Pennsylvania Act 1873-46 — EXEMPTING THE INDEBTEDNESS AND PAYMENT OF STATE TAX

Act text

EXEMPTING THE INDEBTEDNESS AND PAYMENT OF STATE TAX
                   Act of Apr. 9, 1873, P.L. 68, No. 46               Cl. 72
                                  AN ACT

     To repeal all laws exempting the indebtedness of any counties,
        cities, boroughs or other incorporated districts from payment
        of state tax.

        Section 1.  Municipal loans not exempt, except in hands of
     innocent holders
        All laws and acts of Assembly, exempting the loans, bonds, or
     other evidences of indebtedness of, or issued by any county,
     city, borough or incorporated district of the Commonwealth, from
     the payment of taxes for the use of the Commonwealth, be and the
     same are hereby repealed, so far as provides for such exemption;
     and all such loans, bonds, or other evidences of indebtedness
     heretofore or hereafter issued or existing, shall be liable for
     the payment of the taxes now or hereafter imposed by law for the
     use of the Commonwealth upon public loans or other moneys
     bearing interest: Provided, That this act shall not apply to any
     bonds negotiated into the hands of innocent holders.  1873,
     April 9, P.L. 68, Sec. 1.