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Home > Art, Film & Photography > Commonwealth of Virginia, Plaintiff vs. State of West Virginia, Defendant [ (Volume 2); .]
Commonwealth of Virginia, Plaintiff vs. State of West Virginia, Defendant [ (Volume 2); .]

Commonwealth of Virginia, Plaintiff vs. State of West Virginia, Defendant [ (Volume 2); .]


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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1910. Excerpt: ... records of private corporations where the payment of interest on bond;; of such a corporation is treated as an operating expense. (/f') Finance Provisions Of State Constitutions Snow That Interest On A State Debt Is Not Regarded As An Expense Of Government. The provisions of the state constitutions relating to taxation and revenue are helpful in considering the phrase "ordinary expenses of the state government." The constitutions show two things, (1) that the creation of a public debt is not an ordinary, but an extraordinary, matter, and (2) that the phrases 'expenses of the state" and "expenses of the state government" do not apply to the payment of interest on state bonds. Examination of the onstitutions makes it plain that the founders of state government intended that ordinary expenses should be defrayed out of funds raised by taxation, that the power of creating funded debts by the issue of bonds, if granted at all, should be exercised only for the purpose of meeting extraordinary emergencies, and that such debts when created should be paid and extinguished at maturity, thus restoring the normal and ordinarycondition of paying expenses as they arise by the imposition and collection of taxes. Nearly all the state constitutions carefully limit the power of the legislature to issue bonds and define the purposes for which this power may be exercised. In some states, as in Wisconsin, the constitution prohibits the state from contracting public debts except for the purpose of defraying extraordinary expenditures. Many of the constitutions also direct that the law authorizing the creation of a public debt shall provide for levying a special annual tax sufficient to pay the interest on the debt and to provide a sinking fund for the payment of the principal a...


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Product Details
  • ISBN-13: 9781150000829
  • Publisher: General Books
  • Publisher Imprint: General Books
  • Height: 246 mm
  • No of Pages: 130
  • Spine Width: 7 mm
  • Width: 189 mm
  • ISBN-10: 1150000821
  • Publisher Date: 01 Jan 2012
  • Binding: Paperback
  • Language: English
  • Returnable: N
  • Weight: 245 gr


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Commonwealth of Virginia, Plaintiff vs. State of West Virginia, Defendant [ (Volume 2); .]
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