Pennsylvania Act 1881-5 — SUPPLEMENTARY ACT, SECOND CLASS CITIES

Act text

SUPPLEMENTARY ACT, SECOND CLASS CITIES
                   Act of Mar. 11, 1881, P.L. 7, No. 5                Cl. 11
                                  AN ACT

     Supplementary to an act, authorizing cities of the second class
        to issue bonds to an amount equal to the street bonds and
        temporary loan bonds now outstanding, not exceeding six
        millions of dollars, for the purpose of retiring or paying
        temporary loan bonds and street bonds, approved ninth day of
        May, Anno Domini one thousand eight hundred and seventy-nine,
        providing for the adjustment of interest upon bonds retired,
        repealing the fifth section of said act, and providing, in
        lieu the eof, for the payment of the interest and principal
        of the bonds, issued under authority of said act.

        Section 1.  Be it enacted, &c., That in the payment or
     exchange of the street and temporary loan bonds, to be retired
     under the provisions of the act to which this is a supplement,
     the councils of the cities of the second class shall have full
     power to adjust the interest to the date of the maturity of such
     bonds, and the amount of money necessary for that purpose shall
     be payable either out of the proceeds of said bonds, or out of
     any funds in the treasury of any such city, over the investment
     of which said councils may have control, or in such other manner
     as said councils may direct.
        Section 2.  That the fifth section of said act of May ninth,
     one thousand eight hundred and seventy-nine, shall be and the
     same is hereby repealed; and, in lieu thereof, the councils of
     cities of the second class, issuing bonds under authority of the
     said act, at each time of levying the municipal taxes and making
     the annual appropriations, until all of the said improvement
     bonds are retired and cancelled, shall provide for, set apart
     and appropriate, from the general revenues of such city, a sum
     sufficient to pay the interest on the said bonds during the
     fiscal year they next ensuing; and the said councils shall, at
     the same time, provide, set apart, and appropriate, out of the
     general revenues of such city, a further sum sufficient to
     create a sinking fund, equal in amount to three and one third
     per centum of the total amount of said bonds then issued, which
     sum so appropriated shall be used for the retirement and
     cancellation of said bonds, and for no other purpose.
        Section 3.  That said councils shall have authority to
     provide for the retirement of said improvement bonds, out of the
     sinking fund herein provided for, by the investment of said
     sinking fund in any of the outstanding obligations of such city,
     or bonds of the state of Pennsylvania, or of the United States,
     at the market price, upon due advertisement, in such form and
     manner as shall be prescribed by the said councils.
        Section 4.  All acts or parts of acts, inconsistent herewith,
     be and the same are hereby repealed.