Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1915-10-28
NO PARTY LINES
IN AMENDMENT
TO AID TRANSIT
Voters to Ballot on Plan to
Let City Borrow
More Money
BIG HELP TO THE PORT

The future Of all transit and port de-
velopments in this city depend to a large
degree upon the ratification by the voters
OF the second or the four proposed amend
ments to the state Constitution, which
will appear on the ballots at the gem
eral election, November 2. The amend
ment in brief, IL adopted. will Increase
the ciiy's borrowing capacity on taxable
property from to 10 per cent. specifically
for transit and port development only.
The amendment was passed in its pres,
snt form by the 1918 and the 1915 Legis-
latures, and, IL adopted by the voters of
the state, upward of S67, 100000 additional
money can be borrowed by the city for
the completion of the Taylor program of
high-speed elevated and subway construc-
ton and for the further development of
Philadelphia's port.
At the present time the fund available
under the increased borrowing capacity
can be used only for the two specific pur-
posed transit and port development An
amendment was introduced by Senator
ware and passed In the last legislature
however removing this restriction and
providing that the money may be used
for any permanent improvement. Before
this amendment can effect the present
amendment II must be passed by the 1917
legislature and be voted upon by the
people OF the State at the following gem
elal election.
The friends and supporters of Director
Taylor and all who have been working
10 better the Philadelphia transit facili-
ties are lined up to a man in support of
the amendment on November 2. The or
ganization leaders, although they adopted
policy OF obstruction toward rapid tran
sit In the past will also support the pro-
posed amendment in view of the addi-
tional funds which will be made available
for contracts to be let during the next
administration,
Director Taylor, in"the special report TO
Councils last February upon his transit
Z plans. made the following plea for the
passage of the amendment:
"This constitutional amendment will give
Philadelphia adequate borrowing capa-
) city for both transit and port develop
lnents will relieve current income from
Taxation of the interest and sinking fund
charges on bonds issued for such devel-
opments until after the same are in ac-
y .tual operation and producing income, and
will also enable Philadelphia to finance
these improvements in an economical
manner by reducing the annual sinking
fund payments which are required to be
made as above stated. 1t will enable
Philadelphia to enlarge it's borrowing
capacity from time to time automatically
as the facilities become partially or en-
trely self-supporting.
According to the Controllers report
for I915 the entire Taylor program, in
cluding the Broad street subway, the
Frankford elevated (both of which are
now under construction, the Woodland
avenue elevated, the Northwest elevated
subway line to Roxborough and Mana
yunk and the tube to Camden can be
financed and completed by the addi-
tional borrowing capacity made avail
able under the proposed amendment.
In addition to this the amendment will
enable the city to issue 5O-year bonds
instead of S0-year bonds, thus reducing
the annual sinking-fund requirements
from 2h per cent. upon the par value
Of the bonds issued to 1 per cent On a
900 bond issue this will reduce the
annual payments required in addition
to interest for sinkingfun requirements,
by $750,O0O