The Fulton County news. [volume] (McConnellsburg, Pa.) 1899-current, 1916-09-07
Number Four.

A JOINT RESOLUTION
Proposing an amendment to sectlr
eight, article nine OF the Consts
tion Of Pennsylvania.
Section l. Be it enacted by A
Senate and House Of Represent
tives of the Commonwealth Of Penn
sylvania in General Assembly me.
and 1t is hereby enacted by the ~
thority Of the same, That the Coz
stitution of the Commonwealth q
Pennsylvania, In accordance with III
provisions of the eighteenth arlA
thereof
Amendment to Article Nine, Seetn
Eight.
That. section eight Of article nina
Of the Constitution be amended y
striking out the said section and b
serting In place thereof the follOH
ing
Section s. The debt of any cour
ty, city, borough, township, schDd
district, or other municipality or n
corporated district, except as pro
vided herein. and In section fiteei
Of this article, shall never exceed
seven % per centum upon the az |
sessed value of the taxable properly
therein, but the debt of the city o.
Philadelphia may be increased ID
such amount that the total city deb!
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 a
increase its indebtedness to m|
amount exceeding two (2) per cent
um upon such assessed valuation d|
property, without the consent OF The
electors thereof at a public election
in such manner as shall be proyd
ed by law. In ascertaining the Dor
rowing capacity of the said city Of
Philadelphia, at any time, there
shall be excluded from the calcua'
tion and deducted from such debt
so much Of the debt of said city
as shall have been incurred, and tho
proceeds thereof invested, in any
public Improvements of any char
acter which shall be yielding %
the said city an annual current ne!
revenue. The amount of such de-
duction shall be ascertained by cap
italizing the annual net revenus
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 rale
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 aster
tainment. The method of deternin'
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 obliya'
tions maturing not later than my
(50) years from the date Thereof,
with. provision for a sinking-lund
sufficient to retire said obligations
at maturity, the payment to suca
sinking-fund to be in equal or grad
ed annual or other periodical inllat
ments. Where any indebtedness
shall be or shall have been incurreu
by said city of Philadelphia for me
purpose of the construction or iu
provement of public Works OF any
character from which income or rev
enue is to be derived by said clV
or for the reclamation of land to De
used In the construction of wharyes
or docks owned or to be owned py
said city, such obligations may be, ID
an amount sufficient to provide 'or'
and may include the amount Of the
interest and sinking-fund charges
accruing and which may accrus.
thereon throughout the period Oh
construction, and until the expira'
ton of one year after the complv
ton of the work for which said Id
debtedness shall have been incur
red; and said city shall not be 70 70
quired to levy tax to pay said III
terest and sinlxing-fund charges as
required by section ten, article nln'
OF the Constitution OF Pennsylvanla,,
until the expiration Of said perloa
of one year after the completion I"
said work.
A true copy OF Joint Resolution
No. 4.
Secretary Of the Commonwealth