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ARTICLE XII. Taxation and Finance. Section 1. The Legislature shall provide for a uniform and equal rate
of taxation, and shall prescribe such regulations as shall secure a just valuation
of all property both real and personal, excepting such property as may be exempted
by law for municipal, educational, literary, scientific, religious, or charitable
purposes. Section 2. The Legislature shall provide for raising revenue sufficient
to defray the expenses of the State for each fiscal year, and also a sufficient
sum to pay the principal and interest of the existing indebtedness of the State.
Section 3. No tax shall be levied except in pursuance of law. Section 4. No monies shall be drawn from the Treasury except in pursuance
of appropriation made by law. Section 5. An accurate statement of the receipts and expenditures of the public
monies shall be published with the laws of each regular session of the Legislature.
Section 6. The Legislature shall authorize the several counties and
incorporated towns in the State to impose taxes for county and corporation purposes,
and for no other purpose, and all property shall be taxed upon the principle
established for State taxation. The Legislature may also provide for levying
a special capitation tax and tax on licenses. But the capitation tax shall not
exceed one dollar per annum for all purposes, either for State, county, or municipal
taxes. Section 7. The Legislature shall have power to provide for issuing State
bonds bearing interest, for securing the debt [of this State,] and for the erection
of State buildings, support of State institutions, and perfecting public works.
Section 8. No tax shall be levied upon persons for the benefit of any
chartered company of the State, or for paying the interest on any bonds issued
by said chartered companies, or by counties or by corporations, for the above-mentioned
purposes.
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