The Fulton County news. [volume] (McConnellsburg, Pa.) 1899-current, 1916-09-14
Number Four.
A JOINT RESOLUTION
CYRUS e. WOODS,
Secretary OF the Commonwealth

A JOINT RESOLUTION
Proposing an amendment to section
eight, article nine Of the Constitu.
tion Of Pennsylvania.
Section l. Be 1t enacted by the
Senate and House of Representa-.
tives Of the Commonwealth of Penn
sylvania In General Assembly met
and 1t is hereby enacted by the au'
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, Section
Eight.
That section eight of article nine
of the Constitution be amended by
striking out the said section and In
serting in place thereof the follow.
ing
Section 5. The debt of any coun'
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 (7) per centum upon the as.
sessed value of the taxable property
therein, but the debt of the city OF
Philadelphia may be increased In
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 It's 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 provld-
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.
tion 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 OF
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
sinking 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
purpose 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, theI
interest and slnking-fund charges
accruing and which may accrue
thereon throughout the period oil
construction. and until the expira
ton of one year after the compile
ton of the work for which said In
debtedness shall have been incur
red; and said city shall not be re
quired to levy tax to pay said Id
terest and sinloing-fund charges as
required by section ten, article. nine
of the Constitution Of Pennsylvania,
until the expiration Of said period
Of one year after the completion OF
said work.
A true copy Of Joint Resolution
No. 4.
CYRUS p. WOODS.
Secretary Of the Commonwealth