For the purpose of defraying extraordinary expenses and making public improvements,
the state may contract public debts; but such debts shall never, in the aggregate,
exceed one million dollars, except as hereinafter provided. Every such debt shall be authorized by law for some purpose specified therein, and
the vote of a majority of all the members elected to each house, to be taken by the
yeas and nays, shall be necessary to the passage of such law; and every such law
shall provide for levying an annual tax sufficient to pay the annual interest of such
debt, and the principal thereof, when it shall become due; and shall specifically
appropriate the proceeds of such taxes to the payment of such principal and interest;
and such appropriation shall not be repealed nor the taxes postponed or diminished,
until the interest and principal of such debt shall have been wholly paid.
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