Outstanding warrants are not the measure of the state debt within the constitution. The state treasurer has no responsibility to limit the number of warrants endorsed "not paid for want of funds." Loans may be made from one fund to another by the treasurer with the consent of the Finance Committee but the amount shall not exceed 75% of the taxes levied which may include excise taxes levied under the revenue act of 1935 as determined by the revenue estimate in the last governor's budget. The treasurer may not permit overdrafts against funds and any borrowing must be accomplished by the actual transfer of money between funds.
AGO 1950 NO. 199 > Jan 19 1950