Pennsylvania Statutes Title 24 P.S. Education § 1786. Bonds and mortgages; priority of lien; exemption from tax

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.