Harrisburg telegraph. [volume] (Harrisburg, Pa.) 1879-1948, 1915-08-28

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-
nicipalty 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 a 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
eight hundred and seventy-four, 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-
Thss Sty cns me Of dRUh sbGh
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
made with the assent of the electors
thereof at a public election, to be held
in such manner as shall be provided
by law. In ascertaining the borrowing
any time. there shall be excluded from
the calculation credit. whe . the work
resulting from any previous >Xpendt-
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 Uy
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
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 sucn amount, so
to be excluded or allowed as a 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
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-
stitution of Pennsylvania, until the eX-
piration of said period of one year after
the completion of sucn work.
A true copy of Joint Resolution No. 2
CYRUS e. WOODS,
Secretary of the Commonwealth.