Harrisburg telegraph. [volume] (Harrisburg, Pa.) 1879-1948, 1915-10-16
Number Two.
A JOINT RESOLUTION


eight of article nine of the Consti-
tuition of Pennsylvania.
Section l. Be 1t resolved by the SEN
ate ate and House Of REPRESENTATIVES. Of
General Assembly met. That the fol-
lowing is proposed as an amendment to
the Constitution of the Commonwealth
provisions of the eighteenth article
thereof
Amend section eight, article nine of
of Pennsylvania, which reads as fol-
lows:
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
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
without the assent of the electors there
of at a public election in such manner
as shall be provided by law; but any
seven per centum of such assessed val
uation, 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 of SUBJ
ways for transit purposes, or for the
construction of wharves and docks. or
the reclamation of land to be used in
the construction of a system of wharyes
and docks, as public improvements,
owned or to be owned by said city and
county of Philadelphia, and which shall
yield to the city and county of Phiia
delphia current net revenues in excess
of the interest on said debt or dabts
and the annual instalments necessary
for the cancellation of. said debt or
debts, may be excluded in ascertaining
the power of the city and county of
Philadelphia to become otherwise in
debted: Provided, Tha; sinking fund
lished and maintained" so that 1t shall
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
erty therein. nor shall any such mu-
nicipalty 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
but any city, the debt of which on the
first day of January, one thousand
eight hundred and seventy-four, ex-
ceeded seven per centum of such as
sessed valuation, 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 ag-
gregate. at any one time. upon such
valuation. The city of Philadelphia,
upon the conditions hereinafter set
forth, may increase its Indebtedness to
of seven per centum upon such as
sessed valuation for the specific pur-
pose of providing for all or any of the
construction and Improvement of sub
ways, tunnels, railways. elevated rail-
ways, and other transit facilities; for
wharves and docks and for the re-
clamation 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 borrowing
capacity of said city of Philadelphia, at
any time, there shall be excluded from
the calculation credit. where the work
ture. for any one or more of the
specific purposes hereinabove enumer-
ated shall be yielding to said city an
annual current net revenue: the amount
of which credit shall be ascertained by
capitaliztng the annual net revenue
during the year Immediately preceding
the time of such aSCertainment Such
capitalization shall be accomplished by
ascertaining the principal amount
which would yield such annual. cur
rent net revenue, at the average rate
of interest, and sinking fund charges
payable upon the. Indebtedness incur
red by said city for such purposes. up
to the time of such ascertainment. The
method of determining sucn amount. so
to be excluded or allowed as a credit
may, be prescribed by the General AS
sembly.
In incurrlng Indebtedness for any
one, or more of said purposes of con-
struction, Improvement. or reclamation,
the city of Philadelphia may issue Its
obligations maturing not later than
fifty years from the date thereof, with
provision for a sinking fund sufficient
to retire said obligation at maturity.
the payments to such sinking-fu to
be in equal or graded annual install
ments. Such obligations may be in an
amount sufficient to provide for and
may include the amount of the interest
and sinking-fund charges accruing 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 len of article nine Of the Con-