Harrisburg telegraph. [volume] (Harrisburg, Pa.) 1879-1948, 1914-09-07
Number Two.
A JOINT RESOLUTION
y JOl4Nl tkESolJbIlON
Proposing an amendment to sectio
eight of article nine of the Constitu


Proposing an amendment to section
eight of article nine of the Constitu-
tion. of Pennsylvania.
and House It of 6G tes
of the Commonwealth of Pennsylvania
in. General Assembly met, That the
ment to the Constitution of the Com
monwealth of Pennsylvania, in accord
ance with the provisions of the eigh-
teenth article thereof
Amend section eight, article nine of
the Constitution of the Commonwealth
lows: -,
city, borough. township, school district,
or other municipality or Incorporated
district, except as herein provided.
upon the assessed value of the tax
able property therein, nor shall any
such municipality or district incur any
new debt, or increase its Indebtedness
to an amount exceeding two per centum
upon such assessed valuation of prop
erty, without the assent of the electors
manner as shall be provided by law:
but any city. the debt of which now
exceeds seven per centum of such as
sessed valuation, may be authorized by
centum, in the aggregate, at any one
time, upon such valuation, except that
any debt or debts hereinafter incurred
by the city and county of Philadelphia
for the construction and development
of subways for transit purposes, or for
the construction of whary cs and docks,
or the reclamation of land to be used
in the construction of a system of
wharves and docks, as public improve
ments, owned or to be owned by said
which shall yield to the city and county
of Philadelphia current net revenues in
excess of the interest on said debt or
debts. and of the annual installments
necessary for the cancellation of said
debt or debts, may be excluded in as
certaining the power of the city and
county of Philadelphia to become 9TH
erwise Indebted: Provided, That a
sinking fund for their cancellation
shall be. established and maintained"
Section s.. The debt of any county,
city, borough, township, school district,
or other municipality or Incorporated
district, except as herein provided. shall
the assessed value of the taxable prop
erty therein. nor shall any such mu-
debt or increase its Indebtedness to an
amount exceeding two per centum upon
such assessed valuation of property,
without the consent of the electors
manner as shall be provided by law; but
any city, the debt of which on the first
day of January, one thousand eight
seven per centum of such assessed val
uation, and has not since been reduced
to less than such per centum, may be
three per centum in the aggregate, at
any one time, upon such valuation. The
city of Philadelphia, upon. the condi-
crease it's indebtedness to the extent of
three per centum in excess of seven
per centum upon such assessed valu-
viding for all or any Of the following
purposes,-to wit: For the construc-
tion and improvement of subways, tun-
other transit. facilities; for the con-
struction and Improvement of wharves
and docks and for the reclamation of
wharves and docks. owned or to be
owned by said city. Such increase
however. shall only be made with the
assent of the electors thereof at a pub
as shall be provided by law. In ascer-
tanning the borrowing capacity of said
city of Philadelphia, at any time. there
shall be excluded from the calculation
a credit, where the work resulting from
any previous expenditure, for any one
or more of the specific purposes here
inabove enumerated shall be yielding
to said city an annual current net rev.
enue; the amount of which credit shall
be ascertained by capitalizing the an
nual net revenue during the year i'm
mediately preceding the time of such
ascertainment. Such capitalization
shall be accomplished by ascertaining
the principal amount which would Yield
such annual. current net revenue, at the
average rate of interest, and sinking
fund charges payable upon the indebt-
edness incurred by said city for such
purposes. up to the time of such ascer-
tainment. The method of determining
such amount, so to be excluded or al
lowed as credit, may be presented by
the General Assembly.
In mourning indebtedness, for any
one, or more of said purposes of con-
struction, Improvement, or reclama-
tfon, the city of Philadelphia NAV is
sue it's obligations maturing not later
than fifty years from the date thereof.
with provision for a sinking-funE suf-
fcient to retire said obligation at ma
turity, tine payments to such sinking
fund to be in equal or graded annual
installments. Such obligations may be
in an amount sufficient to provide for
and may include the amount of the ir-
terest and sinking fund charges accru-
ing and which may accrue thereon
throughout the period of construction
and until tho expiration of one year
after the completion of the work for
which said indebtedness shall have
been incurred; and said city shall not
be required to levy a tax to pay said
interest and sinking-fund charges, as
required by section ten of article nine
of the Constitution of Pennsylvania,
until the expiration of said period OF
one year after the completion of such
work.
A true copy of Joint Resolution No. 2.
ROBERT McAFEE,
Secretary of the Commonw ealth