Pennsylvania Act 1881-10 — MUNICIPALITIES, ISSUE OF NEW BONDS

Act text

MUNICIPALITIES, ISSUE OF NEW BONDS
                  Act of Apr. 14, 1881, P.L. 10, No. 10               Cl. 11
                                  AN ACT

     Granting power to counties, cities (except cities of the first
        and second classes), boroughs, municipalities or school
        districts in this commonwealth, which have issued bonds or
        other interest bearing evidences of indebtedness, to redeem
        the same and issue new bonds therefor, with or without
        interest coupons attached.

        Section 1.  Refunding bonded indebtedness
        In all cases where any county, city, borough, township of the
     first class, municipality or school district in this
     commonwealth has, by virtue of any general or special act of
     assembly, issued bonds or other interest-bearing evidences of
     indebtedness, with or without interest coupons attached, to
     secure any indebtedness of any such county, city, borough,
     township of the first class, municipality or school district,
     which may have matured but remain unpaid and uncancelled, or are
     about to mature and become payable, or whenever any county,
     city, borough, township of the first class, municipality or
     school district shall have the option to redeem or pay any such
     bonds or interest-bearing evidences of indebtedness, or whenever
     holders of any bonds or interest-bearing evidences of
     indebtedness of any county, city, borough, township of the first
     class, municipality or school district, which may not have
     matured or become redeemable, are willing to surrender the whole
     or any part of such issue of bonds or interest-bearing evidences
     of indebtedness, it shall be lawful for any such county, city,
     borough, township of the first class, municipality or school
     district, for the purpose of redeeming or paying off any or all
     of the bonds or other interest-bearing evidences of
     indebtedness, payable, redeemable or offered for redemption, as
     aforesaid, to issue and sell either registered or coupon bonds
     bearing interest at a rate not exceeding six per centum per
     annum, and payable at any time not exceeding twenty years after
     the date thereof, and not exceeding in the aggregate the amount
     of the bonds or other evidences of indebtedness so redeemed or
     paid, and the said bonds so issued or sold, in accordance with
     the provisions of this act, shall be exempt from taxation except
     for state purposes: Provided, However, That all moneys for the
     redemption of the issue of bonds proposed to be refunded, placed
     in the sinking fund, if any, shall be first applied to the
     payment, as far as applicable, of the principal of such bonds,
     and the balance of such issue only shall be redeemed by the
     issue of new bonds. 1881, April 14, P.L. 10, Sec. 1; 1899, March
     1, P.L. 6, Sec. 1., as amended 1933, May 4, P.L. 273, Sec. 1;
     1935, July 12, P.L. 712, Sec. 1.