STATE OF NEW-YORK, In Assembly, April 1st, 1853. The foregoing proposed amendment to the constitution of the state was agreed to by a majority of the members elected to the Assembly. By order of the Assembly, WM. H. LUDLOW, Speaker. Attest: JOHN S. NAFEW, Clerk. STATE OF NEW-YORK, In Senate, April 12, 1853. } The foregoing proposed amendment to the constitution of the state was agreed to by a majority of the members elected to the Senate. By order of the Senate, S. E. CHURCH, President. Attest: IRA P. BARNES, Clerk. IN ASSEMBLY. June 14, 1853. .CONCURRENT RESOLUTIONS PROPOSING AN AMENDMENT TO THE CONSTITUTION. Resolved (if the Senate concur), That the following amendment be proposed to the constitution of this state, and referred to the Legislature to be chosen at the next general election of senators, and be published for three months previous to making such choice, in pursuance of the provisions of the first section of the thirteenth article of said constitution : Substitute for section three, of article seven, the following: After paying the said expenses of collection, superintendence and repairs of the canals, and the sums appropriated by the first and second sections of this article, there shall be appropriated and set apart, in each fiscal year, out of the surplus revenues of the canals, as a sinking fund, a sum sufficient to pay the interest, as it falls due, and extinguish the principal within eighteen years, of any loan made under this section; and if the said sinking fund shall not be sufficient to redeem any part of the principal at the stipulated times of payment, or to pay any part of the interest of such loans, as stipulated, the means to satisfy any such deficiency shall be procured on the credit of the said sinking fund. After complying with the foregoing provisions, there shall be paid annually out of said revenues, into the treasury of the state, two hundred thousand dollars to defray the necessary expenses of government. The remainder shall, in each fiscal year, be applied to meet appropriations for the enlargement and completion of the canals mentioned in this section, until the said canals shall be completed. In each fiscal year thereafter the remainder shall be disposed of in such manner as the Legislature may direct, but shall at no time be anticipated or pledged for more than one year in advance. The Legislature shall annually, during the next four years, appropriate to the enlargement of the Erie, the Oswego, the Cayuga and Seneca canals, and to the completion of the Black River and Genesee Valley canals, and for the enlargement of the locks of the Champlain canal, whenever, from dilapidation or decay, it shall be necessary to rebuild them, a sum not exceeding two millions two hundred and fifty thousand dollars. The remainder of the revenues of the canals, for the current fiscal year in which such appropriation is made, shall be applied to meet such appropriation; and if the same shall be deemed insufficient, the Legislature shall, at the same session, provide for the deficiency by loan. The Legislature shall also borrow one million and five hundred thousand dollars, to refund to the holders of the canal revenue certificates, issued under the provisions of chapter four hundred and eighty-five of the Laws of the year one thousand eight hundred and fiftyone, the amount received into the treasury thereon. But no interest, to accrue after July first, one thousand eight hundred and fifty-five, shall be paid on such certificates. The provisions of section twelve of this article, requiring every law for borrowing money to be submitted to the people, shall not apply to the loans authorized by this section. No part of the revenues of the canals, or of the funds borrowed under this section, shall be paid or applied upon or in consequence of any alleged contract made under chapter four hundred and eighty-five of the Laws of the year one thousand eight hundred and fifty one, except to pay for work done or materials furnished prior to the first day of June, one thousand eight hundred and fifty-two. The rates of toll on persons and property transported on the canals shall not be reduced below those for the year one thousand eight hundred and fifty-two, except by the canal board, with the concurrence of the Legislature. All contracts for work or materials on any canal shall be made with the person who shall offer to do or provide the same at the lowest price, with adequate security for their performance. STATE OF NEW-YORK, } In Assembly, June 14, 1853. The foregoing proposed amendment to the constitution of the state was this day agreed to by a majority of all the members elected to the Assembly. By order of the Assembly, WM. H. LUDLOW, Speaker. Attest: JOHN S. NAFEW, Clerk. STATE OF NEW-YORK, In Senate, June 15, 1853. } The foregoing proposed amendment of the constitution of the state was this day agreed to by a majority of all the members elected to the Senate. By order of the Senate, S. E. CHURCH, President. Attest: IRA P. BARNES, Clerk. 80 |