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dollar of valuation; and whenever the taxable property in the State shall amount to three hundred million ($300,000,000) dollars the rate shall never thereafter exceed one and one-half (1½) mills on each dollar of valuation, unless a proposition to increase such rate, specifying the rate proposed and the time during which the same shall be levied, shall have been submitted to the people at a general election, and shall have received a majority of all the votes cast for and against it at such election.
Sec. 10. The making of profit, directly or indirectly, out of State, county, city, town, township or school district money, or using the same for any purpose not authorized
