The Text

Except the debts specified in the ninth and tenth sections of this article, no debt shall be contracted by or on behalf of the State, unless it shall be authorized by law for some single work or object to be specified therein ; and such law shall provide for a direct annual tax sufficient to pay the interest on such debt as it shall become due ; and also to pay the principal of such debt within eighteen years from the time of the contracting thereof.
No such law shall take effect until it shall have been submitted to the people at a general election, and shall have received a majority of all the votes cast for and against it at such election. On the final passage of such bill, in each house of the Legislature, the question shall be, “Shall this bill pass and ought the same to receive the sanction of the people?” which shall be taken by yeas and nays, to be entered on the journal.
The Legislature may at any time repeal such law, if no debt shall have been contracted in pursuance thereof, and may at any time forbid the contracting of any further debts under such law ; but if any debt shall have been contracted, the tax in proportion thereto shall be irrepealable and be annually collected until the proceeds thereof shall be sufficient to pay such debt.
The money arising from any loan or stock creating such debt shall be applied to the work or object specified in the act authorizing such debt, or for the repayment of such debt, and for no other purpose. No such law shall be voted upon within three months after its passage, nor at any general election when any other law or any amendment to the constitution shall be submitted to the people.