The Text

The legislature may authorize by law the creation of a debt or debts of the state, not exceeding in the aggregate three hundred million dollars, to provide moneys for the elimination, under state supervision, of railroad crossings at grade within the state, at the expense of the state, railroad companies, cities, towns and villages. Of the expense of a grade crossing elimination to which any of the proceeds of such a debt are applied, twenty-flve percentum shall be borne by the state, twenty-five per centum by the city, town or village, and fifty per centum by the railroad company. Laws shall be enacted to provide, so far as practicable, for repayment to the state of moneys advanced in aid of railroad companies, cities, towns and villages, at such times, in such manner and with interest at such rate, that the state shall be able to pay when due the portion of the state debt equal to the proceeds which shall have been so advanced, and interest thereon. The provisions of this article, not inconsistent with this section, relating to the issuance of bonds for a debt or debts of the state and the maturity and payment thereof, shall apply to a state debt or debts created pursuant to this section; except that the law authorizing the contracting of such debt or debts shall take effect without submission to the people pursuant to section four of this article.