Pennsylvania Act 1876-99 — MUNICIPALITIES - PERMITTED TO MORTGAGE THEIR REAL ESTATE

Act text

AN ACT

Authorizing certain wards, districts and sub-divisions of any public and municipal corporations in this Commonwealth to borrow money by mortgage upon their real estate.

Compiler's Note: Section 4701 of Act 317 of 1931 provided that Act 99 is repealed as to third class cities.

Section 1. Wards and districts engaged in supplying water authorized to borrow money on mortgage; election; notice

Whenever any ward, district, sub-division or corporation which, under existing laws, may form part of any public or municipal corporation, and which are not organized or conducted for private profit, are engaged in supplying with water any city of which they are a part, of less population than twenty thousand inhabitants, they shall have power in addition to all powers enjoyed under existing laws to borrow money to be secured by mortgage upon the real estate belonging to said ward, district, corporation, sub- division or part of such public or municipal corporation respectively: Provided, That the question of borrowing money and executing a mortgage as aforesaid shall first be submitted to an election of the qualified electors of the district which is responsible for the existing indebtedness of said ward, district, sub-division or corporation, respectively; notice of said election to be published in the cities in which said corporations are respectively located once a week for three weeks prior thereto in two newspapers published in said city, or if there be none, then in two newspapers published nearest thereto; and the notice of the said election shall contain the amount of the proposed mortgage and a description of the property to be mortgaged: Provided, That such notice shall only be given by the direction of a majority of the councilmen residing in and representing such district. 1876, May 8, P.L. 132, Sec. 1.

Section 2. Mode of voting on question of mortgage

Such election shall be held by the regular election officers of the ward or district as other elections are held by law; the tickets voted to be labelled on the outside "mortgage ticket," and to contain inside thereof the words, "for the mortgage," or "against the mortgage," respectively. 1876, May 8, P.L. 132, Sec. 2.

Section 3. Proceedings where majority favor mortgage

It shall be the duty of said election officers, after the closing of the polls, to count up all the votes so cast for or against the mortgage, and within three days to make return thereof to the directors of such water works, who, if a majority of said voters shall be in favor of such mortgage, shall thereupon be authorized to execute and deliver a mortgage of the described premises for the amount of money contained in the notice aforesaid, which said mortgage shall recite the notice, election and other proceedings herein directed. 1876, May 8, P.L. 132, Sec. 3.