Pennsylvania Statutes Title 24 P.S. Education § 1787. Bonded debt may be refunded

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.