An Act amending Title 53 (Municipalities Generally) of the Pennsylvania Consolidated Statutes, in indebtedness and borrowing, further providing for definitions, for classification and authority to issue bonds and notes, for cost of project and for exclusion of other self-liquidating debt to determine net nonelectoral debt or net lease rental debt; providing for preliminary filings with the department prior to the issuance of certain debt; further providing for small borrowing for capital purposes, for debt statement, for submission to department, for certificate of approval of transcript, for effect of failure of timely action by department and for records of department; and providing for duties of participants in transactions relating to incurring debt and issuing bonds and notes.