No bonds of the state shall be issued to any rail road company which at the time of its application for the same shall be in default in paying the interest upon the state bonds previously loaned to it or that shall hereafter and before such application sell or absolutely dispose of any state bonds loaned to it for less than par.
Section 33
Tenn. Const. art. II, § 33, under Distribution of Powers.
Tenn. Const. art. II, § 33
Section 33