Sec. Art. 24. IV.

Sec. Art.

or

or

re

pal, who shall collect ceive, or whose official duty it is, or shall be, to collec, receive, hold or pay, out of any money belonging .o, or which is, or shall be, for the use of the State or any county, district municipal corporation, to make annual account and settlement therefor. Such settlement, when male, shall be subject to exceptions, and take such direction, and have only such force and effect, as may be provided by law; but in all cases, such settlement shall be recorded, and he open to the examination of the people at such convenient place or places as may be appointed by law.

2

3

or corporation.

Sec. Art.

177.

KENTUCKY.

The credit of the Commonwealth shall not be given, pledged or loaned to any individual, company, corporation or association, municipality, or political subdivision of the State; nor shall the Commonwealth become an owner or stockholder in, nor make donation to, any company, association or corporation; nor shall the Commonwealth construct a railroad or other highway.

Art. 56.

LOUISIANA.

The funds, credit, property or things of value of the State, or of any political corporation thereof, shall not be loaned, pledged or granted to or for any person or persons, association or corporation, public or private; nor shall the State, or any politcal corporation, purchase or subscribe to the capital or stock of any corporation or association whatever, or for any private enterprise. Nor shall the State, nor any political corporation thereof assume the liabilities of any political municipal, parochial private or other, corporation or association whatever; nor shall the State undertake to carry on the business of any such corporation or association, or become a part owner therein: Provided, The State, through the General Assembly, shall have the power to grant the right of way through its public lands to any railroad or canal.

14. IX.

MAINE.

The credit of the State shall not be directly or indirectly loaned in any case. The Legislature shall not create any debt or

Sec. Art. debts, liability or liabilities, on behalf of the State, which shall singly or in the aggregate, with previous debts and liabilities hereafter incurred at any one time, exceed three hundred thousand dollars, except to suppress insurrection, to repel invasion, or for purposes of war; but this amendment shall not be construed to refer to any money that has been or may be deposited with this State by the government of the United States, or to any fund which the State shall hold in trust for any Indian tribe.

The credit of this State shall never be given or loaned in aid of any individual, association or corporation, except that for the purpose of expediting the construction of the lines of railroads, in aid to which the Congress of the United States has granted lands to the Territory of Minnesota, the Governor shall cause to be issued and delivered to each of the companies in which said grants are vested by the Legislative Assembly of Minnesota the special bonds of the State, bearing an interest of seven per cent per annum, payable semi-annually in the city of New York, as a loan of public credit, to an amount not exceding $1,250,000, or an aggregate amount to all of said companies not exceeding $5,000,000, in manner following, to wit:

Sec. Art.

Whenever either of the said companies shall produce to the government satisfactory evidence, verified by the affidavits of the chief engineer, treasurer and two directors of said company, that any ten miles of the road of said company have been actually constructed and completed, ready for placing the superstructure thereon, the Governor shall cause to be issued and delivered to such company bonds to the amount of $100,000; and whenever thereafter, and as often as either of said companies shall produce to the Governor like evidence of a further construction of ten miles of its road, as aforesaid, then the Governor shall cause to be issued to such company further like bonds to the amount of $100,000 for each and every ten miles of the road thus constructed; and whenever such company shall furnish like evidence that any ten miles of its road is actually completed and cars running thereon, the Governor shall cause to be issued to such company like bonds to the amount of $100,000; and whenever thereafter, and as often as either of said companies shall produce to the Governor like evidence that any further ten miles of said road is in operation, as aforesaid, the Governor shall cause to be issued to such company further like bonds to the amount of $100.000, until the full amount of the bonds hereby authorized shall be issued: Provided, That twofifths, and no more, of all bonds issued to the Southern Minnesota Railway Company shall be expended in the construction and equipment of the line of road from La Crescent to

Sec. Art.

the point of junction with the Transit road, as provided by law. And further provided, That the Minneapolis and Cedar Valley Railroad Company shall commence the construction of their road at Faribault and Minneapolis, and shall grade an equal number of miles from each of said places. The said bonds thus issued shall be dominated "Minnesota State Railroad Bonds," and the faith and credit of this State are hereby pledged for the payment of the interest and the redemption of the principal thereof. They shall be signed by the Governor, countersigned and registered by the Treasurer, sealed with the seal of the State, of denominations not exceeding $1,000, payable to the order of the company to whom issued, transferable by the indorsement of the president of the said company, and redeemable at any time after ten and before the expiration of twentyfive years from the date thereof. Within thirty days after the Governor shall proclaim that the people have voted for a loan of State credit to railroads, any of said companies proposing to avail themselves of the loan herein provided for, and to accept the conditions of the same, shall notify the Governor thereof, and shall, within sixty days, commence the construction of their roads, and shall, within two years thereafter, construct, ready for the superstructure, at least fifty (50) miles of their road. Each company shall make provision for the punctual payment and redemption of all bonds issued and delivered as aforesaid to said company, and for the punctual payment of the inter

Sec. Art.

est which shall accrue thereon, in such manner as to exonerate the treasury of this State from any advances of money for that purpose; and as security therefor, the Governor shall demand and receive from each of said companies before any of said bonds are issued an instrument pledging the net profits of its road for the payment of said interest, and a conveyance to the State of the first two hundred and forty sections of land free from prior incumbrances which such company is, or may be, authorized to sell, in trust, for the better security of the treasury of the State from loss on said bonds, which said deed of trust shall authorize the Governor and Secretary of State to make conveyances of title to all or any of such lands to purchasers agreeing with the respective railroad companies therefor. Provided, That before releasing the interest of the State to such lands, such sale shall be approved by the Governor; but the proceeds of such sale shall be applied to the payment of interest accruing upon the bonds, in case of default of payment of the same, and as a sinking fund to meet any future default in the payment of interest and principal thereof when due. And as further security, an amount of first mortgage bonds on the roads, lands and franchises of the respective companies, corresponding to the State bonds issued. shall be transferred to the Treasurer of the State at the time of the issue of State bonds. And in case either of said companies shall make default in payment of either the interest or principal of the