The Fulton County news. [volume] (McConnellsburg, Pa.) 1899-current, 1916-09-21
Number Four.
A JOINT RESOLUTION

A JOINT RESOLUTION
Proposing an amendment to section
eight, article nine OF the Consta
tion Of Pennsylvania.
Section /. Be 1t enacted by the
Senate and House OF Represents
uves Of the Commonwealth OF Penn
sylvania In General Assembly me,
and 1t is hereby enacted by thesaE
thority of the same, That the Con
stitution Of the Commonwealth o
Pennsylvania, In accordance with the
provisions Of the eighteenth article
thereof
Amendment to Article Nine, SectlC
Eight.
That section eight of article nlnl
Of the Constitution be amended BY
striking olt the said section and To-
serting in place thereof the follow
ing
Section 5. The debt of any couE
ty, city, borough, township, school
district, or other municipality or IN.
corporated district, except as pro
vided herein. and in section fifteen
of this article. shall never exceed
seven ~ per centum upon the as
sessed value of the taxable property
therein, but the debt of the city Of
Philadelphia may be increased 10
such amount that the total city debt
OF said city shall not exceed ten
per. centum (10) upon the assessed
value Of the taxable property there
in. nor shall any such municipality
or district incur any new debt, or
increase its indebtedness to an
amount exceeding two (2) per cent
um upon such assessed valuation Of
property, without the consent of the
electors thereof at public election
in such manner as shall be provid-
ed by law. In ascertaining the Dor
rowing capacity of the said city Of
Philadelphia, at any time, there
shall be excluded from the calcula.
ton and deducted from such debt
so much Of the debt Of said city
as shall have been incurred, and the
proceeds thereof invested, in any
public improvements of any char
acter which shall be yielding to
the said city an annual current net
revenue. The amount of such de-
duction shall be ascertained by cap
italizing the annual net revenue
from such improvement during the
year Immediately preceding the time
of such ascertainment; and such
capitalization shall be estimated 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 in
Cured by said city for such pur
poses, up to the time of such ascer.
tainment. The method of determin.
ing such amount, SO to be deducted
may be prescribed by the General
Assembly. In incurring indebted
ness for any purpose the city o.
Philadelphia may issue its obllga'
tions maturing not later than fifty
(50) years from the date thereof
with provision for a sinking.fund
sufficient to retire said obligations
at maturity, the payment to such
sinldng-fund to be IN equal or grad
ed annual or other periodical install
ments. Where any indebtedness
shall be or shall have been incurred
by said city Of Philadelphia for the
purp lse of the construction or i'm
provement Of public works of any
character from which income or rev.
enue is to be derived by said city,
or for the reclamation of land to be
used In the construction of wharves
or docks owned or to be owned BY
said city, 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 Oh
construction, and until the explra'
tlon of one year after the compile
ton of the work for which said IN
debtedness shall have beer incur
red; and said city shall not be 70
quired to levy tax to pay said IN
terest and sinl5ing-fund charges a'
required by section ten, article nine
of the Constitution OF Pennsylvania
until the expiration OF said perioa
OF one year after the completion Oh
said work.
A true copy of Joint Resolution
No. 4.
CYRUS u. WOODS,
Secretary Of the Commonwealth