Minnesota Constitution Art. XI, § 12

Sec. 12 . The legislature shall not authorize any county, township or municipal corporation to become indebted to aid in the construction or equipment of railroads to any amount that exceeds five per cent of the value of the taxable property within that county, township or municipal corporation.  The amount of taxable property shall be determined by the last assessment previous to the incurring of the indebtedness.

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