State constitutional prohibitions against the lending of state credit to municipal corporations

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Bardack , [Washington?]
Municipal finance -- Law and legislation -- United States -- States., Intergovernmental fiscal relations -- United States -- St

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StatementPaul K. Bardack.
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LC ClassificationsKF6794 .B37
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Pagination87 leaves ;
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Open LibraryOL4577992M
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Description State constitutional prohibitions against the lending of state credit to municipal corporations FB2

ARTICLE XII - CORPORATIONS OTHER THAN MUNICIPAL. SECTION 9 STATE NOT TO LOAN ITS CREDIT OR SUBSCRIBE FOR STOCK. Original text - Art. 12 Section 11 PROHIBITION AGAINST ISSUANCE OF MONEY AND LIABILITY OF STOCKHOLDERS IN BANKS - No corporation, association, or individual shall issue or put in circulation as money anything but the lawful.

SEC. The Legislature shall have no power to give or to lend, or to authorize the giving or lending, of the credit of the State, or of any county, city and county, city, township or other political corporation or subdivision of the State now existing, or that may be hereafter established, in aid of or to any person, association, or corporation, whether municipal or otherwise, or to pledge.

An Analytical View of Recent "Lending of Credit" Decisions in Washington State Hugh Spitzer* I. INTRODUCTION Sections 51 and 72 of article VIII of the Washington State Constitution, concerning gifts or loans by the state and its sub- divisions, have been a source of confusion to the courts and frus-Author: Hugh D.

Spitzer. Next, in Wein II (supra, 39 NY2d ), we upheld a plan giving aid to New York City and the Municipal Assistance Corporation ("MAC") that would be funded through borrowing pursuant to the short-term debt provision of article 7, section 9 as not violating the constitutional prohibition against giving or lending credit of the State.

(which imposed restrictions on state debt), a prohibition on the lending of munici-pal credit was not approved until Constitutional tax and debt limitations were first imposed on New York municipalities in Lounsberry, supra note 4, at ix-xiii.

It is noteworthy that local debt could have been limited by the legislature during thisAuthor: Gelfand. Art 3 - Sec 52 Article 3 - LEGISLATIVE DEPARTMENT Section 52 - COUNTIES, CITIES OR OTHER POLITICAL CORPORATIONS OR SUBDIVISIONS; LENDING CREDIT; GRANTS; BONDS (a) Except as otherwise provided by this section, the Legislature shall have no power to authorize any county, city, town or other political corporation or subdivision of the State to lend its credit or to grant public money.

9 State not to loan its credit or subscribe for stock. 10 Eminent domain affecting. 11 Stockholder liability. 12 Receiving deposits by bank after insolvency. 13 Common carriers, regulation of. 14 Prohibition against combinations by carriers. 15 Prohibition against discriminating charges. 16 Prohibition against consolidating of competing lines.

ARTICLE VIII LOCAL FINANCES [Gift or loan of property or credit of local subdivisions prohibited; exceptions for enumerated purposes] Section 1. No county, city, town, village or school district shall give or loan any money or property to or in aid of any individual, or private corporation or association, or private undertaking, or become directly or indirectly the owner of stock in, or bonds.

Constitution of The Constitution of was adopted November 3,by a Constitutional Convention which was called pursuant to the act of Ap (P.L, No). The Constitution was ratified at a special election held Decemand went into effect January 1, 56 2d Municipal Corporations s.

(fact that sales price is payable in installments does not constitute lending or pledging of credit or donation within constitutional provisions prohibiting municipalities from lending credit to private corporations or individuals or from making donation of public money); Clovis v.

Southwestern Public. s.9 State not to loan its credit or subscribe for stock. s Eminent domain affecting. s Stockholder liability.

s Receiving deposits by bank after insolvency. s Common carriers, regulation of. s Prohibition against combinations by carriers (Repealed). s Prohibition against. Sec: 9. Gifts or loans of public money to certain corporations prohibited.

The State shall not donate or loan money, or its credit, subscribe to or be, interested in the Stock of any company, association, or corporation, except corporations formed for educational or charitable purposes.

Sec: The State may, in the interest of national welfare or defense, establish and operate vital industries and, upon payment of just compensation, transfer to public ownership utilities and other private enterprises to be operated by the Government. Section The State shall regulate or prohibit monopolies when the public interest so requires.

contract was entered into and was called void under the Constitutional prohibition. There the court ruled the purpose of the contract was a means of evading the debt limit and the court would look through the form and look at the substance.

State ex rel. Matthews v. Forsythe, Ind., 44 N. Gift or loan of state credit or money prohibited; exceptions for enumerated purposes. Short term state debts in anticipation of taxes, revenues and proceeds of sale of authorized bonds.

State debts on account of invasion, insurrection, war and forest fires. other municipal corporations from lending credit, and the opinion determined that these provisions required county officers to provide services on a "cash only" basis. Attorney General Opinions MW and JM overlooked authorities holding that the state or a political subdivision may lend credit to accomplish a public purpose.

COUNTIES ‑- FUNDS ‑- MUNICIPAL CORPORATIONS ‑- STATE RESTRICTIONS UPON USE OF FEDERAL REVENUE SHARING FUNDS RECEIVED UNDER PUBLIC LAW (1) No county of any class may donate a portion of its federal revenue sharing entitlement under Public Law (the state and local fiscal assistance act of ) to a private nonprofit senior citizens' center.(2) A county not.

We would also answer this inquiry in the negative. Whatever else the constitutional prohibitions against lending credit may mean, they do not cover a simple deferral in the payment of compensation; otherwise, all of our existing public pension laws would be. The first of these is, that by section five of article twelve of the constitution of that State it is declared that provision shall be made by general law for the organization of cities, towns, and villages; and their power of taxation, assessment, borrowing money, contracting debts, and loaning their credit, shall be so restricted as to prevent the abuse of such power.

The Fourth Amendment (Amendment IV) to the United States Constitution is part of the Bill of prohibits unreasonable searches and addition, it sets requirements for issuing warrants: warrants must be issued by a judge or magistrate, justified by probable cause, supported by oath or affirmation, and must particularly describe the place to be searched and the persons or.

Terms Used In Texas Constitution Art. 3 sec. Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.; Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.

An amendment of Sect Article 2 of the State Constitution, enabling alien residents of this state to acquire by purchase and hold lands lying within municipal corporations, and providing for the escheat of such lands to the common school fund in case the owner thereof becomes a non-resident of the state for the term of five year.

Part II, article 5 of the State Constitution further provides that "the general court shall not authorize any town to loan or give its money or credit directly or indirectly for the benefit of any corporation having for its object a dividend of profits or in any way aid the same by.

§ Investment of State Funds 58 § Donation, Loan, or Pledge of Public Credit 58 § Release of Obligations to State, Parish, or Municipality 59 § Taxes; Prescription 59 Compiled from the La. Senate Statutory Database.-iv- (As amended through calendar year ).

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This statute, the Court has held, "is coextensive with the prohibition against discriminatory taxes embodied in the modern constitutional doctrine of intergovernmental tax immunity." Ad Valorem Taxes Under the Doctrine.—Property owned by a federally chartered corporation engaged in private business is subject to state and local ad.

COMMERCIAL LENDING LAW IN WASHINGTON By Brian D. Hulse Davis Wright Tremaine LLP Third Avenue, Suite Seattle, Washington () [email protected] A slightly condensed and edited version of this guide appears as the Washington chapter in the book Commercial Lending Law: A State-by-State Guide published by the American Bar.

These restrictions prohibit the state and local governments from: (1) making gifts or loans of public funds to private individuals or corporations; (2) investing in private corporations (subject to specified exceptions); or (3) otherwise lending public credit to private individuals or corporations.

The lending of credit prohibitions apply.

Details State constitutional prohibitions against the lending of state credit to municipal corporations EPUB

theory with respect to lending the state's credit but has adopted the theory with respect to limitations on state debts. Restraint on Suretyship When the Constitution of the State of Iowa was written, Iowa, like many other states at the time, created a constitutional provision prohibiting the lending of the credit of the state.

Well back in its history, in the late s, New York State was spending and lending money lavishly. By the early s, the rapidly mounting debt had occasioned a severe financial crisis. To avert the imminent possibility of bankruptcy and default, the state legislature in passed what was known as "the stop and tax law", a levy of one.

On Augdelegates to the Washington State Constitutional Convention in Olympia tack two amendments, one for woman suffrage and the other for Prohibition, onto the ballot by which voters will decide whether or not to ratify their new state constitution.

The ballot also asks voters to decide which city should be the new state's capital. A pledge of the faith and credit within the meaning of this Section is a pledge of the taxing power.

A loan of credit within the meaning of this Section occurs when the State exchanges its obligations with or in any way guarantees the debts of an individual, association, or .(a) The state, the investment board, municipal corporations, political subdivisions, public bodies, and public officers except for members of the commission.

(b) Banks and bankers, savings and loan associations, credit unions, trust companies, savings banks and institutions, investment companies, insurance companies, insurance associations, and.The Constitution of the State of Texas is the document that establishes the structure and function of the government of the U.S.

state of Texas, and enumerates the basic rights of the citizens of Texas. The current document was adopted on Februand is the seventh constitution in Texas history (including the Mexican constitution).