Pennsylvania Act 1936-15 (session 1) — FIRST CLASS CITIES TAX ANTICIPATION CERTIFICATES - DELINQUENT TAXES

Act text

FIRST CLASS CITIES TAX ANTICIPATION CERTIFICATES - DELINQUENT TAXES
         Act of Jul. 7, 1936, Special Session 1, P.L. 37, No. 15      Cl. 11
                      Special Session No. 1 of 1936
                               No. 1936-15

                                  AN ACT

     To provide for the public sale by cities of the first class of
        tax anticipation certificates representing registered
        delinquent taxes, and authorizing the appropriation for
        current or other purposes funds realized or estimated to be
        collectible from the sale thereof.

        Section 1.  Be it enacted, &c., That any city of the first
     class may, when authorized by ordinance duly adopted by the
     council of such city, sell, from time to time, at public sale,
     delinquent registered tax anticipation certificates representing
     all, or such parts of the registered delinquent taxes due to
     such city as may be determined in such ordinance. The said
     certificates shall be in such form and in such denominations as
     shall be prescribed by said ordinance, and may be for an
     undivided interest in the delinquent registered taxes due such
     city, or for designated parts or units thereof. Such parts or
     units shall be listed in separate schedules which same shall
     include a statement of the locations of the properties and the
     years and amounts of delinquent registered taxes due upon each
     of said properties, and the moneys realized from the parts or
     units of the registered delinquent taxes shall be segregated for
     the retirement of the certificate or certificates issued against
     said parts or units. The said certificates shall be executed and
     signed by the mayor of said city, and shall bear interest at a
     rate not exceeding five per cent per annum until they shall be
     paid to the holder or holders thereof, as hereinafter provided.
     Any such city issuing said certificates shall proceed to collect
     the said delinquent registered taxes as now provided by law. The
     proceeds of the collection of the delinquent registered taxes,
     against which such certificates may be drawn, shall be set apart
     in the city treasury as a special fund for the retirement of
     such certificates, and may be invested in bonds of the said
     city, the Government of the United States or the State of
     Pennsylvania as directed by ordinance, and neither the amounts
     of delinquent taxes so collected, nor the interest nor principal
     of such investments shall be used for any other purpose until a
     sufficient amount thereof has been collected to retire all of
     the certificates sold which are based on said delinquent
     registered taxes, or such designated part or unit thereof. When
     and as the receipts of delinquent taxes contained in the
     schedule, against which such certificates shall have been
     issued, shall, together with the accretions thereon, aggregate
     the total amount of such certificates together with any unpaid
     interest thereon, said certificates shall be paid in full and
     surrendered to the city. At the option of any such city,
     appropriations from current or other funds, except for debt
     service, may be utilized for the purpose of aiding in or
     hastening the retirement of such certificates, or any of them.
        Section 2.  Upon the authorization by ordinance of the sale
     of delinquent registered tax anticipation certificates as
     hereinabove provided, the council of such city shall thereafter,
     at any time during the current year, have authority to
     appropriate for the current or other purposes of said city, in
     addition to other appropriations, the amount actually realized
     from the sale of such tax certificates during such year.
        (2 amended June 25, 1937, P.L.2078, No.409)
        Section 3.  The council in passing such authorization
     ordinance shall have the power to regulate and prescribe the
     method of public sale of such delinquent registered tax
     anticipation certificates, the amount thereof which shall be
     offered for sale, the minimum or upset price or prices which are
     to be accepted therefor, the times and methods of public
     advertisement of such sales, the registered delinquent taxes on
     the specific property or properties which shall form the basis
     for the issuing of the particular certificates so authorized to
     be sold, the form of such certificates and the authorization of
     resale of any portion of any issue which may not be fully sold
     at the original sale thereof, and such other incidental matters,
     details and requirements as may be deemed by the said council
     proper, adequate and desirable for that purpose.
        Section 4.  All acts or parts of acts inconsistent herewith,
     to the extent of such inconsistency, be, and the same are
     hereby, repealed.