The general assembly
shall have no power to contract or authorize the contracting of any liability of the state,
or to issue bonds therefore, except (1) to refund outstanding bonds, the refunding bonds
to mature not more than twenty-five years from date, (2) on the recommendation of the
governor, for a temporary liability to be incurred by reason of unforeseen emergency
or casual deficiency in revenue, in a sum not to exceed one million dollars for any
one year and to be paid in not more than five years from its creation, and (3) when
the liability exceeds one million dollars, the general assembly as on constitutional
amendments, or the people by the initiative, may also submit a measure containing the
amount, purpose and terms of the liability, and if the measure is approved by a majority
of the qualified electors of the state voting thereon at the election, the liability may
be incurred, and the bonds issued therefore must be retired
serially and by installments
within a period not exceeding twenty-five years from their date. Before any bonds are
issued under this section the general assembly shall make adequate provision for the
payment of the principal and interest, and may provide an annual tax on all taxable
property in an amount sufficient for the purpose.
Structure Missouri constitution