Harrisburg telegraph. [volume] (Harrisburg, Pa.) 1879-1948, 1915-09-25

I debted: Provided. Thai a sinking fund
| for their cancellation shall be estab-
| lished and maintained" so that it 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
| 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.
| without the consent of the electors
| thereof at a, public election in such
/ manner as shall be provided by law;
| but any city the debt of which on the
hrst day Of January, one thousand
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-
| Sregate, at any one time. upon such
valuation. The city of Philadelphia.
! forth, may increase its indebtedness to
! the extent of three per centum in excess
OF seven per centum upon such as
sessed valuation for the specific pur-
| pose of providing for all or any of the
! following purposes, - to wit: For the
construction and improvement of SUBJ
ways, tunnels, railways, elevated rail-
ways, and other transit facilities; for
| the construction and improvement of
! wharves and docks and for the re-
| clamation of land to be used in the
| owned or to be owned by said city
| Such increase, however. shall only be
made with the assent of the electors
| thereof at a public election, to be held
f, 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 a credit, where the work
resulting from any previous eXpendi-
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
| capitalizing the annual net revenue
during the year Immediately preceding
the time of such ascertainment. Such
capitalization shall be accomplished by
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 such amount. so
to be excluded or allowed as a credit.
may be prescribed by the General AS
sembly.
In incurring 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 fund 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 ten of article nine of the Con-
piration of said period of one year after
the completion OF such work.
true copy of Joint Resolution No. 2.
CYRUS E. WOODS,
Secretary of the Commonwealth.