The Fulton County news. [volume] (McConnellsburg, Pa.) 1899-current, 1915-10-28
PROPOSED AMENDMENT TO THE CoNsTITU-
TION NO.2

Shall Section Eight of Article Nine of the Const
tuition be Amended so as to read as followsP
Section s. The debt of any county, city, borough
township, school district, or other municipality
incorporated district, except as herein provided
shall never exceed seven per centum upon the asses
sed value of the taxable property therein shall
any such municipality district incur any new
debt, or increase its Indebtedness to an amount
ceeding two per centum upon such assessed valua-
ton of property without the consent of the electors
thereof at public election in such manner as shall
be provided by law but any city, the debt of which
on the first day of January one thousand eighthun
dred and seyenty-four, exceeded seven per centum
of such assessed valuation and has not since been
reduced to less that such per centum, may be au
thorized by law to increase the same three per
tum in the aggregate at any time, upon such
valuation. The city of Philadelphia, upon the con-
ditions hereinafter set forth, may increase its in
debtedness to the extent of three per centum in
cess of seven per centum upon such assessed valua
ton for the specific purpose of providing tor all or
any of the following purposes,-to witt For the con-
struction and improvement of subways, tunnels rail-
waYs elevated rys and other transit acites for the
construction and Improvement of wharves and docks
and for the reclamation 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 ascertaning the bor-
rowing capacity of said city of Philadelphia at any
time, there shall be excluded from the calculation
a credit where the work resulting from any previ-
GUS expenditure for any one or more of the specific
purposes herenabove enumerated shall be yielding
to said city annual current net revenue; the
amount of which credit shall be ascertained by cap
itazing the annual net revenue during the year
Immediately preceding the time of such ascertain
ment. Such capitalization shall be accomplished
by ascertainng the principal amount which would
yield such annual, current revenue, at the
age rate of interest, and sinkingfund charges pay
able upon the Indebtedness incurred by said city for
such purposes up to the time of such ascertain
ment. The method of determining such amount, so
to be excluded or allowed as credit, may be pre-
scribed by the General Assembly.
In incurring indebtedness, for any one more of
said purposes of construction, Improvement or re-
clamation, the city of Philadelphia may issue its
obligations maturing not later than fifty years from
the date thereof with provision for sinking-fund
sufficient to retire said obligation at maturity, the
payments to such sinking-fund to be in equal or
graded annual installments. Such obligations may
be in an amount sufficient to provide for and may
include the amount of the interest and sinkng-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 snking-fund charges,
as required by section ten of article nine of the Con-
stitution of Pennsylvania, until the expiration of
said period of year after the completion of such
work.