Harrisburg telegraph. [volume] (Harrisburg, Pa.) 1879-1948, 1914-08-31

exceeds seven per centum of such as
sessed valuation. may be authorized by
law to increase the same three per
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
Of subways for transit purposes, or for
the construction of wharyes and docks,
or the reclamation of land to be used
wharves and docks, as public Improve
city and county Of Philadelphia, and
of Philadelphia current net revenues in
excess of the interest on said debt or
debts, and Of the annual installments
debt or debts, ma may be Excluded u in Sssu as
certaining the power of the city and
county of Philaderra to become 9TH
Sinking sfMse fnhd for ns SydeG That
shall be established and maintained"
so that it shall read as follows:-
Section 8. The debt of any county,
or other municipality or incorporated
district, except as herein provided. shall
never exceed seven per centum upon
the assessed value Of the taxable. prop
erty therein. nor shall any such mu-
nicipality or district incur any new
debt or increase its indebtedness to an
such assessed valuation of property
without the consent of the electors
thereof at public election in such
manner as shall be provided by law; but
any city, the debt of which on the first
day of January, one thousand eight
hundred and seventy-four exceeded
seven per centum of, such assessed val
uation and has not since been reduced
to less than such per centum may be
authorized by law to increase the same
three per centum in the aggregate. at
any one time, upon such valuation. The
city of Philadelphia, upon the condi-
tions hereinafter set forth, may in
crease it's Indebtedness to the extent OF
three per centum in excess of seven
per centum upon such assessed valu-
alton for the specific purpose of pro-
viding for all or any OF the following
tion and Improvement of subways, tun-
nels, railways, elevated railways, and
other transit facilities; for the con-
struction and Improvement of wharves
and docks and for the reclamation of
land to be used in the construction of
wharves and docks owned or to be
however. shall only be made with the
assent of the electors thereof at a pub
lie election, to be held in such manner
as shall be provided by law. In ascer-
city of Philadelphia, at any time there
shall be excluded from the calculation
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.
be ascertained by capitalizing the an
nual net revenue during the year i'm
mediately preceding the time of such
ascertainment. Such ca pitalization
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 a credit, may be presented by
the General Assembly.
one, or more of said purposes of con-
struction, Improvement, or reclama-
ton, the city of Philadelphia NAV is
sue its obligations maturing not later
than fifty years from the date thereof
with provision for sinking -funG suf-
ficient to retire said obliga ton at ma
turity, the payments to such sinking
installments. Such obligations may be
in an amount sufficient to proviSe for
and may include the amount of the in
terest and sinking fund charges accru-
ing and which may accrue thereon
throughout the period of construction
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 sinkingfu charges, as
required by section ten of article nine
of the Constitution of Pennsylvania,
until the expiration of said period Of
work.
A true copy of Joint Resolution No. 2.
ROBERT McAFEE,
Secretary of the Commonwealth.