Harrisburg telegraph. [volume] (Harrisburg, Pa.) 1879-1948, 1916-08-17
Number Four.
A JOINT RESOLUTION

A JOINT RESOLUTION
Proposing an amendment to section
eight, article nine of the Constitution
Section l. Be it enacted by the Sem
ate and House of Representatives of
lhe Commonwealth of Pennsylvania in :
General Assembly met. and it is hereby
enacted by the authority of the same
Ihat the Constitution OF the Common
wealth of Pennsylvania, in accordancz
with the provisions OF the eighteenth
article thereof:-
Amendment to Article Nine, Section
That section eight of article nine OF
me Constitution be amended by strik-
in place thereof the folloWing:-
Section g., The debt of any county,
city, borough, township, school district,
or other municipality or Incorporated
district, except as provided herein, and
in section fifteen of this article, shall
never exceed seven (7) per centum up
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 l1O) upon the assessed value OF
the taxable property therein, nor shall
any such municipality or district incur
any new debt, or increase its indebted.[
ness to an amount exceeding two (2)
per centum-upon such assessed -Malua-
the electors thereof at a public elec-
tion in such manner as shall be pro-
Vlded by law. In ascertaining the bor-
rowing capacity of the said city of
Philadelphia, at any time, there shall
be excluded from the calculation and
deducted from such debt so much of the
Cured, and the proceeds thereof in
vested, in any public improvements of
any character which shall be yielding
to the said city an annual current net
revenue. The amount of such deduc-
tion shall be ascer tanned by Capitalize
ing the annua! net revenue from such
ha
ately preceding the time of such asceL-
tainment: and such capitalization shall
cipal amount which would yield such
annual, current net revenue, at The
average rate of interest. and sinking
edness incurred by said city for such
tainment. The method of determinino-- Sder aISGn-
be prescribed by the General Assembly.
In incurring Indebtedness for any pur-
pose the city of Philadelphia may issue
its obligations maturing not later than
fifty (50) years from the date thereof.
with provision for a sinking fund suf.
hcient to retire said. obligations at ma
turity, the payment to such sinking
fund to be in equal or graded annual
or other periodical instalments. Where
any indebtedness shall be or shall have
been incurred by said city of PhiladeIS
phia for the purpose of the construc-
tion or improvement of public works
of any character from which income or
revenue is to be derived by said city
or for the reclamation of land to Rs
used in the construction of wharves or
docks owned or to be owned by said
city. such obligations my 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 throuphout
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 tax to pay said interest and
Dinking-fund charges as required by
section ten. article nine of the Consti-
tuition of Pennsylvania, until the ex-
piration of said period of one year after
the completion of said work
a true copy of Joint Resolution No. 4
CYRUS e. WOODS,
Secretary of the Commonwealth.