Harrisburg telegraph. [volume] (Harrisburg, Pa.) 1879-1948, 1915-10-02
Number Two.
A JOINT RESOLUTION

Proposing an amendment to section
eight of article nine of the Consti-
tuition of Pennsylvania.
Section l. Be 1t resolved by the Sem
ate and House of Representatives of
the Commonwealth of Pennsylvania In
General Assembly met, That the fol-
lowing is proposed as an amendment to
the Constitution of the Commonwealth
of Pennsylvania, in accordance with the
provisions of the eighteenth article
Amend section eight, article nine of
the Constitution of the Commonwealth
of Pennsylvania, which reads as fol-
Section 8. The debt of any county.
city. borough. township, school district,
or other municipality, or incorporated
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
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 fhe
construction of wharves and docks, or
the construction of a 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 oy.
debts. NAV be excluded in {,f~
the power of the city and county Of
Philadelphia to become otherwise In
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,
or other municipality or incorporate5
district, except as herein provided, shall
never exceed seven per centum upon
the assessed value Of the taxable prop
nicipality or district incur any new
debt, or increase its Indebtedness to an
amount exceeding, two per centum upon
without the consent of the electors
thereof at public election in such
manner ma as shall be provided by law;
put put. any city the debt of which on the
hrst 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
may be authorized by law to increase
the same three per centum in the ag-
gregate, at any one time. upon such
upon the conditions hereinafter sef
forth. may increase its Indebtedness to
the extent of three per centum in excess
OF seven per centum upon such as
sesseo valuation for the specific pur-
pose of providing for all or any of the
following purposes, - to wit For the
and Improvement of SUBJ
vol f1r.ra.
ways, and other transit facilities; for
the construction and Improvement of
wharves and docks and for the re-
clamation can9trhCt ioO 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 public election, to be held
In such manner as shall be provided
by law. In ascertaining the borrowing
capacity of said city OF hiladelphia, at
Any time; there shall be excluded from
The calculation credit. where the work
tteshit ing from any previous expendi-
lure; Tor any one or more of the
specific purposes hereinabove enumer1
annual current net revenue: the amount
of which credit shall be ascertained bv
: iiapitailzing !. .p the annual net revenue
1uflng the year Immediately preceding
the time of such ascertainment Suc6
capita lization shall be accomplished bv
ascertaining the principal amount
which Woulu ylelQ Such annual. cur
rent net revenue, at the average rate
of interest, and Slnking-fund charges
payable upon the Indebtedness incur
req by said city for such purposes. up
20 the time of such ascertainment, The |
method of determining sucn amount. so
20 be excluded or allowed as a credit, |
may be prescribed by the General AS
In mourning Indebtedness. for anv
one, or more of said purposes of con- |
Itructlon. Improvement, or reclamation.
he. city of Philadelphia may issue its
obligations maturing not later than
lfty years from the date thereof, with |
provision for a sinking-fund sufficient
o retire said obligation at maturity.
he payments to such sinking-fund to !
De in equal or graded annual install +!
nents. Such obligations may be in an |
amount sufficient to provide for and
nay include the amount of the interest |
md sinking-fund charges accruing and |
Which may accrue thereon throuRhout |
he period of construction and until |
ne expiration OF one year after the |
completion of the work for which said !
shall have been incurred: |
md said city shall not be required to |
eVy tax to pay said interest and |
charges, as required by |
ectlon ton of article nine of the Con-
titution OF Pennsylvania, until the eX-
,lrat1on OF said period of one year after
be completion of such work
= true copy of Joint Resolution No. 2.
secretary OF the Commonwealth.
Number Three. !
n n