Harrisburg telegraph. [volume] (Harrisburg, Pa.) 1879-1948, 1915-08-07
Number Two.

A JOlNl RESOLU IlON
Proposing an amendment to section
eight of article nine of the Consti-
tuition of Pennsylvania.
Section l. Be IL resolved by the SEN
ate and House of Representatives of
the Commonwealth of Pennsylvania i'm
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
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 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 bv the
city and county of Philadelphia for the
CONSTRUCTION ana 0eNelOpment of Sub-
ways for transit purposes, or for the
construction of wharves and docks. or
the reclamation of land to be used in
the construction of 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 or
debts, may be excluded in ascertainine
the power of the city and county nf
Philadelphia to become otherwise in
debted: Provided, That a sinking-fund
for their cancellation shall be estsb
lished and maintained" so that it 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 unon
the assessed value of the taxable prop
erty therein, nor shall any such mn
nicipality or district incur anv new
debt, or increase its Indebtedness to an
amount exceeding two per centum upon
such assessed valuation 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
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
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 pei, centum upon such as
sessed valuation for the specific pur-
pose of providing for all or any of the
1ollowing purposes, - to wit: For the
construction and Improvement of sub
f1NUra ala N.I
ways. and other transit facilities: for
dhe 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 public election, to be held
on such manner as shall be provided
10y law. In ascertaining the borrowing
capacity Of said city of hiladelphia, at
ahe 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
Capltalizing the annual net revenue
apring the year Immediately preceding
Nhe time of such ascertainment. Such
Ma apltalization shall be accomplished by
'ascertaining the principal amount
rent net revenue. at the average rate
on interest, and sinking-fund charges
payable upon the indebtedness incur
red by said city for such purposes, up
10 the time of such ascertainment The
method of determining such amount. 80
10 be, excluded or allowed as credit
may be prescribed by the General AS
In incurring indebtedness, for any
one, or more of said purposes of con-
the city of Philadelphia may issue its
opngations maturing not later than
nifty years from the date thereof, with
provision for a sinking-fund sufficient
70 retire said obligation at maturity
the payments to such sinking-fu 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
ana sinking fund charges accruing and
winch may accrue thereon throughout
me period of construction and until
the expiration of one year after the
completion Of the. work for which said
anoeotedness shall have been incurred:
and said city shall not be required to