Pennsylvania Act 1929-581 — SUPPLEMENTING ACT, MUNICIAL INDEBTEDNESS

Act text

SUPPLEMENTING ACT, MUNICIAL INDEBTEDNESS
                 Act of May 16, 1929, P.L. 1773, No. 581              Cl. 53
                                  AN ACT

     To supplement an act approved the twentieth day of April, one
        thousand eight hundred and seventy-four (Pamphlet Laws,
        sixty-five), entitled "An act to regulate the manner of
        increasing the indebtedness of municipalities; to provide for
        the redemption of the same; and to impose penalties for
        illegal increase thereof," by authorizing the sale of
        property purchased by a public corporation out of funds
        provided by increase of indebtedness of such corporation; and
        providing for the disposition of the funds realized from such
        sale.

        Section 1.  Be it enacted, &c., That the term "public
     corporation," as used herein, shall mean any county, city,
     borough, township, school district, or other municipality or
     incorporated district of this Commonwealth.
        Section 2.  When any such corporation shall have been
     authorized, by proceedings heretofore or hereafter had under the
     provisions of an act of Assembly, approved the twentieth day of
     April, one thousand eight hundred and seventy-four (Pamphlet
     Laws, sixty-five), and the amendments and supplements thereto,
     to increase its indebtedness to an amount exceeding two (2%) per
     centum of the last preceding assessed valuation of the taxable
     property therein, with the assent of the electors thereof, and
     the corporate authorities, having acquired by fee simple any
     property by use of said funds, and the corporate authorities
     shall deem it for public interest to abandon the use of said
     property for the purpose as purchased, either in whole or in
     part, and, by either ordinance or resolution, shall so provide,
     then the said corporate authorities shall be and are hereby
     authorized to dispose of said property so acquired; and the
     funds so received from said properties shall be deposited in the
     funds of said public corporation, for the redemption of any
     bonds that were sold and used to pay for said property,
     remaining unpaid at the time of the sale of said property, or of
     any outstanding bonds issued and used to refund bonds so sold
     and used.
        (2 amended May 28, 1937, P.L.1010, No.279)