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A Proposal to Correct the Perverse Elasticity of Legal Debt Limitations

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  • Scholz, Karl

Abstract

During the depression years, many American municipalities were unable to engage in a program of local public works, with the aid of loan funds, because of legal limitations upon their borrowing power. In a number of states, there are constitutional limits to the incurring of local non-self-supporting indebtedness. For example, Pennsylvania limits the debt “of any county, city, borough, township, school district, or other municipality or incorporated district” to seven per cent of the assessed value of the taxable property therein. But the city of Philadelphia is permitted to incur non-self-supporting indebtedness up to ten per cent of the assessed value of the taxable property in the city.

Suggested Citation

  • Scholz, Karl, 1939. "A Proposal to Correct the Perverse Elasticity of Legal Debt Limitations," American Political Science Review, Cambridge University Press, vol. 33(1), pages 80-84, February.
    • Handle: RePEc:cup:apsrev:v:33:y:1939:i:01:p:80-84_03
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