of fifty thousand dollars (except as provided in section 5 of this article), and in all cases the valuation in this section mentioned shall be that of the assessment last preceding the creation of said debt.
Source: Entire article added, effective August 1, 1876, see L. 1877, p. 61. L. 09: Entire section amended, p. 317. L. 20: Entire section amended, effective December 4, 1920, see L. 21, p. 181. Initiated 22: Entire section amended, see L. 23, p. 234, effective December 21, 1922. L. 92: Entire section amended, p. 2317, effective upon proclamation of the Governor, L. 93: p. 2163, January 14, 1993.
Cross references: For unlimited appropriations for suppression of insurrections to be raised by direct unlimited tax without intervention of a loan, see § 16 of article X of this