§ 2.
Maximum state debt--Irrepealable tax to repay.
For the purpose of defraying
extraordinary expenses and making public improvements, or to meet casual deficits or failure in
revenue, the state may contract debts never to exceed with previous debts in the aggregate one
hundred thousand dollars, and no greater indebtedness shall be incurred except for the purpose of
repelling invasion, suppressing insurrection, or defending the state or the United States in war
and provision shall be made by law for the payment of the interest annually, and the principal
when due, by tax levied for the purpose or from other sources of revenue; which law providing
for the payment of such interest and principal by such tax or otherwise shall be irrepealable until
such debt is paid: provided, however, the state of South Dakota shall have the power to refund
the territorial debt assumed by the state of South Dakota, by bonds of the state of South Dakota.
History: Amendment proposed by SL 1890, ch 43, rejected Nov., 1890.