AUTHORIZING STATE\u27S BORROWING MONEY IN ANTICIPATION OF TAXES AND REVENUES

Senate Constitutional Amendment 18. Adds section to constitution. Approves and legalizes legislature’s act entitled “An act relating to the borrowing of money by the State in anticipation of taxes and revenues, and making an appropriation.” Authorizes State’s borrowing, as in said act provided, for general fund appropriations, up to fifty per cent of taxes and revenues paid into general fund during preceding fiscal year; requires money so borrowed with interest be paid from general fund within one year of date borrowed; if default, indebtedness continues payable from general fund