Pennsylvania Act 1901-190 — STATE COLLEGES PERMITTED TO REFUND INDEBTEDNESS

Act text

STATE COLLEGES PERMITTED TO REFUND INDEBTEDNESS
                  Act of May 22, 1901, P.L. 290, No. 190              Cl. 24
                                  AN ACT

     Authorizing the trustees of any State Normal School of the State
        of Pennsylvania to refund its bonded indebtedness at a lower
        rate of interest, and to include in the reissue of bonds a
        limited amount of additional indebtedness, contracted prior
        to the passage of this act, for the erection of buildings or
        the making of other improvements.

        Section 1.  Be it enacted, &c., That the several Normal
     Schools of the State of Pennsylvania, by their trustees, be and
     they are hereby authorized and empowered to replace, upon the
     buildings and grounds of any of said schools or any part of the
     same, any mortgage that is or shall become due on or after the
     passage of this act, at a lower rate of interest, not to exceed
     five per centum per annum; and to increase said mortgage to a
     sum not, in any event, to exceed fifty thousand dollars, for the
     payment of debts contracted by the trustees of such Normal
     School prior to the time of the passage of this act: Provided,
     Said increase is for the purpose of paying loans and
     indebtedness heretofore contracted by said trustees for the
     erection of buildings and making of improvements to buildings
     and grounds: And provided, also, That an itemized and certified
     statement of the expenditures of said buildings and improvements
     be first submitted to the Auditor General, and be approved by
     him.
        Section 2.  That the bonds and mortgages of such school,
     hereby authorized, shall be signed by the president and attested
     by the secretary of the board of trustees, under the seal of the
     school, by the direction of the board of trustees, and shall be
     payable at such time as they may fix; and the said bonds and
     mortgages, to be so placed, shall be prior liens to all
     mortgages and liens of the Commonwealth of Pennsylvania for
     money heretofore appropriated to the said schools by the State
     of Pennsylvania; and that said bonds and mortgages shall be and
     hereby are exempt from all taxes.