The Text

In each fiscal year, commencing on the first day of October, one thousand eight hundred and sixty-nine, after paying the expenses of collection, superintendence and ordinary repair, there shall be set apart and paid into the canal debt sinking fund, out of the revenues of the canals, the sum of two millions, four hundred and eighteen thousand dollars, to pay the interest as it shall become due and redeem the principal of the several debts specified in section one of this article, until the said several debts shall be fully paid or provided for; and the principal and income of such sinking fund shall be applied to no other purpose. If in any fiscal year there shall not be contributed from said revenues the sum of two millions, four hundred and eighteen thousand dollars, the deficiency shall be supplied by taxation the next year. The remaining revenues of the canals in each fiscal year, may be applied by law to the improvement or completion of the canals, but shall at no time be anticipated or pledged ; if not so applied they shall be and remain a part of the canal debt sinking fund. The tax authorized to provide for the sinking fund to pay the floating canal debt, shall be suspended after the first day of October, one thousand eight hundred and sixty-eight.