Harrisburg telegraph. [volume] (Harrisburg, Pa.) 1879-1948, 1916-08-03
Amendment to Article Nine, Section
Eiphr

Amendment to Article Nine, Section
That section eigRt Ei7t of article nine Of
the Constitution be amended bv strik-
ing out the said section and insertin; ;
In Plaffe Lace thereof of me s. f9llowing:--
city, borough. township, school district,
or other municipality or Incorporated
distriet nStioe except SfPa provided herein and
never exceed seven 90 per centum up
on the assessed 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 Cl0) 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 centlm upon such assessed valua-
tion OF property, without the consent OF
the electors thereof at a public cleo
tion in such manner as shall be pro-
vided 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
debt of said city as shall have been in
CURED. and the proceeds Il ereof in
vested in any public improvements OF
to the said city an annual current mel
revenue. The amount of such deduc.
tion shall be ascertained by capitaiiz.
ing the annual net revenue from such
I Improvement during the year inmedi.
ately preceding the time of such ascsl.
tainment; and such capitalization shall
| be estimated by ascertaining the prin.
I cipal amount which would yield suct
annual, current net revenue, at ths
average rate of interest. and sinking,
| fund charges payable upon the fndebt.
edness incurred by said city for sucf
purposes, UP to the time of such ascer.
tainment. The method of determinins
/ such amount, so to be deducted. MAY
/ be prescribed by the General Assembly,
In incurring Indebtedness for any puT.
pose the city of Philadelphia NAV issu.
| its obligations maturing not later thar
| fifty (5O) years from the date thereof
| with provision for a sinking-fund suf
| ficient to retire said obligations at ma,
] turity, the payment to such sinking
or other periodical instalments. Where
any indebtedness shall be or shall hay,
/ been incurred by said city of Philadel
! phia for the purpose OF the construc
/ ton or improvement of public work,
/ of any character from which income Of
! revenue is to be derived by said CITY
or for the reclamation of land to b,
used in the construction of wharves OF
| city, such obligations my be in al
amount sufficient to provide for, anC
may include the amount Of the interes
and sinking-fund charges accruing ant
the period of construction, and unit
| the expiration of one year after tn,
completion of the work for which sait
Indebtedness shall have been incurred
levy tax to pay said interest ant
sinking-fund charges as required b,
section ten. article nine of the Consti
tuition of Pennsylvania, until the ex
piration of said period of one year afte
the completion of said work
A true copy of Joint Resolution No. 4
CYRUS Z. WOODS.
Secretary OF the Commonwealth.