Harrisburg telegraph. [volume] (Harrisburg, Pa.) 1879-1948, 1915-09-11

of at public election in such manner
as shall be provided by law: but any
city, the debt of which now exceeds
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
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 system of wharves
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 Phila-
delphia current net revenues in excess
of the interest on said debt or debts
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
debted: Provided, Tha. a slnking-fund
for their cancellation shall be estab-
lished and maintained" so that it shall
Section s. The debt of any county.
city. borough, township. school district,
or other municipality or Incorporated
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
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
frst 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
fhrna L.,
gregate, at any one time. upon such
valuation. The city of Philadelphia
upon the conditions hereinafter set
forth, may Increase its Indebtedness to
the extent of three per centum in exceee
of seven per centum upon such as
sessed valuation for the specific pur-
following, purposes. - to wit: For 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 a public election, to be held
in such manner as shall be provided
by lazy. In ascertaining the borrowing
capacity of said city of hiladelphia, at
any time, there shall be excluded from
the calculation credit. where the work
ture, for anJ-. 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
capitalizing 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
or interest, and sinking-fund charges
payable upon the Indebtedness incur
req 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 credit
may be prescribed by the General As
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
nifty 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 tax to pay said interest and
sinkingfund charges, as required by
section ten of article nine of the Con-
stitution of Pennsylvania, until the ex-
piration of said period of one year after
! the completion of sucn work.
true copy of Joint Resolution No ..
CYRUS L. WOODS,
secretary of the Commonwealth.