Pennsylvania Act 1933-316 — VALIDATING MUNICIPAL DEBTS

Act text

VALIDATING MUNICIPAL DEBTS
                 Act of Jun. 3, 1933, P.L. 1466, No. 316              Cl. 53
                                  AN ACT

     To ratify, confirm, and validate, as debts of the municipality,
        bonds and obligations issued by municipal corporations for
        the payment of the cost of a public improvement which were to
        rest alone for their security and payment upon assessments
        for benefits.

        Section 1.  Be it enacted, &c., That whenever heretofore any
     municipal corporation has in good faith issued bonds or other
     obligations for the payment of the cost of a public improvement,
     on the assumption that such bonds were not debts of the
     municipality within the meaning and intent of article nine,
     section eight, of the Constitution, for the reason that such
     bonds or obligations were secured or to be secured by
     assessments against property benefited by such improvement, and
     were to rest alone for their security and payment upon such
     assessments, such bonds and obligations are hereby ratified,
     confirmed, and made valid and binding obligations and debts of
     the municipality, notwithstanding the fact that the corporate
     authorities of the municipality failed, either in whole or in
     part, to comply with the laws of the Commonwealth providing the
     method of incurring and increasing its indebtedness: Provided,
     however, That this act shall not be construed to validate any
     such issue of bonds or obligations as valid debts of the
     municipality, where the amount of any such issue, when added to
     the existing debt of the municipality, exceeds the limits of
     indebtedness permitted by the Constitution.