Pennsylvania Act 1931-313 — VALIDATION OF BONDS ISSUED BY MUNICIPAL CORPORATIONS

Act text

VALIDATION OF BONDS ISSUED BY MUNICIPAL CORPORATIONS
                 Act of Jun. 23, 1931, P.L. 929, No. 313              Cl. 53
                                  AN ACT

     To ratify, confirm, and validate, as debts of the municipality,
        bonds and obligations issued by municipal corporations for
        the payment of the cost of a public improvement which were to
        rest alone for their security and payment upon assessments
        for benefits.

        Section 1.  Bonds resting on assessments of property;
     validation
        Whenever heretofore any municipal corporation has in good
     faith issued bonds or other obligations for the payment of the
     cost of a public improvement, on the assumption that such bonds
     were not debts of the municipality within the meaning and intent
     of article nine, section eight, of the Constitution, for the
     reason that such bonds or obligations were secured or to be
     secured by assessments against property benefited by such
     improvement, and were to rest alone for their security and
     payment upon such assessments, such bonds and obligations are
     hereby ratified, confirmed, and made valid and binding
     obligations and debts of the municipality, notwithstanding the
     fact that the corporate authorities of the municipality failed,
     either in whole or in part, to comply with the laws of the
     commonwealth providing the method of incurring and increasing
     its indebtedness: Provided, however, That this act shall not be
     construed to validate any such issue of bonds or obligations as
     valid debts of the municipality, where the amount of any such
     issue, when added to the existing debt of the municipality,
     exceeds the limits of indebtedness permitted by the
     Constitution. 1931, june 23, P.L. 929, No. 313, Sec. 1.