Pennsylvania Act 1923-90 — VALIDATING MUNICIPAL DEBTS

Act text

VALIDATING MUNICIPAL DEBTS
                   Act of May 1, 1923, P.L. 116, No. 90               Cl. 67
                                  AN ACT

     Validating the incurring of certain debts or increase of
        indebtedness of poor districts in counties of the second
        class by the county commissioners thereof for improvements or
        alterations of the property of such poor districts, and all
        bonds and other securities issued therefor, and also the
        assessments of annual taxes for the payment of such
        indebtedness, since the twentieth day of April, one thousand
        eight hundred seventy-four.

        Section 1.  Be it enacted, &c., That in all cases where the
     county commissioners of counties of the second class have
     incurred debt or increased the indebtedness of a poor district
     or districts of such county to an amount, in the aggregate, not
     exceeding two per centum upon the assessed value of the taxable
     property therein, as fixed and determined by the last preceding
     assessed valuation, for the purpose of making improvements or
     alterations of the property of the poor district or districts
     therein, and have issued bonds, interest bearing coupon, or
     otherwise, or other securities therefor, and levied and assessed
     an annual tax for the payment of the interest and principal of
     such bonds or other securities, since the twentieth day of
     April, one thousand eight hundred and seventy-four, such
     incurring of debt or increase of indebtedness is hereby declared
     to be valid, and shall be held and adjudged to be valid and
     sufficient in law; and, in all such cases, the said bonds or
     other securities issued by said county commissioners as evidence
     of such debt or increase of indebtedness shall be, and the same
     are hereby, declared to be valid and lawful to all intents and
     purposes against the poor district of said county in the hands
     of all persons or corporations holding the same; and in all
     assessments of annual tax for the payment of such bonds or other
     securities are likewise hereby declared to be valid and lawful
     to all intents and purposes.