Harrisburg telegraph. [volume] (Harrisburg, Pa.) 1879-1948, 1914-08-24
Number Two.
NUMBER TWO.
A JOINT RESOLUTION
Proposing an amendment to section

Proposing an amendment to section
eight of article. nine of the Constitu-
ton of Pennsylvania.
Section |. Be it resolved by the
Senate and House of Representatives
of the Commonwealth of Pennsylvania
In General Assembly met. That the
following is proposed as an amend
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
OF Pennsylvania, which reads as fol-
Section S. The debt of any county,
city, borough, township, school district,
or other municipality or Incorporated
shall never exceed seven per centum
upon the assessed value of the tax
able property therein, MOI. 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 valuation of prop
erty. without the assent of the electors
thereof at public election in such
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
any debt or debts hereinafter incurred
by the city and county of Philadelphia
for the construction and development
the construction of wharves and docks
or the reclamation of land to be used
IN the construction of system OF
wharves and docks, as public improve
ments, owned or to be owned by said
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 he excluded in as
county of Philadelphia to become 9TH
erwise Indebted: Provided, That
sinking fund for their cancellation n
so that 1t shall read as follows:-
Section 3. The debt of any county,
city, borough, township, school district
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 it's Indebtedness to an
amount exceeding two per centum upon
without the consent of the electors
thereof at a public election in such
manner as shall he 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 valua tion. 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
purposes,-to wit: For the construc-
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
owned by said city. Such increase,
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
any previous expenditure, for any one
or more of the specific purposes here
inabove enumerated shall he 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 incurring Indebtedness, for any
one or more of said purposes of con-
struction, Improvement. or reclama-
ton 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-funL suf-
ficient to retire said obligation at ma
turity, the payments to such sinking
fund to he in equal or graded annual
installments. Such obligations may he
in an amount sufficient to provl.e 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 sinlng-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.
true copy of Joint Resolution No. 2.
ROBERT McAFEE,
Secretary of the Commonwealth.