The Fulton County news. [volume] (McConnellsburg, Pa.) 1899-current, 1915-10-21
PROPOSED AMENDMENT TO THE CoNsTITU.
TION NO.2

Shall Section Eight of Article Nine of the Consti-
tuition be Amended so as to read as follows?
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 asses
sed value of the taxable property therein, shall
any such municipality or district incur any new
debt or increase its indebtedness to amount ex-
ceeding two per centum upon such assessed vaua-
tion 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, thousand eight hun
dred and seyenty-four, exceeded seven per centum
of such assessed valuation, and has not since been
reduced to less that such per centum, may be au-
thorized by law to increase the three per cen
tum in the aggregate, at any one time, upon such
valuation. The city of Philadelphia, upon the con-
dtions hereinafter set FORTH may increase its in
debtedness to the extent of three per centum in ex
of seven per centum upon such assessed valua-
ton for the specific purpose of providing tor all or
any of the following purposes-to wit; For the con-
structon and improvement of subways tunnels, rail-
ways elevated rys and other transit factes for the
construction 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 public election to be held in such manner as
shall be provided by law In ascertaining the bor-
rowing capacity of said city of Philadelphia at any
time there shall be excluded from the calculation
a credit, where the work resulting from any previ-
expenditure, for any one or more of the SPECIFIC
purposes hereinabove enumerated shall be yielding
to said city annual current net revenue the
amount of which credit shall be ascertained by cap
italizing the annual net during the year
Immediately preceding the time of such ascertain
ment Such capitalization shall be accomplished
by ascertaining the principal amount which would
yield such annual current net revenue at the aver
age rate of interest and snking-fund charges pay
able upon the Indebtedness incurred by said city for
such purposes, up to the time of such ascertain
ment The method of determining such amount, so
to be excluded or allowed as a credit may be pre-
scribed by the General Assembly.
In incurring Indebtedness, for any one more of
said purposes of construction, Improvement, or re-
camation, the city of Philadelphia may issue its
obligations maturing not later than fifty years from
the date thereof, with provision for a sinkingfund
sufficient to retire said obligation at maturity, the
payments to such sinking-fund to be in equal or
graded annual installments Such obligations may
be in an amount sufficient to provide for and may
include the amount of the interest and sinkingfund
charges accrung 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 sinkugfund charges,
as required by section ten of article nine of the Con-
stitution of Pennsylvania, until the expiration of
said period of year after the completion of such
work.