Harrisburg telegraph. [volume] (Harrisburg, Pa.) 1879-1948, 1914-10-12

in the construction of a system of
whatves and docks, $ public improve
lnents. 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
necessary for the cancellati 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"
so that 1t shall read as foliows:-
Section s. 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-
nlcipality 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
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
uatton, and has not since been reduced
to less than such per centum may be
three per centum in tine 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
purposes,-to wit: For the construc-
tiou 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
Hav 20 ha cd in flra -Fvt,, .F
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 al a pub
lie election, to be held in such manner
a. 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
credit, where the work resulting from
any previous expenditure, for any one
or more of the specific purposes here
iuabove 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
the principal amount which would Weld
such annual. current net revenue. at the
average rate of interest, and sinking
fund charges payable upon the fndebt-
eduess incurred by said city for such
purposes, up to the time of such ascer-
talnment. Inc method or determininR q
such amount. so to be excluded or All.
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 NAV is
sue it's obligations maturing not later
than fifty years from the date thereof.
with provision for sinking-funL suf-
ficieut 10 retire said obligation at ma
tUrIuy, tine payments to such sinking
fund To be in equal or graded annual
!fnstallments. Such obligations NAV 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
and until the expiration of one wear
after the completion of the work for
which sajd Indebtedness shall have
been incurred; and said city shall not
be required TO levy a tax to paw said
Interest and SinSing-fund charges as
required By section ten of article nine
OF the Constitution of Pennsylvania
until the expiration of said period OF
s one year after tn- completion Of such
work.
true copy OF Joint Resolution No. 2.
ROBERT McAFEE.
Secretary Of the Commonwealth