Amend. Art. LXII

Credit and borrowing of the commonwealth

Limit Taxes, Money & Commerce Annulled Amendments · Articles of Amendment

Official text rightpowerlimitif conditionlegal term

Section 1. The credit of the commonwealth shall not in any manner be given or loaned to or in aid of any individual, or of any private association, or of any corporation which is privately owned and managed.]

Section 2. The commonwealth may borrow money to repel invasion, suppress insurrection, defend the commonwealth, or to assist the United States in case of war, and may also borrow money in anticipation of receipts from taxes or other sources, such loan to be paid out of the revenue of the year in which it is created.

Section 3. In addition to the loans which may be contracted as before provided, the commonwealth may borrow money only by a vote, taken by the yeas and nays, of two-thirds of each house of the present and voting thereon. The governor shall recommend to the the term for which any loan shall be contracted.

Section 4. Borrowed money shall not be expended for any other purpose than that for which it was borrowed or for the reduction or discharge of the principal of the loan.

Note (Massachusetts Legislature): [Superseded by Amendments, Art. LXXXIV.]

5 provisions here

Section 1 The credit of the commonwealth shall not in any manner be given or loaned to or in aid of any individual, or of any private association, or of any corporation which is privately owned and managed limit
Who is bound
- The commonwealth
Forbids
- giving or loaning the credit of the commonwealth to or in aid of any individual, or of any private association, or of any corporation which is privately owned and managed
Changed by
- Superseded by Amendments, Art. LXXXIV.
Section 2 The commonwealth may borrow money to repel invasion, suppress insurrection, defend the commonwealth, or to assist the United States in case of war, and may also borrow money in anticipation of receipts from taxes or other sources power
Who holds it
- The commonwealth
Requires
- such loan to be paid out of the revenue of the year in which it is created
Changed by
- Superseded by Amendments, Art. LXXXIV.
Section 3 In addition to the loans which may be contracted as before provided, the commonwealth may borrow money only by a vote, taken by the yeas and nays, of two-thirds of each house of the general court present and voting thereon limit
Who is bound
- The commonwealth
Requires
- a vote, taken by the yeas and nays, of two-thirds of each house of the general court present and voting thereon
Changed by
- Superseded by Amendments, Art. LXXXIV.
Section 3 The governor shall recommend to the general court the term for which any loan shall be contracted duty
Who is bound
- The governor
Changed by
- Superseded by Amendments, Art. LXXXIV.
Section 4 Borrowed money shall not be expended for any other purpose than that for which it was borrowed or for the reduction or discharge of the principal of the loan limit
Forbids
- expending borrowed money for any other purpose than that for which it was borrowed or for the reduction or discharge of the principal of the loan
Changed by
- Superseded by Amendments, Art. LXXXIV.

Simplified explanation

Annulled: It barred lending the commonwealth's credit to individuals, private associations or privately owned corporations; let it borrow to repel invasion, suppress insurrection, defend itself or assist the United States in war, or in anticipation of revenue; otherwise required a two-thirds vote; and limited use of borrowed money. A note says it was superseded.

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