Harrisburg telegraph. [volume] (Harrisburg, Pa.) 1879-1948, 1914-08-17
Secretary of the Col
Number Two.
A JOINT. RESOLTTION


Number Two.
A JOINT RESOLUTION
Proposing an amendment to section
eight of article nine of the Constitu-
tion of Pennsylvania.
Section l. Be it resolved by the
of the Commonwealth of Pennsylvania
in General Assembly met. That the
following is proposed as an amend
monwealth of Pennsylvania. in accord
ance with the provisions of the eigh-
teenth article thereof.
the Constitution of the Commonwealth
of Pennsylvania, which reads as fol-
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 it's Indebtedness
to an amount exceeding two per centum
| upon such assessed valuat tion 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
law to increase the same three per
| centum, in the aggregate, at any one
time. upon such valuation, except that
! by the city and county of Philadelphia
| for the construction and development
of subways for transit purposes. or for
the construction of wharves and docks,
| or the reclamation of land to be used
| in the construction of system of
wharves and docks, public improve
city and county of Philadelphia. and
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
Icertaining the power of the city and
county of Philadelphia to become 9TH
erwise indebted; Provided, That a
sinking fund for their cancellation
so that 1T shall read as follows:-
Section s. The debt of any county,
city. borough, township, school district,
district. except as herein provided, shall
never exceed seven per centum upon
the assessed value of the taxable prop
nicipality or district incur any new
debt, or increase its Indebtedness to an
amount exceeding two per centum upon
such assessed valuation of property,
without the consent of the electors
| thereof at a 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
!
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 its 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
| ton and Improvement of subways, tun-
nels, railways, elevated railways, and
other transit facilities; for the. con-
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 he 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
J any previous expenditure, for any one
or more of the specific purposes here
inabove enumerated shall be yielding
Ienue: the amount of which credit shall
be ascertained by capitalizing the an
nual net revenue during the year inn
mediately preceding the time of such
lascertainment. 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 a 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-
ton the city of Philadelphia may is
sue its obligations maturing not later
than fifty years from the date thereof
with provision for a sinking -funt suf-
fcient to retire said obligation at ma
turity, the payments to such sinking
fund to be in equal or graded annual
Iinstallments Such obligations may be
in an amount sufficient to provlSe 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
and until the 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 Commonwealth.