Pennsylvania Act 1933-249 — DEBT AUTHORIZATION

Act text

DEBT AUTHORIZATION
                 Act of May 26, 1933, P.L. 1065, No. 249              Cl. 53
                                  AN ACT

     Authorizing counties, cities, boroughs, incorporated towns, and
        townships to incur indebtedness and issue bonds for certain
        purposes.

        Section 1.  Funding or refunding temporary loans by
     municipalities
        For the purpose of funding or refunding temporary loans made
     in alleviating unemployment distress, and to provide funds for
     similar future expenditures, the authorities of any county,
     city, borough, incorporated town, or township in this
     Commonwealth are authorized, with the approval of the court of
     quarter sessions, to borrow money and incur indebtedness in an
     amount not to exceed two per centum of the assessed valuation of
     the taxable property in such municipality, as fixed by the last
     preceding assessed valuation thereof; and to issue, as evidence
     thereof, registered or coupon serial bonds, payable by such
     municipality within ten (10) years from the date of their issue
     and bearing interest at a rate not exceeding six per centum (6%)
     per annum, payable annually or semi-annually, and to negotiate
     the same, for the purpose of raising the money necessary to
     carry out the provisions of this act; and, further, to levy and
     collect taxes on all taxable property in said municipality for
     the purpose of paying any bonded indebtedness which may be
     incurred as herein provided. 1933, May 26, P.L. 1065, Sec. 1.