Pennsylvania Act 1933-250 — DEBT AUTHORIZATION

Act text

DEBT AUTHORIZATION
                 Act of May 26, 1933, P.L. 1066, No. 250              Cl. 53
                                  AN ACT

     Authorizing counties, cities, boroughs, incorporated towns, and
        townships to incur indebtedness and issue bonds for certain
        purposes.

        Section 1.  Temporary loans by municipalities; funding or
     refunding
        For the purpose of funding and refunding temporary loans made
     in alleviating unemployment distress, and to provide funds for
     similar future expenditures, the authorities of any county,
     city, borough, incorporated town, or township in this
     Commonwealth are authorized, with the approval of the court of
     quarter sessions, and with the consent of the electors thereof
     in the manner provided by law, to borrow money and incur
     indebtedness in an amount exceeding two per centum (2%), but not
     in excess of seven per centum (7%), of the assessed valuation of
     the taxable property in such municipality, as fixed by the last
     preceding assessed valuation thereof; and to issue, as evidence
     thereof, registered or coupon serial bonds, payable by such
     municipality within twenty (20) years from the date of their
     issue and bearing interest at a rate not exceeding six per
     centum (6%) per annum, payable annually or semi-annually, and to
     negotiate the same, for the purpose of raising the money
     necessary to carry out the provisions of this act; and, further,
     to levy and collect taxes on all taxable property in said
     municipality for the purpose of paying any bonded indebtedness
     which may be incurred as here provided. 1933, May 26, P.L. 1066,
     Sec. 1.