Harrisburg telegraph. [volume] (Harrisburg, Pa.) 1879-1948, 1914-10-05

ment to the Constitution of the Com
lmonwealth 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 8. 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, nor shall any
new debt, or increase its Indebtedness
to an amount exceeding two per centum
erty, without the assent of the electors
thereof at a public election in such
manner as shall be provided by law;
but any city. the debt of which now
sessed valuation, may be authorized by
law to increase the same three per
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 wharyes and docks,
or the reclamation of land to be used
wharves and docks, as public improve
ments, owned or to be owned by said
city and county of Philadelphia. and
i 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
debt or debts may be excluded in as
certaining the power of the city and
county Of philadelphia to become 9TH
sinking fund for their cancellation
shall be established and maiptained,"
so that II shall read as toliows:-
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-
nicipality or district. incur any new
debt or increase its Indebtedness to an
amount exceeding two per centum upon
such assessed valuation of property,
efe psSc eeco1 ef 6a S saes
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
authorized by law to increase the t'i same
three per centum in the aggregate, at
any one time, upon such valuation. The
fig ons Ph set Rorth tine may SonG n
crease its Indebtedness to the extent of
three per centum in excess of seven
alton for the specific purpose of pro-
purposes wit: For. the construc-
tioR and Improvement of subways, tun-
neis, railways. elevated railways, and
other transit faclities 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,
however. shall only be made with the
assent of the electors thereof at pub
lie elecNon, to be held In such manner
as shall be provided by law. In ascer-
tanning the borrowing capacity of said
city of Philadelphia. at any time, there
a credit. where the work resulting from
any previous expenditure. for any one
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
Lmediately preceding the time of such