Harrisburg telegraph. [volume] (Harrisburg, Pa.) 1879-1948, 1915-08-21
Number Two.

A JOINT RESOLUTION
! Proposing an amendment to section
eight of article nine of the Constl-
tuition of Pennsylvania.
Section 1. Be 1t resolved by the Sem
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
the Constitution of the Commonwealth
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
upon the assessed value of the taxable
property therein. nor shall any such
municipality 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 assent of the electors there
of at a 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
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 wharves
and docks. as public improvements,
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, That a sinking fund
for their CANCELLATION shall be estab-
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
the assessed value of the taxable prop
erty therein, nor shall any such mil-
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 elegtors
thereof at public election in such
but any city, the debt of which on the
first day of January, one thousand
eight hundred and seventy-fou 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
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 sub
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
construction of wharves and docks,
owned or to be owned by said city.
Such increase, however. shall only be
thereof at a 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
resulting from any previous expendi-
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
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 tate
of interest, and sinkinR-fund charges
payable upon the Indebtedness incur