Pennsylvania Act 1931-307 — SUPPLEMENTING ACT, SECOND CLASS CITIES

Act text

SUPPLEMENTING ACT, SECOND CLASS CITIES
                 Act of Jun. 23, 1931, P.L. 922, No. 307              Cl. 11
                               A SUPPLEMENT

     To the act, approved the seventh day of March, one thousand nine
        hundred and one (Pamphlet Laws, twenty), entitled "An act for
        the government of cities of the second class," as amended,
        authorizing the mayor, city controller, and council to make
        emergency loans.

        Section 1.  Emergency loans; power of mayor and controller to
     negotiate; limitation
        Where cash shall be needed for the immediate requirements of
     the city in any year in advance of the receipt of income, the
     mayor and the city controller of cities of the second class
     shall have power to negotiate, on behalf of the city, temporary
     loans upon notes for periods not to extend beyond such year, and
     in aggregate amount not to exceed ten per centum of the
     estimated receipts for such current year other than loan funds,
     but, at the time of issuing said loans, provision must be made
     to repay the same out of the income of the same year in which
     they are negotiated--- the intention of this act being that the
     negotiation of said loans shall be solely for the purpose of
     anticipating receipt of income: Provided, however, That if,
     through emergency, it shall become necessary, it shall be lawful
     for the council to authorize the creation of one or more
     emergency loans, not exceeding in the aggregate seven hundred
     and fifty thousand dollars ($750,000) at any one time, which,
     unless paid within the year in which they were created, shall be
     included by the city controller in his estimate of liabilities
     which must be paid out of the cash receipts of the ensuing
     fiscal year within the first thirty days after the beginning of
     such fiscal year. 1931, June 23, P.L. 922, No. 307, Sec. 1;
     1947, June 21, P.L. 787, Sec. 1.