Pennsylvania Act 1967-33 — PROVIDING A DEBT LIMIT FOR SECOND CLASS A CITIES

Act text

PROVIDING A DEBT LIMIT FOR SECOND CLASS A CITIES
                  Act of Jun. 28, 1967, P.L. 129, No. 33              Cl. 11
                                  AN ACT

     Providing for the debt limits of cities of the second class A.

        The General Assembly of the Commonwealth of Pennsylvania
     hereby enacts as follows:

        Section 1.  Every city of the second class A, in its
     corporate capacity, is authorized and empowered to enact
     ordinances to borrow money on the credit of the city, and to
     pledge the credit and revenue thereof for the payment of the
     same, to an amount not exceeding five percent upon the assessed
     value of the taxable property in said city, and with the consent
     of the people of the said city, obtained at an election held
     under the provisions of the Constitution and the general laws of
     this Commonwealth, to increase the indebtedness of such city to
     an amount not exceeding, in the aggregate, fifteen percent upon
     the assessed valuation of the taxable property therein.
        Section 2.  All acts and parts of acts inconsistent herewith
     are repealed.
        Section 3.  This act shall take effect immediately.