Pennsylvania Act 1935-396 — FIRST CLASS TOWNSHIPS, FLOATING INDEBTEDNESS PERMITTED

Act text

FIRST CLASS TOWNSHIPS, FLOATING INDEBTEDNESS PERMITTED
                 Act of Jul. 18, 1935, P.L. 1211, No. 396             Cl. 73
                                  AN ACT

     Authorizing townships of the first class to fund floating
        indebtedness, orders or indebtedness of any previous year or
        years, or carried over from any previous year or years, or
        indebtedness evidenced by any outstanding note or notes, now
        existing and now due, or hereafter to become due, by the
        issuance and sale of bonds, obligations, or certificates, and
        regulating the manner of the issuance and sale of such bonds,
        obligations, or certificates.

        Section 1.  Be it enacted, &c., That the floating
     indebtedness, orders or indebtedness of any previous year or
     years, or carried over from any previous year or years, or
     indebtedness evidenced by any outstanding promissory note or
     notes, now existing, by townships of the first class, and now
     due or to become due, may be funded at any time by the issue and
     sale at not less than par of bonds, obligations, or
     certificates, bearing interest at a rate not exceeding six per
     centum per annum: Provided, That no such bonds, obligations, or
     certificates shall be issued for a longer period than twenty
     years from the date thereof, and it shall be the duty of the
     proper corporate authorities of such township to provide for the
     payment of principle and interest of all such bonds,
     obligations, or certificates in the manner now provided by law
     for increasing the indebtedness of such townships.
        Section 2.  All proceedings to issue bonds, obligations, or
     certificates for the purpose of funding such indebtedness shall
     be in accordance with the manner now provided by law for the
     issuance and sale of bonds, obligations, or certificates by
     townships of the first class for increasing the indebtedness.
        Section 3.  All other acts or parts of acts inconsistent with
     the provisions of this act are hereby repealed.