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<br />'I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />..1 <br />, <br /> <br /> <br />I <br />>1 <br />I <br />:1 <br />I <br />I <br />I <br />I <br />I <br />I <br /> <br />LEGAL ASPECTS OF PUBLIC AND PRIVATE FINANCING <br />OF WATER PROJECTS - STATE LAW CONSIDERATIONS <br /> <br />Stanford G. Ladner <br />Mudge Rose Guthrie & Alexander <br /> <br />I. Certain Constitutional Restrictions <br /> <br />A. Prohibitions against the loaning of credit - Sections 1 <br />and 2 of Article XI <br /> <br />B. Limitation on State incurring debt - Sections 3, 4 and 5 <br />of Article XI <br /> <br />C. Limitations on Local Government incurring debt - Section 6 <br />of Article XI <br /> <br />D. Caveat - Constitutional provisions not self-executing <br /> <br />II. History of Prohibitions and Limitations <br /> <br />A. The 1800's <br /> <br />B. Evils to be guarded against <br /> <br />III. Debt and Credit <br /> <br />A. What is debt and credit <br /> <br /> 1. Similar, if not synonymous, terms <br /> 2. Examples <br />B. Exceptions <br /> 1. Public power - Section 2 of Article XI <br /> 2. Water supply - Section 6 of Article XI <br /> <br />3. Special fund doctrine and revenue bonds <br /> <br />4. Leases subject to annual appropriations <br /> <br />5. Moral obligation bonds <br /> <br />6. Tax allocation bonds <br /> <br />7. Caveat - statutory restrictions <br />