72 Pa. Stat. § 3981

Current through Pa Acts 2024-53, 2024-56 through 2024-92
Section 3981 - Power to borrow money

In accordance with the provisions of section four, Article nine of the Constitution of the Commonwealth of Pennsylvania, as amended the sixth day of November, one thousand nine hundred twenty-three, the Governor, the Auditor General, and the State Treasurer, on behalf of the Commonwealth of Pennsylvania, are hereby authorized and directed to borrow, on the credit of the Commonwealth of Pennsylvania, for the purpose of improving and rebuilding the highways of the Commonwealth, the sum of fifty millions of dollars, as follows: On the first day of April, one thousand nine hundred and twenty-five, the sum of twenty million dollars ($20,000,000); on the first day of August, one thousand nine hundred and twenty-five, the sum of twenty million dollars ($20,000,000); and on the first day of May, one thousand nine hundred and twenty-six, the sum of ten million dollars ($10,000,000): Provided however, That if the Governor, the Auditor General, and the State Treasurer shall unanimously agree that it is inadvisable to borrow the amounts mentioned on the dates specified, or any part thereof, they may postpone borrowing the said amounts, or any part thereof, for a period not exceeding six (6) months from the date, or dates, herein specified. The said sum, or fifty million dollars ($50,000,000), to be borrowed under the provisions of this act shall be in addition to any moneys heretofore borrowed under the provisions of the act of April eighteenth, one thousand nine hundred and nineteen (Pamphlet Laws, sixty-two), entitled "An act authorizing the issue and sale of bonds to the amount of fifty millions of dollars by the Commonwealth of Pennsylvania; defining the powers and duties of the Governor, the Auditor General, and the State Treasurer, in relation thereto; making an appropriation of the proceeds of such bonds for the purpose of improving and rebuilding the highways of the Commonwealth; providing for the payment of interest on, and the redemption of, such bonds by the Sinking Fund Commission; and making an appropriation to carry out the provisions of this act."

72 P.S. § 3981

1925, March 6, P.L. 24, § 1.