Pennsylvania Act 1879-163 — BOROUGH BONDS, REDEMPTION AND RE-ISSUE

Act text

BOROUGH BONDS, REDEMPTION AND RE-ISSUE
                 Act of Jun. 11, 1879, P.L. 153, No. 163              Cl. 08
                                  AN ACT

     Granting power to boroughs in this commonwealth which have
        issued bonds to secure any indebtedness, to redeem the same
        before maturity, with consent of the holders thereof, and
        issue new bonds at a less rate of interest.

        Section 1.  Redemption of bonds before maturity and issuance
     of new bonds to secure same debt
        In all cases where any borough in this Commonwealth has, by
     virtue of any general or special Act of Assembly, issued bonds,
     either with or without coupons attached, to secure any
     indebtedness of any such borough, it shall be lawful for the
     burgess and town council of any such borough to redeem any or
     all of the bonds so issued as aforesaid, before the maturity
     thereof, with the consent of the holders thereof, and issue new
     bonds to secure such indebtedness, at any lower rate of
     interest; the bonds so issued not to exceed in amount the amount
     of the bonds so redeemed.  1879, June, 11, P.L. 153, Sec. 1.